In Washington, D.C., the first week of August was dominated by the first-ever U.S.-Africa Leaders Summit. The largest meeting of its kind, the event saw 40 African heads of state sit down with representatives from the U.S. government and over a dozen international corporations. In recognition of the summit’s forward-looking theme, “Investing in the Next Generation,” leaders discussed the many possibilities for strengthening business ties; making gains in security, peace, and good governance; and furthering economic development.
As home to six of the 10 fastest-growing economies in the world, Africa presents some of the most promising business opportunities. The region’s attractive economic conditions have prompted U.S. companies to pledge $14 billion in investments toward a variety of business initiatives. This money is earmarked for a range of projects in the energy, finance, construction, and technology sectors.
Nigeria, in particular, will receive much of this investment. The nation is expected to see thousands of new jobs created as part of a multibillion-dollar effort by General Electric to expand its locomotive business in the region. Nigeria will also participate in the “Power Africa” initiative to improve power capacity and host an official from the U.S. Trade and Development Agency.