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Al-Ahram Weekly
13 hours ago
- Business
- Al-Ahram Weekly
Jason Miller outlines Trump's Africa trade vision at Afreximbank meetings - Economy
Speaking before policymakers, financiers, and industry leaders, Miller said Africa's rise hinged on strategic choices. In a conversation with Viswanathan Shankar, CEO of Gateway Partners, he analyzed America's evolving trade posture and its implications for the continent. Miller began by stating that Africa will surpass Europe as the world's third-largest economic bloc by 2050. He added that Nigeria would rank among the top ten global economies. By 2100, sub-Saharan Africa will host four of the world's most populous nations, Miller predicted, positioning the continent as an economic superpower. "This is Africa's century," he declared, "but if these opportunities aren't seized strategically, Africa risks being taken advantage of again." Miller contrasted US engagement with that of other global players. He criticised decades of exploitative practices where outsiders "took, took, took, leaving broken promises." By contrast, America, he argued, aims for strategic partnerships anchored in private capital with no debt traps, military occupations, or hollow rhetoric. The distinction lies in market-driven investments, which demand mutual accountability, unlike what Miller termed "debt diplomacy." Miller outlined non-negotiables for nations seeking a partnership with the US. First, Africa must demand tangible value over empty deals, avoiding unsustainable debt disguised as aid. Partnerships should prioritise foreign direct investment in future-proof infrastructure: roads, ports, data centres, and clean energy. He highlighted Africa's critical minerals and youthful workforce as key factors in dominating the AI supply chain, the impact of which he likened to that of the Industrial Revolution. Second, accelerating business climate reforms is essential. Enforcing contracts, stabilising currencies, and rooting out corruption are not just suggestions but "the price of admission" for attracting trillion-dollar US pension funds and private capital. While praising Nigeria's "gutsy" currency reforms, Miller urged broader, faster action continent-wide. Third, Africa must choose allies wisely. Miller drew sharp contrasts between China's record of "unregulated fishing, environmental disasters, and crippling debt" and the US's contributions such as PEPFAR's HIV/AIDS support, security cooperation against groups like Boko Haram, and conflict mediation in hotspots like the DRC-Rwanda border. True friendship, he stressed, respects sovereignty and borders without exploitation. Furthermore, Miller decoded recent US moves. He explained that the African Growth and Opportunity Act (AGOA), set to expire in September 2025, faces an uncertain future. "Why renew one-way preferences," he noted, "if African nations impose tariffs on US goods or favour Chinese partners?" His solution: proactive renegotiation focused on reciprocity. Miller defended Trump's signature tariffs as multipurpose tools for protecting strategic industries such as auto manufacturing ("a US national security issue") while forcing fairer trade terms. Meanwhile, he emphasized that the US Development Finance Corporation (DFC) emerges as Africa's catalyst, deploying profit-driven investments in projects such as the Lobito Corridor and the Mozambique LNG project. "This is revenue-generating capital, not debt," Miller emphasised, urging reforms to unlock giants like BlackRock and CalPERS. Miller offered advice to African leaders on how to deal with the US. He stressed the importance of preparation before meetings. He also underlined identifying President Trump's priorities before meetings by following his Truth Social Platform. In addition, Miller advised African leaders to engage with specific asks and solutions, and shun "photo-ops." He urged them to emulate Gulf states such as Saudi Arabia and the UAE, whose investment commitments and peace-building efforts earned early presidential visits. Moreover, he encouraged them to push CEOs and investors, not just bureaucrats, to amplify Africa's economic narrative globally. In conclusion, Miller called for Africa's potential to be translated into provable partnerships through renegotiating AGOA terms for mutual benefit, fast-tracking business reforms to attract private capital, and demanding infrastructure-for-minerals deals to build AI capacity. He also urged African leaders to proactively engage the DFC on bankable projects and, above all, to champion stability, the bedrock of investment. In closing, Shankar revealed that Miller has been appointed Senior Adviser to Gateway Partners to "bring American capital to Africa's future industries." Follow us on: Facebook Instagram Whatsapp Short link:
TimesLIVE
a day ago
- Business
- TimesLIVE
US friendship 'could make Africa great again,' says Trump adviser
