The Nairobi International Financial Centre (NIFC), an initiative aimed at attracting international capital into Kenya, has struggled to live up to its promise amid stiff competition from similar institutions across the continent, particularly in Kigali, Rwanda.
Officially established in 2022, the NIFC attracted only three firms in its first three years, despite offering tax incentives designed to lure global companies to set up holding firms or regional headquarters in the country. For many, it appeared a far-fetched ambition that might never take off.
