12 hours ago
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."
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