NSSF To Invest KSh 9.59 Billion in Nairobi-Nakuru Toll Road to Secure Members’ Future and Boost National Infrastructure

The National Social Security Fund (NSSF) is taking a bold step to grow its members’ savings. The fund is investing KSh 9.59 billion in the Nairobi-Nakuru toll road through a partnership with China Road and Bridge Corporation (CRBC).

This move marks a strategic diversification from bonds and equities, which make up 85% of NSSF’s KSh 558.1 billion portfolio. By investing in infrastructure, NSSF hopes to secure stable, long-term returns while contributing to national development.

The toll road project covers two critical sections: the 81km Rironi-Gilgil stretch and the 58km Rironi-Maai Mahiu-Naivasha highway (A8 South). The consortium will provide $743 million (KSh 95.86 billion), funded with 25% equity and 75% debt. NSSF contributes 40% of the equity portion, while CRBC arranges the debt at favorable interest rates.

NSSF General Manager for Finance and Investments, Ronald Nyamosi, said the fund expects dollar-denominated returns of 13-15% per year. “This could translate to about 18% in Kenya shillings, locked in for the 28-year concession period,” he explained.

The project was split between two Chinese firms to avoid bureaucratic delays for contracts exceeding $1 billion. The move allows faster construction and aligns with President William Ruto’s push to complete the road before the 2027 elections.

The Nairobi-Nakuru highway is a major trade corridor, serving around 40,000 vehicles daily and connecting Kenya to Uganda, Rwanda, and the DRC. The toll road is expected to reduce travel time, ease congestion, and support regional commerce.

For NSSF members, this means their pension contributions are funding a project that delivers both social and financial benefits. “We are only contributing equity. The Chinese partner will borrow the 75 percent debt component at low interest rates and bring it to the road,” Nyamosi said.

The investment positions NSSF as a key player in Kenya’s infrastructure development. It also signals a new era where pension funds not only safeguard savings but actively participate in national growth projects.