Latest news with #JoãoLourenço
Zawya
3 days ago
- Business
- Zawya
African leaders urge US to prioritise investment-driven partnerships at US-Africa Business Summit
At the 17th U.S.-Africa Business Summit held in Luanda, Angola, African leaders called on the United States to pivot from aid-based engagement to investment-led partnerships that promote human capital development, infrastructure, and economic growth across the continent. They also pressed for a review of U.S. tariffs on African exports, advocating a shift toward more equitable and transformative trade relationships. The annual summit, organised by the Corporate Council on Africa (CCA), serves as a key platform for fostering stronger U.S.-Africa business ties across critical sectors such as agribusiness, energy, healthcare, ICT, infrastructure, trade facilitation, and finance. In his opening remarks, Angola's President João Lourenço emphasized the need for a fundamental rethinking of U.S. engagement with Africa, urging American companies to seize emerging opportunities on the continent through long-term, mutually beneficial partnerships. 'It is time to replace the logic of aid with the logic of ambition and private investment,' said Lourenço. 'Africa should be seen as a credible partner—rich in potential, in need of capital and expertise, and eager to collaborate for shared prosperity.' He stressed that Africa is no longer a passive recipient of aid but a dynamic frontier of innovation and enterprise. Echoing similar sentiments, President of the African Development Bank Group, Dr. Akinwumi Adesina, called for a review of the high tariffs imposed on African exports to the U.S. 'What is needed is more trade between Africa and the U.S., not less,' Adesina said. Also speaking at the summit, John Olajide, Chairman of the Corporate Council on Africa, underscored the immense economic potential of a well-structured U.S.-Africa partnership. He called for stronger collaboration across both public and private sectors, while emphasising the importance of regional integration and infrastructure development within Africa. 'With over 2,000 participants from across Africa and the diaspora attending this summit, I'm confident that our nations are well represented. A robust U.S.-Africa business relationship can transform economies, especially as Africa brings vital assets such as critical minerals needed for green technologies,' Olajide said. He urged African leaders to harmonise visa regimes across the continent to unlock the full potential of the African Continental Free Trade Area (AfCFTA). He cited the challenges some African participants faced in securing entry into Angola, while their American counterparts entered with ease. 'We cannot continue to speak of economic integration while we lack easy access to one another. Until we ease visa restrictions within Africa, the goals of the AfCFTA will remain out of reach,' Olajide noted. 'Intra-African trade, cross-border collaboration, and infrastructure development all depend on seamless regional connectivity.' Representing the U.S. government, Massad Boulos, Senior Advisor for Africa, emphasized the Trump administration's commitment to moving beyond aid, toward technology-driven investments across Africa. He reiterated U.S. interest in engaging with stable African nations to foster peace and prosperity. 'President Donald Trump is committed to Africa—particularly to countries free of crisis. Lasting peace is the foundation for sustainable investment and infrastructure development,' Boulos stated. 'A peaceful African environment will unlock new opportunities for U.S. investment in the region.'
Zawya
4 days ago
- Politics
- Zawya
H.E. President João Manuel Gonçalves Lourenço of the Republic of Angola received H.E. @ymahmoudali, Chairperson of the African Union (AU) Commission and his delegation, at the State House
This morning in Luanda, on the margins of the US-Africa Business Summit, H.E. President João Manuel Gonçalves Lourenço of the Republic of Angola received H.E. Mahmoud Ali Youssouf, Chairperson of the AU Commission and his delegation, at the State House. The Chairperson briefed the President on the regional developments, including the situations in Eastern DRC, Sudan, South Sudan, the Sahel, and Somalia, as well as ongoing efforts to mobilise sustainable funding for African-led peace support operations. President Lourenço commended the Chairperson's leadership in advancing peace, security, and regional integration, and encouraged continued diplomatic engagement in resolving ongoing conflicts, and AU activities in support of Agenda 2063. Distributed by APO Group on behalf of African Union (AU).
