U.S. Gov's committed to $160 million contribution, including $14.2 billion trade and investment support to African Continental Free Trade Area—Julie LeBlanc
The U.S. commercial counsellor to Nigeria, Julie LeBlanc, who represents the United States department of commerce, has reiterated the United States government’s commitment to its role as a steadfast economic and commercial partner to African nations. African Continental Free Trade Area
Julie LeBlanc made this statement during her speech at the African trade and investment summit on behalf of the US mission to Nigeria and of console general William Stevens who unfortunately was not present.
The statement read, “My name is Julie LeBlanc. I’m the commercial counsellor to Nigeria, which means that I represent the US Department of Commerce and it’s an honour to address an esteemed group of representatives from the public privates and development sectors. African Continental Free Trade Area
“Today, the United States is deeply committed to its role as a steadfast economic and commercial partner to African nations. This commitment was recently highlighted by Secretary of State, Anthony Lincoln visit to West Africa including stops in Nigeria, both in Abuja, Lagos as well as Cape Verde and Angola.
“Just last week, this visit reinforced our dedication to enhancing security partnerships, health initiatives and economic development in the region as Secretary Lincoln. Absolutely put it. The future is African with projection, showing that one in four global inhabitants will be from the continent in the coming years.” African Continental Free Trade Area
Julie LeBlanc said the United States government had “finalised 547 new deals totalling an aggregated amount of $14.2 billion into trade and investment with African countries”.
She also pointed out that the “new deals marked a remarkable 60% increase in both the number, and the value of deals compared with 2022” and this has brought about “inclusive growth” in ”supply chain” and opportunities, creating quality jobs within the continent.
“Engaging with Africa is not just an opportunity. It’s a necessity reflecting on the past year especially since the US Africa leader summit in December 2022. It’s inspiring to see the strides that have been made in 2023. The United States supported and finalised 547 new deals amounting to an estimated 14.2 billion dollars into trade and investment with African countries. African Continental Free Trade Area
“This marked a remarkable 60% increase in both the number, and the value of deals compared with 2022. These investments have led to tangible benefits for both American and African communities. Creating inclusive growth supply chain, resilience and quality jobs,” Julie Leblanc’s statement revealed.
The U.S. commercial counsellor to Nigeria emphasized on her Agency’s commitment in promoting about 6 billion dollars in US exports business to Africa, cementing of bilateral deals and establishment of foreign commercial service offices. African Continental Free Trade Area
Julie said with the United States government and with their African partners notable initiatives, this , as part of the new deals, “is the US government’s contribution of 160 million dollars to support the African Continental Free Trade Area (AFCFTA ” and there is enough confidence that it will help, among other objectives, spur the development of digital trade and investment in Nigeria and across Africa.
She said, in her words, “Some key achievements.I want to highlight the international development finance corporation’s commitment of over two billion dollars across 46 transactions in Africa, the US trade and development agencies. Facilitation of 15 project preparation grams leveraging more than 3.4 billion dollars in infrastructure, finance. African Continental Free Trade Area
“My agency, the Department of Commerce, is promoting nearly 3.6 billion dollars in US exports to Africa. Along with new bilateral, commercial dialogues and the establishment of new foreign commercial service offices, on the continent. The Agency’s mission to Nigeria is particularly optimistic, about the future of US, Africa, trade and investment relations.
“We are actively collaborating with US government departments, and with our African partners notable initiatives, including the US, African Continental Free Trade Area, and Memorandum of understanding. This is the US government’s contribution of 160 million dollars to support the African Continental Free Trade Area.
“And this example is our commitment, the spending supports the development of digital trade and investment. Protocols stakeholders. Stakeholder engagements 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 Africa.”
The U.S. commercial counsellor, Julie LeBlanc, again stated that the mission would include the reauthorization and modernization of African Growth and Opportunity Act (AGOA, highlighting that the United States has initiated several programs to enhance trade and investment with African countries including a the strategic partnership in investment partnership with Kenya. African Continental Free Trade Area
“Continental free trade area when President Biden, co-hosted the 2023, African growth and opportunity act forum. Agoa as we all know it in South Africa and Johannesburg he expressed strong support for the timely, reauthorization and modernization of AGOA,” the statement read.
“This initiative presents an opportunity to adapt. AGOA to the modern economic landscape recognizing dynamic changes in Africa on the global economy. So Congress, the US Congress will ultimately decide the future. The Biden-Harris administration is committed to its timely reauthorization and improvements.
“The US has initiated several programs to enhance trade and investment with African countries such as the strategic partnership in investment partnership with Kenya. And the 15.7 billion dollar new investments that were announced at the US Africa business form for Africa is another initiative uniting services from across the US, government to facilitate business in US and African markets under the partner for partnership for global infrastructure and investment we call this PGI. African Continental Free Trade Area AFCFTA
“The US is collaborating with the European Union to support infrastructure development in Angola, Zambia, the DRC and with the particular focus on the Lobito corridor, this partnership is another testament to our commitment to unlocking. The enormous potential of sub-Saharan Africa, turning our attention to Nigeria.
“One of the continent’s largest economies, the largest economy, we recognize the vital role it plays in regional and global markets from two-way trade exceeding 10.6 billion dollars in 2022 and US foreign direct investment into Nigeria totaling 5.6 billion dollars Nigeria stands.”
She noted that the United States department of commerce is committed to investing largely in Nigerian Tech industry, health care, agriculture and other vital areas of the economy.
“As our second largest trading partner in Africa, partnership is increasingly technology driven with significant investments in Nigeria’s tech ecosystem, and collaborative efforts to tackle global challenges, and education, healthcare, agriculture, and other key areas,“ Julie said.
“If you have heard of he administration’s launch of the digital transformation with Africa, we call this DTA at the US African business forum, exemplifying our commitment to this partnership. DTA, aims to expand digital access to enhance the US. African commercial relations, and strengthen digital environments, and alignment with the African unions, digital transformation strategy.
“This initiative underscores a collaborative approach, digital transformation transformation, with Africa, recognizing the consonants significant contributions. On the global stage the US government has invested 350 million dollars in digital programs with plans to invest millions more and this reflects our dedication to this initiative, GTA will facilitate over 450 million dollars in financing harnessing.
“The resources of 18, US government agencies 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 consonants and a vital partner to the United States. In advancing our shared values. What benefits Nigeria benefits Africa. And indeed the entire world I would like to say thank you to all of you. It was an honour to speak before you and thank you,” Julie’s statement explained in full.
U.S. Gov’s committed to $160 million contribution, including $14.2 billion trade and investment support to African Continental Free Trade Area—Julie LeBlanc. African Continental Free Trade Area (AFCFTA)