The African continent deserves balanced trade relations with the US and other economic regions, based on mutual respect and benefit. However, to achieve this Africa must be given the room to reform critical aspects of its economies. This is according to communications strategist and US President Donald Trump's adviser Jason Miller. He was addressing the African Export-Import Bank (Afreximbank) AGM in Abuja, Nigeria. Calling Africa 'the land of the future' and 'the land of limitless growth', Miller said that as the century passes by, the continent has an opportunity to redefine its trade relationship with the rest of the world and ensure that it is never exploited again. 'All of these changes have created a pivotal moment for Africa to seize its opportunities. But if these opportunities are not taken advantage of, Africa and its people risk falling further behind. And if Africa isn't strategic about how to take advantage of these opportunities and who Africa chooses as its closest allies, the continent itself risks being taken advantage of.' The Afreximbank AGM comes at a time when Trump announced major sets of tariffs, namely the section 232 tariffs aimed at protecting US industries and 'reciprocal tariffs', which were later suspended for three months. The announced tariffs had the effect of nullifying the trade benefits of the African Growth and Opportunity Act (Agoa), a piece of legislation that allows duty-free trade on specific items between the US and the continent. It is unclear if the US Congress will renew Agoa when it expires on September 30. Miller said that while Trump's second administration has been fast in seeking to redefine the global economy, the president was aware of the advantages that Africa had, including its minerals and its young population. 'As you know, the global economy is rapidly shifting. President Trump's leadership has restored America as the hottest country in the world to do business with. Technological advancements in the fields of AI, energy and so many other sectors are rapidly changing the future of our workforce. Calling China out by name, Miller said the US offered Africa 'something different' from 'sloppy' companies that polluted African ecosystems and shackled African sovereigns in unsustainable debt. He said the US and Africa could have a trade relationship characterised by 'mutual respect'. 'In the heightened demand for natural resources, critical minerals and rare earths to power the AI technological revolution [are] something Africa has and everybody wants. And, of course, Africa itself is growing rapidly. The sheer manpower available in Africa now and in the coming years, at a time when other areas in the world are facing population declines, creates a new dynamic that, too, will change the balance of power.' However, he said Africa's advantages heading into the rest of the 21st century include that it is projected to surpass Europe in economic size by 2050 to become the third-largest economic bloc in the world. 'For these reasons alone, Africa deserves more. Africa can, in fact, accomplish more. And working with the US, everything is possible. But it's Africa and Africa's leaders — you — that must make the choice. And, in fact, Africa must make several choices to realise this success.' He urged Africa to position itself for long-term success and refuse finance and investment arrangements that create endless debt for its economies. He said basics such as peace, food sustainability, energy, infrastructure and other needs should not be off the table as Africa negotiates investments with the world. 'The second point I want to raise — and I'm just going to be very blunt and take this head-on — is to attract these needed investments, African nations must continue making the needed reforms to improve the business climate. '[These are] ending corruption, enforcing contracts and the rule of law, [and] stabilising currencies. This isn't a wish list. This is exactly what is required to generate the critical investment Africa needs to realise its full potential.' He reminded delegates that the US was home to the No 1 pool of capital in the world, but said American capital was government and private capital, and this capital would 'demand results' and 'deliver accountability'. Repurposing his most famous client's election slogan, Miller said: 'Together we will make Africa powerful again. Together, we will make Africa wealthy again. Together, we will make Africa strong again. Together, we will make Africa proud again. Together, we will make Africa safe again. And together, ladies and gentlemen, we will make Africa great again.' He praised the Nigerian government for the 'gutsy' move of fixing the Nigerian currency, the naira, as this would stabilise the economy and allow US investments to flow in. He urged Africa to 'remember who its true friends are', pointing out the US's work in providing humanitarian aid, peacekeeping missions and Ebola relief on the continent.
TimesLIVE
3 days ago
- Business
- TimesLIVE
US envoy plays down Africa tariff, visa concerns, affirms Lobito commitment
The top US diplomat for Africa on Tuesday dismissed allegations of unfair US trade practices and said funding delays would not derail a key railway project connecting Angola, Zambia and the Democratic Republic of the Congo (DRC). AU officials on Monday questioned how Africa could deepen trade ties with the US under what they called 'abusive' tariff proposals and tightening visa conditions largely targeting travellers from Africa. 'There is no visitation ban,' ambassador Troy Fitrell said during a press conference at the US-Africa Business Summit in Luanda. He said US consulates continue issuing visas regularly, though some now come with shorter validity periods due to concerns over overstays. Several African business and political leaders have raised concerns about a sharp drop in visa approvals, particularly for travellers from West Africa, since late 2023. Washington's tariff plans have also added to cooling diplomatic ties with African countries, as some economies — including Lesotho and Madagascar — warned that even a baseline 10% levy could threaten critical exports such as apparel and minerals. But Fitrell said the proposed US import tariffs were not yet implemented and negotiations were ongoing to create a more reciprocal trading environment, including through the renewal of the African Growth and Opportunity Act.
