The United States reaffirms its dedication to being a strong economic and commercial partner for African nations. This commitment was reiterated by U.S. Mission Commercial Counselor Julie LeBlanc at the BusinessDay Africa Trade and Investment Summit held in Lagos, Nigeria.
LeBlanc highlighted the significant progress made in 2023, with the United States supporting and finalizing 547 new deals worth an estimated $14.2 billion in two-way trade and investment with African countries. This represents a remarkable 60% increase compared to 2022 in both the number and value of deals.
This surge in US-Africa trade follows the US-Africa Leaders’ Summit held in December 2022. LeBlanc emphasized the tangible benefits these investments have brought to both American and African communities, fostering inclusive growth, supply chain resilience, and quality job creation.
The US-Africa Partnership have made giant strides, achieving scores of milestones including, over $2 billion across 46 transactions in Africa, facilitated 15 project preparation grants, leveraging more than $3.4 billion in infrastructure finance, promoted nearly $3.6 billion in U.S. exports to Africa, initiated new bilateral commercial dialogues, and established new Foreign Commercial Service offices.
The US government contributed $160 million to support the AfCFTA, demonstrating its commitment to developing digital trade and investment protocols, stakeholder engagement, and trade facilitation efforts.
The US strongly supports the timely reauthorization and modernization of the African Growth and Opportunity Act (AGOA), recognizing the dynamic changes in Africa’s economic landscape, focusing on the African Continental Free Trade Area (AfCFTA)
Through a strategic trade and investment partnership with Kenya, the U.S. aims to deepen economic ties while uniting services from across the US government to facilitate business in both American and African markets.
Nigeria, with over $10.6 billion in two-way trade in 2022, stands as the US’s second-largest trading partner in Africa. The US-Nigeria partnership is increasingly technology-driven, with significant investments in Nigeria’s tech ecosystem and collaborations in education, healthcare, agriculture, and other crucial areas.
Launched at the US-Africa Business Forum, the DTA initiative reflects the US commitment to expanding digital access, enhancing commercial relations, and strengthening digital environments in Africa, aligning with the African Union’s Digital Transformation Strategy.
With an initial investment of $350 million and plans for further allocations, the DTA will leverage resources from 18 US government departments and agencies, partnering with African governments, the private sector, and civil society.
The US views Nigeria as a crucial leader on the continent and a vital partner in advancing shared values. The US believes that strengthening ties with Africa benefits not only the continent but also the world as a whole.
