Last year at university of cape Town, President Obama declared a “new chapter in U.S.-Africa relations powering Africa and its leaders. It´s an historic week in the U.S. national capital Washington, D.C, as U.S. President Obama hosts the largest gathering of African heads of state and governments ever assembled by a U.S. President.
Leaders Summit in Washington, D.C. 4-6 August will advance the Administration´s focus on sustainable development, trade, collaboration, climate change, improving food security, investment and America´s commitment to Africa´s security, its democratic development, and its people.
The impacts of climate change are already being felt everywhere in the world. On goal for achieving future food security is to grow more food on the existing land base in ways that limit additional pressure on natural ecosystems. President Obama has made clear how committed he is to cutting carbon pollution and reducing emissions.
All these are part of the international dimensions of high-quality democratization. Deliberate U.S.-Africa partnership grounded in mutual responsibility and mutual respect to work on political developments taking place in the African continent, whether its is political values, norms, and principles or more concrete organizational and business forum as well as its institutional manifestations.
As, President Obama said, Africa is a fundamental part of our interconnected world- partners with America on behalf of the future we want for all of our children”. An there is areal recognition of opportunity there.
- “U.S.-Africa partnership that hold as much promise for African countries as it does for American” – Mike Bloomberg.
African Finance ministers and central bank governor underlined Africa´s infrastructure gap as a significant development challenge to be tackled for the continent´s economic growth to be more inclusive.
American companies continue to partner with their African counterparts to drive growth. The U.S. Department of Commerce and Bloomberg Philanthropies,
and the U.S-Africa Business Forum seeks to create a new platform to promote trade, strengthen investor confidence and increase the availability of U.S capital to U.S. and African firms partnering to accelerate job growth, and encourage investment across the continent.
Acting as special representative, at the African leaders Summit, Swedish Minister of Finance Anders Borg announces 1 billion US to Africa Energy Sector in support of US Power Africa initiative.
The arrival of international investors is critical. Private equity, long-term lending, and healthy capital markets are vital to the success of Africa, which is now home to a strong and growing financial service sector. Africa´s moment has arrived.
To guarantee its economic future, Africa also needs to trade more with Africa. The economic of Africa´s future and to meet the international community (financial assistance to pro-democracy initiatives), and foreign direct investors requirement of the region depends on it.
Nigeria ought to be the trading hub of west Africa and, in that role, both a centre of gravity for the region and a vital conduit in its economic relationship with the rest of the world. I believe that Nigeria has a certain kind of responsibility in west Africa, openness of market and stability in the region.
In a report released by IMF in April 2014 dubbed the trade links between Nigeria and its west African neighbours. Important but not substantial. At the policy level Nigeria remains all too inward-looking. And while in some cases the exports of neighbours to Nigeria have doubled in recent years, the absolute numbers are extremely low. The trade figures also at least partly explain the frustrations of some regional leaders about Negerias role in trade when it comes to its neighbours.
Given the relatively low level of inter-regional trade, countries in the region should renew their efforts to promote greater regional integration through lower tariff and non-tariff barriers and by facilitating the movement of people, goods, and capital, drawing on the experience of the most advanced initiatives in the region, such as the East African Community EAC, which recently signed a Monetary Union Protocol to establish a full monetary union.
Africa´s continental integration has also become a key priority for both the African Union and the European Union (see here). Member of the Economic Community of West African States (Ecowas) is also negotiating a regional agreement with the EU that faces an important deadline in October 2014. At its center is a development agenda meant to help the economies of the 15 Ecowas members grow.
The continent needs to move forward the regional reforms agenda to see stability and political improvements with its neighbours. These institutionalized arrangements will also enable for African countries to manage better their economies with less conflict.