Connect with us

Hi, what are you looking for?


US to invest $33 billion in Africa, Obama says

US President, Barak Obama/AFP

US President, Barak Obama/AFP

US President Barack Obama says his country must do more to boost its financial foothold in Africa as economies on the continent grow stronger.

Obama spoke at a US-Africa summit in Washington that has brought together business leaders and politicians. In conjunction with the summit, the White House is announcing $33 billion in commitments aimed at increasing US economic ties with Africa.

A big part of the money, $14 billion, is coming from the private sector.

Among the companies announcing new commitments are Coca-Cola and General Electric.

Africa’s economic growth rate of 5% per year is much higher than the world average.

But American firms still have plenty to learn when it comes to doing business with the continent, according to Africa’s richest man, Nigerian billionaire Aliko Dangote.

“American companies don’t have up-to-date information on Africa,” he told FRANCE 24 in an exclusive interview.

“They sit here reading [the press]. You can’t do that, you have to go there physically, you have to see what it is,” he said.

“A lot of guys believe Africa is one state. It’s not. It’s 54 different countries, different cultures so opportunities are there.”

Tuesday’s business conference is part of an unprecedented three-day US-Africa summit. Nearly 50 African leaders are in Washington for the meetings.

Advertisement. Scroll to continue reading.
Click to comment

More on Capital Business

Executive Lifestyle

NAIROBI, Kenya, Mar 12 – The country’s super wealthy individuals are increasing their holding of bonds, gold and cash, a new report by Knight...

Ask Kirubi

NAIROBI, Kenya, Mar 9 – Businessman and industrialist Dr. Chris Kirubi has urged members of the public to exercise extreme caution when making any...

Ask Kirubi

NAIROBI, Kenya, Mar 24 – Businessman and industrialist Dr. Chris Kirubi is set to own half of Centum Investment Company PLC, following a go-ahead...

Ask Kirubi

It is without a doubt that the COVID-19 pandemic has caught the whole world by surprise. Although its full impact is yet to be...


NAIROBI, Kenya, Jun17 – Kenya’s tea leaves manufacturer Kericho Gold, has been awarded the Superbrands Seal by Superbrands East Africa for their quality variety...


NAIROBI, Kenya, Mar 18 – Commercial Banks have been ordered to provide relief to borrowers on their personal loans, with loans eligible from March...


NAIROBI, Kenya, Apr 13 – As the local telecommunications industry gears up to roll out 5G networks in the country, the Communications Authority of...


NAIROBI, Kenya, Mar 22 – Airtel Kenya is offering free internet access for students in order to enable continued learning at home in the...