Kenya is not in crisis …
… on the contrary, M&A activity is rising, IPOs are returning, and strategic assets are changing hands. Yet many Western multinationals are exiting – not because Kenya is failing, but because Western capital has become more risk-averse, regulated, and inward-looking.
As firms like Diageo, GSK, Holcim, Procter & Gamble and Tullow Oil retreat, regional and non-Western investors are stepping in: East African industrial groups, South African and Nigerian banks, and Asian capital are expanding their presence and locking in long-term positions.
❗ This is not an African story. It is a European and Western one. ❗
Capital is being reallocated along new strategic and geopolitical lines. Those who exit today may find tomorrow’s markets already occupied — with governance standards, networks, and loyalties shaped by others.
Uncomfortable questions for European policy makers:
👉 Are Western firms voluntarily ceding influence and market access in growth economies — and calling it “de-risking”?
👉 And will Europe be able to re-enter these markets on its own terms once the cycle turns?
fyi
📖 Here you can find 5 reasons why Kenya is attracting global capital into mergers and acquisitions
👉 here (The Africa Report).
❗ Kenya is not losing capital.
❗ Western companies may be losing relevance.
This post was published on LinkedIn on 28 January 2026.
