AfDB PRESIDENT CALLS ON U.S. TO INVEST IN AFRICA

President of the African Development Bank Group, Dr. Akinwumi Adesina, is encouraging U.S. investors to invest in Africa to help group both parties. He makes this statement on Wednesday, July 21, 2022, at the U.S.-Africa Summit in Marrakech, Morocco.

In the speech, he made known the successes, advantages, and resources that Africa is capable of using to compete in the world market. He states the Dangote urea plant, natural gas alternatives, and lithium-ion for electric vehicles among others, as reasons to attract investment opportunities from the U.S.

“Africa…offers a very profitable investment destination. Savvy investors know that if you are not investing in Africa, you are really missing out on the world’s leading investment opportunities frontier…I really believe that this is the time for US investors to rapidly move into and invest massively in Africa. There is always a first-mover advantage, and opportunities wait for no one.”, he said.

The summit, dubbed “Building Forward Together” gathered together investors, corporate executives, and leaders from different countries to discuss “building stronger U.S. and Africa trade, investment, and commercial ties.” Key persons included the President of Botswana, Mokgweetsi Masisi, and the Vice President of the United States, Kamala Harris, who made her speech via video message.  

Chief Executive Officer of the U.S. Millennium Challenge Corporation, Alice Albright, has given her word on helping to prosper the African continent.

“Through Prosper Africa – the U.S. Government’s initiative to increase trade and investment and promote sustainable development across the continent – and our collective efforts, we are strengthening partnerships to ensure people on both sides of the Atlantic have the opportunity to create a better life for their children, their families, and their communities, and to realize their full potential…the U.S. Government has supported 800 two-way trade and investment deals in 45 countries in Africa, worth an estimated $50 billion.”

The US-Africa Summit acts in the mutual interest of the United States and African countries alike. The next edition is set to happen from December 13th through 15^th, 2022, at Washington, DC.