Business
African leaders urge U.S. to embrace investment-driven partnerships, review tariffs
African leaders on Monday issued a strong call for the United States to rethink its approach to the continent by prioritizing strategic investments and revising punitive trade tariffs, moving away from aid-centric relationships toward transformative economic partnerships.
Speaking at the U.S.-Africa Business Summit in Luanda, which drew over 2,000 participants including top government officials, business leaders, and policymakers, Angolan President João Lourenço set the tone for the day.
“It is time to replace the logic of aid with the logic of investment and trade,” he declared, urging American firms to diversify their interests beyond traditional extractive sectors and channel resources into industries such as automotive manufacturing, shipbuilding, tourism, cement, and steel.
Echoing this sentiment, Chairperson of the African Union Commission, Mahmoud Ali Youssouf, emphasized the need for collaborative, mutually beneficial engagement. “We’re not seeking aid, but building co-created solutions,” he said. “Africa’s 1.3 billion people and vast resources represent one of the world’s greatest untapped economic opportunities.”
Youssouf also called for the removal of restrictive tariffs and visa barriers that hinder trade and mobility. “This summit must be more than dialogue—it must be a catalyst. Let Agenda 2063 be our compass toward shared prosperity.”
African Development Bank (AfDB) President, Dr. Akinwumi Adesina, joined the chorus, calling for the United States to dismantle high tariff walls imposed on African exports. “What is needed is more trade between Africa and the U.S., not less,” Adesina asserted.
He highlighted the African Continental Free Trade Area (AfCFTA) as a crucial mechanism to unify fragmented markets and spur investment. “The AfCFTA is a bold and necessary step. Its success is vital to industrializing Africa and attracting strategic investments,” said Wamkele Mene, Secretary General of the AfCFTA.
The summit’s overarching message was clear: Africa is seeking real partnerships, not paternalistic aid. Leaders called for bold, targeted investments to unlock the continent’s economic potential—estimated in trillions of dollars.
U.S. officials at the summit acknowledged the changing narrative. Senior State Department official Troy Fitrell said the U.S. was committed to identifying and mobilizing American investors for African opportunities. “There are business leaders in the U.S. who need to understand the untapped potential in Africa. We will work to bring them in.”
The U.S.-Africa Business Summit, organized by the Corporate Council on Africa, serves as a platform to deepen economic ties, discuss policy challenges, and promote sustainable and inclusive growth.
Adesina pointed to the ongoing development of the Lobito Corridor—linking Zambia and the Democratic Republic of the Congo to Angola’s Atlantic coast—as a prime example of strategic collaboration between Africa and the U.S.
“The African Development Bank is partnering with the U.S., Angola, and Zambia on the Lobito Corridor. This is not just infrastructure—it’s a transformative project that will boost mineral exports, unlock agriculture, and generate jobs,” Adesina said.
He revealed that the Bank’s soft loan arm, the African Development Fund, will provide $500 million for the project, while an additional $1 billion will be invested over five years in complementary sectors including roads, agriculture, and energy.
Pushing for a mindset shift among American investors, Adesina urged, “Act on the data, not perceptions. Think Africa. Think opportunities. Think competition.”
He encouraged U.S. development finance institutions such as the U.S. International Development Finance Corporation and the Export-Import Bank of the United States to scale up investments in infrastructure, capital markets, and digital connectivity.
“Let’s build strategic partnership corridors—just like transport corridors—that focus on real capital investment,” he said.
Corporate Council on Africa President Florie Liser emphasized the need for long-term thinking: “Beyond signing deals, let us strive for transformation that lasts.”
During the summit’s opening, the Council honored Dr. Adesina with its Distinguished Economic Leadership Award, recognizing his decade-long contribution to Africa’s development through the Bank’s “High 5” strategic priorities, which have positively impacted more than 565 million people.
At a high-level event hosted by Africa50—a platform dedicated to fast-tracking infrastructure development—Adesina stressed the need for local financing mechanisms, especially in domestic currencies, to address foreign exchange volatility and reduce investor risk.
Themed “Unlocking Capital for Africa’s Infrastructure through Innovative Finance,” the session featured a panel moderated by CNN’s Richard Quest, with insights from Alain Ebobissé (Africa50 CEO), Brook Taye (Ethiopia Investment Holdings), and Armando Manuel (Fundo Soberano de Angola).
Ebobissé explained that asset recycling—where governments monetize existing infrastructure assets to raise capital—can help reduce debt burdens and attract pension funds. “We’re enabling governments to sell mature assets and reinvest the proceeds in new infrastructure,” he said.
Adesina noted that the Senegambia Bridge, financed by the Bank with $104 million, was a successful pilot of asset recycling, with The Gambia recouping its full investment through the program.
While global green bond issuance stands at $2.9 trillion, Africa accounts for less than 1% of it—a statistic Adesina described as a missed opportunity. “Africa is still building its infrastructure, which gives us the chance to build green from the start,” he said.
To address this, the Bank launched the Alliance for Green Infrastructure in Africa (AGIA), with plans to mobilize $500 million for project development and $10 billion in green infrastructure investments. Africa50 serves as the General Partner of the AGIA Project Development Fund, alongside G7 Limited Partners.
The Bank is also creating the Africa Risk Mitigation Agency to consolidate risk guarantees and support investors by covering equity, climate, refinancing, and political risks.
The summit’s significance was underscored by the presence of seven African Heads of State, several Prime Ministers, and leaders of key regional blocs, including:
Presidents: João Lourenço (Angola), Denis Sassou Nguesso (Republic of the Congo), Faustin-Archange Touadéra (Central African Republic), Félix Tshisekedi (DRC), Duma Boko (Botswana), Netumbo Nandi-Ndaitwah (Namibia), Brice Oligui Nguema (Gabon)
Prime Ministers: Robert Beugré Mambé (Côte d’Ivoire), Gervais Ndirakobuca (Burundi), Russell Dlamini (Eswatini), Manuel Nsue Nsua (Equatorial Guinea), Christian Ntsay (Madagascar)
Regional leaders: Mahamoud Ali Youssouf (AU Commission), Gilberto Verissimo (ECCAS), Elias Magosi (SADC)