Straits Times
3 days ago
- Business
- Straits Times
US envoy plays down Africa tariff, visa concerns, reaffirms Lobito rail commitment
LUANDA - The top U.S. diplomat for Africa on Tuesday dismissed allegations of unfair U.S. trade practices and said that funding delays would not derail a key railway project connecting Angola, Zambia and the Democratic Republic of Congo. African Union officials on Monday questioned how Africa could deepen trade ties with the United States under what they called "abusive" tariff proposals and tightening visa conditions largely targeting travellers from Africa. "There is no visitation ban," Ambassador Troy Fitrell said during a press conference at the U.S.-Africa Business Summit in Luanda. He said that U.S. consulates continue issuing visas regularly, although some now come with shorter validity periods due to concerns over overstays. Several African business and political leaders have raised concerns about a sharp drop in visa approvals, particularly for travellers from West Africa, since late 2023. Washington's tariff plans have also added to cooling diplomatic ties with African countries, as some economies — including Lesotho and Madagascar — warned that even a baseline 10% levy could threaten critical exports such as apparel and minerals. But Fitrell said that the proposed U.S. import tariffs were not yet implemented, and negotiations were ongoing to create a more reciprocal trading environment, including through the renewal of the African Growth and Opportunity Act (AGOA). The initiative grants qualifying African nations duty-free access to the U.S. market and is due to expire in September. Fitrell also reaffirmed his country's commitment to the Lobito Corridor railway project, which links Angola's coast to copper-rich Zambia and the Democratic Republic of Congo. "It's not at risk," he said of the initiative, describing it as a "win-win" for U.S. investors and African economies, and underscoring its significance for regional integration. The Trump administration has axed swaths of U.S. foreign aid for Africa, as part of a plan to curb spending it considers wasteful. Angolan President João Lourenço, addressing more than 2,000 government and business leaders at the summit, said U.S. companies should shift from aid to investment-driven partnerships. "It is time to replace the logic of aid with the logic of investment and trade," Lourenço said, urging diversification into sectors such as automotive manufacturing, shipbuilding, tourism, cement, and steel production. REUTERS Join ST's Telegram channel and get the latest breaking news delivered to you.
Business Insider
7 days ago
- Business
- Business Insider
Future of U.S.-Africa trade under review as AGOA takes spotlight at Angola summit
The U.S.-Africa business summit, organized by the Corporate Council on Africa (CCA), brings together African heads of state, senior U.S. government representatives, business executives, and development partners. This year's summit comes at a significant moment, as African nations seek to revive their trade relations with the United States following years of uncertainty. Key on the agenda are the future of the African Growth and Opportunity Act (AGOA), which is due to expire in 2025, and the push for increased U.S. investment across critical sectors such as energy, infrastructure, and finance. Several African leaders are using the platform to press for more equitable trade terms and long-term commitments from Washington. Angola, which currently chairs the African Union, is leveraging the summit to spotlight its ongoing economic reforms and infrastructure ambitions. In particular, the country is promoting projects like the Lobito Corridor, a strategic rail and logistics route linking Angola to the Democratic Republic of Congo and Zambia as a model for regional integration and cross-border trade development. The corridor is also part of broader efforts to position Angola as a key logistics and investment hub in Southern Africa. The summit builds on recent high-level engagements between both parties. In December 2024, President Joe Biden visited Angola, becoming the first sitting U.S. President to do so. During that visit, discussions centered around strengthening bilateral relations and boosting U.S. involvement in infrastructure and energy projects. Angola also recently signed a Trade and Investment Framework Agreement (TIFA) with the United States, further reinforcing its commitment to deepening economic ties. The Luanda summit comes as Angola celebrates 50 years of independence, a milestone that adds symbolic weight to its efforts to lead economic diplomacy across the continent. While official outcomes from the summit are yet to be fully announced, delegates are hopeful that the event will foster new partnerships, agreements, and investment opportunities. Summit supports Africa's call for long-term trade with the U.S. Beyond bilateral ties, the summit underscores a wider competition for influence on the continent. As China, Russia, and the European Union continue to increase their trade and infrastructure investments across Africa, pressure is mounting on the United States to show stronger and more consistent engagement. For many African leaders, the U.S. must move beyond symbolic gestures and provide sustained economic support backed by predictable policies. The uncertainty surrounding AGOA's expiration in 2025 has amplified those concerns. While the Trade Act has allowed duty-free access for African exports for over two decades, its renewal remains undecided. Several leaders have used the Luanda Trade Act to call for a clearer and more permanent U.S.–Africa trade strategy. Without it, many fear African nations could increasingly turn to alternative partners offering more immediate and less conditional support. For Washington, the message from Luanda is clear: the continent is open for business, but the window for leadership is narrowing.