Zawya
4 days ago
- Business
- Zawya
African leaders urge United States (U.S.) to embrace investment-driven partnerships and review tariffs
African leaders have called on Monday for an urgent review of U.S. tariffs on African exports, urging a shift towards transformative partnerships and investment in Africa's economic potential. Addressing more than 2,000 government and business leaders, and other delegates at the U.S.-Africa business summit in the capital Luanda, Angolan President João Lourenço said: 'It is time to replace the logic of aid with the logic of investment and trade.' He urged U.S. companies to diversify beyond traditional oil and mineral extraction and invest in sectors such as automotive manufacturing, shipbuilding, tourism, cement production, and steel production. African Union Commission Chairperson Mahmoud Ali Youssouf, added, 'We're not seeking aid, but building co-created solutions.' He called for the removal of punitive tariffs and visa restrictions, noting that Africa's 1.3 billion people and abundant resources remain among the world's most significant untapped economic opportunities. 'This should not just be a summit, but a call to action. Together, let's walk the pathways to prosperity—with unity, purpose, and Agenda 2063 as our guide,' he told the summit. In his remarks, African Development Bank Group President Dr. Akinwumi Adesina said, 'We should review the high tariffs on African countries. What is needed is more trade between Africa and the U.S., not less.' African Continental Free Trade Area (AfCFTA) Secretary General Wamkele Mene reinforced Africa's integration agenda, highlighting the importance of open regional markets. 'The undertaking of the AfCFTA is an ambitious one—It has to be ambitious,' Mene said. He emphasized that the success of AfCFTA is essential to scale investment, reduce fragmentation, and accelerate industrial development across the continent. From rhetoric to action: Building real partnerships The central message was clear: the era of aid dependency is over, and the time for transformative investment partnerships has arrived. The leaders called for bold, strategic investments to unlock Africa's trillion-dollar potential. Responding to the call for deeper engagement, U.S. officials acknowledged Africa's growing economic importance and the need to reset perceptions. Senior State Department Bureau Official Troy Fitrell said, 'There are business leaders in the U.S. who need to understand the opportunities that lie in doing business with Africa. Our mission going forward will be to find them—and bring them in.' The U.S.-Africa Business Summit promotes economic cooperation and investment between the United States and Africa with a focus on fostering sustainable and inclusive economic growth. By bringing together leaders from government, business, and civil society, the summit provides a platform to discuss key issues and opportunities in the U.S.–Africa relations, ultimately driving growth and development on both sides. Adesina pointed to the Lobito corridor as a concrete example of strategic investment already underway. 'That is why the African Development Bank is a key strategic partner with the U.S., Angola, and Zambia on the development of the Lobito corridor,' he said. This critical corridor will link the vast areas of Zambia and the Democratic Republic of the Congo to the port of Angola, improving mineral supplies, unlocking agricultural potential, and creating jobs. The African Development Fund, the soft loan arm of the Bank Group, will be providing $500 million in support of the development of the Lobito Corridor. Additionally, the African Development Bank will provide $1 billion over five years for complementary investments around the corridor, including agricultural value chains, roads, and energy infrastructure. Act on the data, not perceptions The Bank President went further: 'As we build transport corridors, let us also build strategic partnership corridors. Strategic partnerships that prioritize capital investments in infrastructure, agriculture, minerals industrialization, and development of digital infrastructure, as well as capital markets.' He charged U.S. investors: 'Act on the data, not perceptions. Think Africa. Think opportunities. Think competition. From the U.S. International Development Finance Corporation to the Export-Import Bank of the United States, as well as institutional investors and capital allocations, invest in Africa. Let's make America and Africa great again.' Corporate Council on Africa President Florie Liser challenged summit delegates to embrace true partnership: 'Beyond deals, let's strive for lasting transformation.' As part of the opening ceremony of the Summit, the Corporate Council on Africa honored Dr. Adesina with its Distinguished Economic Leadership Award, recognizing his significant contributions to Africa's transformation. Council Deputy Chairman, Mr. Jean Raymond Boulle, conferred the award, describing how the African Development Bank has impacted millions of Africans under Adesina's leadership, while transforming the Bank to a world-class institution and a partner of choice. Akinwumi Adesina, who will complete his second and final five-year term as President of the African Development Bank Group on 31 August, has led for the past decade transformative projects across Africa under the Bank's five strategic priorities, the 'High 5s'. They have positively impacted the lives of more than 565 million people on the continent. Speaking at a high-level event hosted by Africa50, a pioneering infrastructure investment platform dedicated to accelerating project development and