Lapfund can catalyse development in counties, says Nyong’o

Kisumu Governor Anyang’ Nyong’o has urged the Local Authorities Provident Fund to seize the opportunity presented by devolution to invest strategically in counties, saying the fund holds immense potential to catalyse development across Kenya.

Speaking during the Lapfund annual general meeting in Kisumu, Governor Nyong’o said counties offer a vast investment landscape that could generate sustainable returns for the fund’s members while transforming local economies.

“The Lapfund, as a significant institutional investor, has the potential to be a powerful catalyst for development across our counties,” Nyong’o said.

In a speech read on his behalf by his deputy Mathews Owili, the governor said that by investing strategically within the devolved units, the Lapfund not only grows its members’ wealth but also directly contributes to the socio-economic transformation of the communities its members serve.

The governor identified affordable housing, infrastructure, and green investments as key areas the pension fund could venture into.

Kisumu County is already collaborating with the Lapfund in the housing sector. Nyong'o invited the fund to explore further opportunities, particularly in the city’s Lakefront Development Agenda and tourism sector.

“In Kisumu, we are building a modern convention centre that will realign the tourism space in this region for the foreseeable future. This is the kind of long-term investment Lapfund can be part of."

He also called on the fund to align its investments with sustainable development goals, including renewable energy, eco-tourism, and sustainable agriculture, areas where Kisumu is actively seeking partners.

The governor emphasised the crucial role Lapfund plays in securing the future of public servants, describing the pension fund as the “primary custodian of the promise of a dignified retirement” for thousands of government employees.

“The work that Lapfund does is vital, not only for the financial security of our retirees but also for the overall health of our local governance systems,” he said.

Nyong’o also reaffirmed Kisumu county’s commitment to meeting its obligations to the fund, including timely remittance of contributions and active collaboration with the leadership.

“To our valued employees who rely on Lapfund for their future financial security, we assure you that we take this responsibility seriously,” he said.

He encouraged members to take an active role in the fund’s governance, understand their benefits, and plan for retirement early.

“Your active participation in this AGM and in the governance of Lapfund is crucial. Planning for retirement begins long before your last day in office,” he told the members.

Governor Nyong’o further assured Lapfund of continued support from both the Kisumu government and the Council of Governors, pledging to strengthen partnerships that enhance the fund’s growth and member benefits.

“I wish you fruitful deliberations and hope you leave Kisumu with positive reports on your fund and fond memories of our hospitality,” he said.