The African Continental Free Commerce Area (AfCFTA) and the expansion of commerce in goods and services between the United States and Africa have received backing from the United States government, which reported that it had donated $160 million.
This was said by Julie LeBlanc, the US Mission Commercial Counselor to Nigeria, in her keynote speech at the Business Day Africa Trade and Investment Summit, which was held in Lagos and had as its theme, “AGOA, AfCTA, top U.S. programs and priorities for Africa and Nigeria.”
“Reimagining Economic Growth in Africa” was the summit’s topic.
According to her, the financing supports trade facilitation initiatives, stakeholder engagement throughout Africa, and the creation of digital trade and investment protocols with an emphasis on promoting the AfCFTA’s Women and Youth Protocol and enhancing trade in products and services.
She states that the U.S. Mission to Nigeria is very positive about the future of investment relations and the Memorandum of Understanding between the United States and the African Continental Free Trade Area.
LeBlanc added that in 2023, the United States supported and completed 547 new agreements totaling $14.2 billion in bilateral trade and investment with Nigeria and other African nations.
According to her, this represented a 60% rise in deal volume and value over 2022 and produced real gains for the American and African communities in the form of resilient supply chains, inclusive growth, and high-quality employment.
LeBlanc went on to say that Nigeria is the United States’ second-largest trading partner in Africa, with two-way commerce expected to reach $10.6 billion in 2022 and $5.6 billion in U.S. foreign direct investment.
According to LeBlanc, the United States has made large investments in Nigeria’s digital sector and is working together to address global issues in important fields including agriculture, healthcare, education, and other fields.
She claims that Nigeria, which is acknowledged by the US, has one of the biggest economies in Africa and plays important roles in both regional and international markets.
According to her, the US is devoted to strengthening security alliances, health programs, and economic development in the region in addition to its position as a stable economic and commercial partner to African countries.
LeBlanc noted that the Biden-Harris administration’s dedication to this collaboration is demonstrated by the introduction of the Digital Transformation with Africa (DTA) program at the U.S.-Africa Business Forum.
She claimed that the United States’ commitment to this project is demonstrated by the government’s $350 million investment in digital programming, with plans to invest millions more.
She claims that by utilizing the resources of eighteen U.S. government departments and agencies and collaborating with African governments, the corporate sector, and civil society, the DTA will enable the financing of over $450 million.
We regard Nigeria as a crucial partner in furthering our common principles and as a major leader on the continent as we move to the future. What’s good for Nigeria is good for Africa, and the globe at large, the speaker said.
LeBlanc outlined the major accomplishments of the U.S.-African relationship, including the International Development Finance Corporation’s commitment of more than $2 billion spread over 46 transactions on the continent.
She also mentioned how the U.S. Trade and Development Agency helped arrange 15 project preparatory grants, utilizing infrastructure financing totaling more than $3.4 billion.
LeBlanc also mentioned the creation of new Foreign Commercial Service offices, new bilateral commercial dialogues, and the promotion of around $3.6 billion in American exports to Africa by the Department of Commerce.