delivery across Africa, Adesina emphasized the urgent need to scale local financing solutions—especially in local currencies—to mitigate forex volatility, reduce risk mismatches, and enhance the bankability and stability of infrastructure projects for global investors. The event, titled 'Unlocking Capital for Africa's Infrastructure through Innovative Finance,' featured a high-level panel discussion on asset recycling, moderated by CNN's Richard Quest, with insights from Alain Ebobissé, CEO of Africa50; Brook Taye, Director General of Ethiopia Investment Holdings; and Armando Manuel, Chairman of Fundo Soberano de Angola. Together, they explored how innovative models, such as asset recycling, can unlock capital and accelerate infrastructure development across Africa. Alain Ebobissé stated that the asset recycling model has been successfully implemented in many countries worldwide. 'In implementing this initiative in Africa, we are pursuing three objectives. First, monetizing assets—ensuring that, instead of owning only a bridge, you receive cash that you can reinvest in your assets. Second, improving the efficiency of the asset by bringing in first-class operators to help us manage those assets. Third, and most importantly, we aim to bring pension funds and other investors interested in cash flow-generating assets to finance these projects,' Ebobissé explained. Adesina said over the past decade, the African Development Bank Group has invested over $55 billion in infrastructure, including regional projects, making the Bank the largest financier of infrastructure in Africa. The African Development Bank established Africa50 as a private equity infrastructure platform, comprising a project development company and a project finance company, to support the development of infrastructure with market-rate returns. Africa's missing share of a $2.9 trillion opportunity The Bank President informed the audience that, in the past eight years since its establishment, Africa50 has invested in a portfolio of infrastructure projects worth over $8 billion. 'But more is needed, especially from private sector investors,' stated Adesina. 'Africa should be well positioned to attract some of the $2.9 trillion global green bonds. However, the continent represents less than 1% of global green bond issuance. Because most of Africa's infrastructure is yet to be built, this represents a huge opportunity for green bond issuances to build green infrastructure, reduce carbon emissions, and build climate resilience.' The African Development Bank launched the Alliance for Green Infrastructure in Africa (AGIA) to mobilize $500 million for project preparation and development, as well as $10 billion for green infrastructure investments. Africa50 is the General Partner for the AGIA-Project Development Fund, with several Limited Partners, including the G7 countries. To mitigate risks at scale across Africa, the African Development Bank is establishing the Africa Risk Mitigation Agency, which will consolidate all banks' guarantee instruments into a single entity. The entity will support guarantees for equity risk, climate risk, refinancing risk, and political risk. He emphasized that Africa50 is also pioneering asset recycling, enabling governments to recover their investment in infrastructure by transferring brownfield assets to the private sector. This can help to reduce debt burdens and provide liquidity for governments. 'The Senegambia bridge, which the African Development Bank financed with $104 million, was the first to be used for the asset recycling program. It worked successfully, as Gambia received $104 million it spent back through Africa50,' he added. 'Following this, several asset recycling initiatives are being proposed for many infrastructure projects financed for governments by the African Development Bank Group.' The renewed momentum for U.S.-Africa business partnerships received strong political backing, with the participation of seven Heads of State, several Prime Ministers, and leaders of key regional organizations. Attending dignitaries included Presidents Denis Sassou Nguesso (Republic of the Congo), Faustin-Archange Touadéra (Central African Republic), Félix Antoine Tshisekedi Tshilombo (Democratic Republic of the Congo), Taye Aske Selassie (Ethiopia), Duma Gideon Boko (Botswana), Netumbo Nandi-Ndaitwah (Namibia), and Brice Clotaire Oligui Nguema (Gabon); Prime Ministers Gervais Ndirakobuca (Burundi), Robert Beugré Mambé (Côte d'Ivoire), Russell Mmiso Dlamini (Eswatini), Manuel Osa Nsue Nsua (Equatorial Guinea), Christian Louis Ntsay (Madagascar), and Deputy Prime Minister Nthomeng Justina Majara (Lesotho); as well as Mahamoud Ali Youssouf, Chairperson of the African Union Commission, Ambassador Gilberto Da Piedade Verissimo, Chairperson of the Economic Community of Central African States, and Elias M. Magosi, Executive Secretary of the Southern African Development Community. Distributed by APO Group on behalf of African Development Bank Group (AfDB). About the African Development Bank Group: The African Development Bank Group is Africa's premier development finance institution. It comprises three distinct entities: the African Development Bank (AfDB), the African Development Fund (ADF) and the Nigeria Trust Fund (NTF). On the ground in 41 African countries with an external office in Japan, the Bank contributes to the economic development and the social progress of its 54 regional member states. For more information:
Associated Press
27-05-2025
- Business
- Associated Press
African Energy Chamber: Angolan President João Lourenço Selected as 'Energy Person of the Year'
