The above being said, there is no substitute for the power of the American Presidency and the U.S. Congress in setting the global agenda and global priorities. I view the initiative as a precedent setting engagement on the continent, one that offers Africans an opportunity to be partners and not dependents. More specifically:
First, influence matters. As the global leader, when the U.S. government pays attention to an issue, the world pays attention too. The U.S. government’s elevation of this issue, and coordinated approach to tackling it, has galvanized the private sector in the U.S., and other countries, to examine the African power sector as an opportunity for viable investments.
Second, Power Africa created a collective and measurable target of 10,000 MW, within a set time frame, for U.S. agencies, African governments, the African private sector, and outside investors to work towards.
Third, the establishment of Power Africa has also encouraged other Africa nations beyond the ‘Power Six’ to seek U.S. assistance to undertake reforms of their regulatory structures, so as not to miss opportunities to participate in future power deals and partnerships.
Most African countries are natural allies for American business. Many of our citizens were educated in the U.S., our professionals gained experience here, hundreds of millions of us speak English as you do, our financial, regulatory and business practices are similar to, or based on, yours, and millions of our citizens were born or live here in the U.S. It is a long overdue effort for the U.S. government to help find a way for these African Diaspora to engage in economic activities within the framework of a mutually beneficial bilateral partnership.
All of the above being said, Power Africa must be viewed by this Administration and this distinguished body as only a start. The initiative is valued at $7 billion and Africa’s infrastructural needs are estimated to be $300 billion. But like all long journeys, the journey to infrastructure sufficiency begins with the first step or, in this case, the first $1 billion.
Power Africa and the Transcorp Ughelli power plant
The success story of power expansion I’d like to share with you today is one of partnership between the U.S. and the African private sector. It is that of the Ughelli plant in the Delta region of Nigeria. Heirs Holdings pledged to commit to the Power Africa Initiative because we felt it was important to support the innovative approach to development being undertaken by the
