Equity Group Managing Director James Mwangi has called on counties to harness their natural resources through value addition and industrialization to achieve economic self-sufficiency.

Speaking during the Murang’a Investment Conference 2025, Mwangi emphasized that effective monetization of resources through royalties, resource-based taxation, and revenue-sharing agreements could drastically transform local economies.

“Counties must transition from primary production to value addition and industrialization,” he said.

He singled out Murang’a County as a prime example, noting its fertile soils, scenic landscapes, and favorable climate that support high-value agriculture and tourism.

“Murang’a is already a national leader in tea and avocado production and ranks second in macadamia and coffee. These are crops with high export potential, but without value addition, we lose billions,” Mwangi observed.

Illustrating the cost of exporting raw commodities, he noted that a kilo of raw tea leaves earns a farmer Sh75, yet when processed and packaged into 10-gram sachets for global markets, it can fetch up to Sh156,000.

“Why do we allow Sh155,925 in value to slip away? Imagine the tax revenue if this value was retained locally,” Mwangi posed.

He applauded Murang’a County for adopting business-friendly policies, such as tax holidays, investment incentives, and streamlined licensing to attract investors.

President William Ruto, who attended the forum, formally appointed Mwangi to lead the development of a Special Economic Zone (SEZ) in Murang’a, underlining the importance of domestic value chains.

“Mwangi, you have my appointment in this public forum to lead the way in unlocking global markets for Kenyan products. If it starts in Murang’a, it will spread across the country,” said Ruto.

Mwangi also highlighted Murang’a’s suitability for green industrialization, citing its proximity to the Seven Forks hydroelectric dams, a reliable source of renewable energy.

The county’s strategic location between Nairobi and central regions like Nyeri, Kirinyaga, and Meru further positions it as a processing hub. With better logistics and cold storage, produce from across the region can be efficiently exported through Nairobi or Mombasa.

Murang’a is also tapping into the National Agricultural Value Chain Development Project (NAVCDP) to connect farmers with buyers and stabilize market access.

Reaffirming Equity Bank’s commitment to the county’s transformation, Mwangi pledged financial and technical support for the region’s industrial growth.

“We’ve already committed over $50 million to support climate-smart agriculture and value chain development in Murang’a. Our agribusiness experts are on the ground providing farmers with access to capital, training, and markets,” he said.

Mwangi's remarks reflect a broader national push to shift from a raw-export economy to one anchored on local processing and manufacturing.