President Lourenço has transformed Angola's oil and gas sector through regulatory reform, peace and stability, good governance and anti-corruption JOHANNESBURG, SOUTH AFRICA / ACCESS Newswire / May 27, 2025 / Angola's President João Lourenço has been selected as the 'Energy Person of the Year' by the African Energy Chamber (AEC) ( ), in recognition of his drive for good governance, commitment to reform and work to address corruption in Africa. The award recognizes President Lourenço's instrumental role in transforming Angola into one of Africa's biggest oil and gas producers and how his forward-looking vision is expected to consolidate the country's position as a regional petroleum hub in Africa. Since his election in 2017, President Lourenço has turned Angola's economy - and broader oil and gas industry - around. With ageing oilfields and reduced upstream investment, the country was witnessing rapid production decline. However, President Lourenço's long-term strategy to revitalize the industry saw a series of milestones achieved, and in 2025, the country continues to witness a positive growth trajectory across its oil and gas sector. By introducing flexible investment structures, President Lourenço spurred interest back into the industry, leading to greater investment across the entire energy value chain. These include risk service contracts, a permanent offer scheme, marginal fields opportunities and an incremental production initiative. The privatization of Sonangol, the establishment of the upstream and downstream regulators and revised tax codes have further catalyzed spending and transparency in Angola. President Lourenço has also set clear targets for the country. These include plans to sustain oil output above one million barrels per day (bpd) beyond 2027, scaling-up capacity in the natural gas sector while accelerating green energy development. In the oil sector, President Lourenço has spearheaded new development opportunities across the upstream and downstream sectors. With a six-year licensing round introduced in 2019, the country witnessed a surge in investments as major operators sought out new discoveries in both the on- and offshore markets. Now, the country anticipates a $60 billion five-year investment drive, as major players expand their portfolios. Upcoming projects include the Agogo Integrated West Hub Development by Azule Energy and the TotalEnergies-led Kaminho development. To further bolster production, Angola is also opening doors to new block opportunities. A licensing round launching in 2025 will further entice spending, offering 10 blocks for exploration in the Kwanza and Benguela Basins. The country also offers 11 blocks for investment via direct negotiation in conjunction with five marginal fields opportunities. Angola's flexible investment structures - spearheaded by President Lourenço and aimed at supporting a variety of investments - continue to play a major part in facilitating spending across Angola's upstream market. President Lourenço has also positioned the natural gas sector as a catalyst for development in Angola. Already an LNG producer, the country strives to enhance production capacity through associated and non-associated projects. The country's first non-associated project - led by the New Gas Consortium - will come online in late-2025 or early-2026. However, President Lourenço's drive in Angola goes beyond the upstream sector. To address domestic fuel demand, the country targets a refining capacity of upwards of 400,000 bpd. The first phase of the Cabinda oil refinery will begin operations in 2025, introducing 60,000 bpd to the market. Additional investment opportunities in the downstream sector include the planned 200,000 bpd Lobito refinery and the 100,000 Soyo refinery. Under President Lourenço's leadership, the country has engaged investors on these projects, while promoting new downstream developments that promise greater fuel security in both Angola and the broader region. President Lourenço's achievements go beyond oil and gas development. Recognizing the vital need to address climate change concerns, President Lourenço has also been a strong advocate for diversified investments in Africa. Angola is spearheading renewable energy projects as well as green hydrogen. With a commitment to improving peace in Africa, President Lourenço continues to work closely with regional counterparts to foster stability. As Angola celebrates 50 years of independence in 2025, President Lourenço's drive to facilitate inclusive development in Africa will serve as a source of inspiration. 'President Lourenço has not only been an instrumental leader in Angola but has played a major part in facilitating investment and development across the broader African oil and gas landscape. By committing to industry reform, working closely with international partners and implementing clear and actionable objectives, President Lourenço has shaped Angola's oil and gas market into what it is today,' states NJ Ayuk, Executive Chairman of the AEC. The 'Energy Person of the Year' celebrates the achievements of President Lourenço, highlighting how his ambitious and inclusive approach to development has unlocked a wealth of opportunities for Angola and the broader region. Previous award winners include Frank Fannon, Former United States Assistant Secretary of State for Energy Resources, Mohammed S. Barkindo, former OPEC Secretary General, former Namibian President Hage Geingob, Meg O'Neill, CEO and Managing Director, Woodside Energy and Dr. Benedict Oramah, President & Chairman of the Board of Directors, African Export-Import Bank. Distributed by APO Group on behalf of African Energy Chamber. Download Image: SOURCE: African Energy Chamber press release
