The United States of America (USA) has once again reiterated its commitment as a steadfast economic and commercial partner to African countries.
Speaking yesterday at the BusinessDay Africa Trade and Investment Summit held in Eko Convention Center, Lagos State, U.S. Mission Commercial Counselor, Julie LeBlanc, said last year alone, the United States supported and finalised 547 new deals, amounting to an estimated $14.2 billion in two-way trade and investment with African countries, marking a 60 per cent increase in both the number and value of deals compared to 2022.
In her keynote address to the audience representing delegates from the public, private, and development sectors, LeBlanc noted that U.S. commitment to Africa was recently highlighted by Secretary of State Antony Blinken’s visit to West Africa, including stops in Nigeria – both in Abuja and Lagos – as well as in Cape Verde, Cote d’Ivoire, and Angola.
“This visit reinforced our dedication to enhancing security partnerships, health initiatives, and economic development in the region. As Secretary Blinken aptly put it, ‘The future is African.’ With projections showing that one in four global inhabitants will be from this continent in the coming years, engaging with Africa is not just an opportunity, but a necessity.”
She noted that the remarkable jump in U.S. trade with Africa was a fallout of the U.S.-Africa Leaders’ Summit (USALS) in December 2022. “It’s inspiring to see the strides that have been made since then. These investments have led to tangible benefits for both American and African communities, creating inclusive growth, supply chain resilience, and quality jobs.”
LeBlanc listed some of the key achievements to include: the International Development Finance Corporation’s commitment of over $2 billion across 46 transactions in Africa; the U.S.-Trade and Development Agency’s facilitation of 15 project preparation grants, leveraging more than $3.4 billion in infrastructure finance; the Department of Commerce’s promotion of nearly $3.6 billion in U.S. exports to Africa, along with new bilateral commercial dialogues and the establishment of new Foreign Commercial Service offices.
“The U.S. Mission to Nigeria is particularly optimistic about the future of U.S.-Africa trade and investment relations. We are actively collaborating across U.S. government departments and with our African partners. Notable initiatives include the U.S.-African Continental Free Trade Area Memorandum of Understanding.
“The U.S. Government’s contribution of $160 million to support the African Continental Free Trade Area exemplifies our commitment. This funding supports the development of digital trade and investment protocols, stakeholder engagement across Africa, and trade facilitation efforts. Our focus is on expanding trade in goods and services, digital trade, and supporting the Women and Youth Protocol of the African Continental Free Trade Area.
“When President Biden co-hosted the 2023 African Growth and Opportunity Act (AGOA) Forum with South Africa in Johannesburg, he expressed strong support for the timely reauthorization and modernization of AGOA. This initiative presents an opportunity to adapt AGOA to the modern economic landscape, recognizing the dynamic changes in Africa and the global economy. While Congress will ultimately decide the future of AGOA post-2025, the Biden-Harris Administration is committed to its timely reauthorization and improvement.
“Beyond AGOA, the U.S. has initiated several programs to enhance trade and investment with African countries, such as the Strategic Trade and Investment Partnership with Kenya and the $15.7 billion in new investments announced at the U.S.-Africa Business Forum. Prosper Africa is another initiative, uniting services from across the U.S. government to facilitate business in U.S. and African markets,” she stated.
Continuing, LeBlanc said: “Turning our attention to Nigeria, one of the continent’s largest economies, we recognise the vital role it plays in regional and global markets. With two-way trade exceeding $10.6 billion in 2022 and U.S. foreign direct investment totaling $5.6 billion, Nigeria stands as our second-largest trading partner in Africa. Our partnership is increasingly technology-driven, with significant investments in Nigeria’s tech ecosystem and collaborative efforts to tackle global challenges in education, healthcare, agriculture, and other key areas.
“The Biden-Harris Administration’s launch of the Digital Transformation with Africa (DTA) initiative at the U.S.-Africa Business Forum exemplifies our commitment to this partnership. The DTA aims to expand digital access, enhance U.S.-Africa commercial relations, and strengthen digital environments in alignment with the African Union’s Digital Transformation Strategy. This initiative underscores a collaborative approach – Digital Transformation “with” Africa, recognising the continent’s significant contributions to the global stage.
“The U.S. government’s investment of $350 million in digital programming, with plans to invest millions more, reflects our dedication to this initiative. The DTA will facilitate over $450 million in financing, harnessing the resources of 18 U.S. government departments and agencies, and partnering with African governments, the private sector, and civil society.
“As we look to the future, we see Nigeria as a key leader on the continent and a vital partner in advancing our shared values. What benefits Nigeria, benefits Africa and, indeed, the entire world.”