Zawya
27-05-2025
- Business
- Zawya
Angolan President João Lourenço Selected as ‘Energy Person of the Year'
Angola's President João Lourenço has been selected as the 'Energy Person of the Year' by the African Energy Chamber (AEC) ( in recognition of his drive for good governance, commitment to reform and work to address corruption in Africa. The award recognizes President Lourenço's instrumental role in transforming Angola into one of Africa's biggest oil and gas producers and how his forward-looking vision is expected to consolidate the country's position as a regional petroleum hub in Africa. Since his election in 2017, President Lourenço has turned Angola's economy – and broader oil and gas industry - around. With ageing oilfields and reduced upstream investment, the country was witnessing rapid production decline. However, President Lourenço's long-term strategy to revitalize the industry saw a series of milestones achieved, and in 2025, the country continues to witness a positive growth trajectory across its oil and gas sector. By introducing flexible investment structures, President Lourenço spurred interest back into the industry, leading to greater investment across the entire energy value chain. These include risk service contracts, a permanent offer scheme, marginal fields opportunities and an incremental production initiative. The privatization of Sonangol, the establishment of the upstream and downstream regulators and revised tax codes have further catalyzed spending and transparency in Angola. President Lourenço has also set clear targets for the country. These include plans to sustain oil output above one million barrels per day (bpd) beyond 2027, scaling-up capacity in the natural gas sector while accelerating green energy development. In the oil sector, President Lourenço has spearheaded new development opportunities across the upstream and downstream sectors. With a six-year licensing round introduced in 2019, the country witnessed a surge in investments as major operators sought out new discoveries in both the on- and offshore markets. Now, the country anticipates a $60 billion five-year investment drive, as major players expand their portfolios. Upcoming projects include the Agogo Integrated West Hub Development by Azule Energy and the TotalEnergies-led Kaminho development. To further bolster production, Angola is also opening doors to new block opportunities. A licensing round launching in 2025 will further entice spending, offering 10 blocks for exploration in the Kwanza and Benguela Basins. The country also offers 11 blocks for investment via direct negotiation in conjunction with five marginal fields opportunities. Angola's flexible investment structures – spearheaded by President Lourenço and aimed at supporting a variety of investments – continue to play a major part in facilitating spending across Angola's upstream market. President Lourenço has also positioned the natural gas sector as a catalyst for development in Angola. Already an LNG producer, the country strives to enhance production capacity through associated and non-associated projects. The country's first non-associated project – led by the New Gas Consortium – will come online in late-2025 or early-2026. However, President Lourenço's drive in Angola goes beyond the upstream sector. To address domestic fuel demand, the country targets a refining capacity of upwards of 400,000 bpd. The first phase of the Cabinda oil refinery will begin operations in 2025, introducing 60,000 bpd to the market. Additional investment opportunities in the downstream sector include the planned 200,000 bpd Lobito refinery and the 100,000 Soyo refinery. Under President Lourenço's leadership, the country has engaged investors on these projects, while promoting new downstream developments that promise greater fuel security in both Angola and the broader region. President Lourenço's achievements go beyond oil and gas development. Recognizing the vital need to address climate change concerns, President Lourenço has also been a strong advocate for diversified investments in Africa. Angola is spearheading renewable energy projects as well as green hydrogen. With a commitment to improving peace in Africa, President Lourenço continues to work closely with regional counterparts to foster stability. As Angola celebrates 50 years of independence in 2025, President Lourenço's drive to facilitate inclusive development in Africa will serve as a source of inspiration. 'President Lourenço has not only been an instrumental leader in Angola but has played a major part in facilitating investment and development across the broader African oil and gas landscape. By committing to industry reform, working closely with international partners and implementing clear and actionable objectives, President Lourenço has shaped Angola's oil and gas market into what it is today,' states NJ Ayuk, Executive Chairman of the AEC. The 'Energy Person of the Year' celebrates the achievements of President Lourenço, highlighting how his ambitious and inclusive approach to development has unlocked a wealth of opportunities for Angola and the broader region. Previous award winners include Frank Fannon, Former United States Assistant Secretary of State for Energy Resources, Mohammed S. Barkindo, former OPEC Secretary General, former Namibian President Hage Geingob, Meg O'Neill, CEO and Managing Director, Woodside Energy and Dr. Benedict Oramah, President&Chairman of the Board of Directors, African Export-Import Bank. Distributed by APO Group on behalf of African Energy Chamber.
