The nation of Kenya was gripped by a palpable sense of excitement and outsized expectations prior to President Obama’s arrival on Friday, July 24. On the day the president arrived, offices in Nairobi were closed, banks shut down early, and the city’s emptied streets were adorned with American flags and ubiquitous posters conveying the message,
Africa investment
Prospects and Challenges for Africa
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The October 2014 Africa’s Pulse released by The World Bank confirms that economic growth in Sub-Saharan Africa continues to be strong. The average growth in the region is projected to increase to 5.2 percent during 2015-16 (up from 4.6 percent in 2014) and to 5.3 percent in 2017. Some markets and industries are looking to …
Opportunities Following U.S.-Africa Summit
By Covington Team on
Two months have passed since the first ever U.S.-African Leaders Summit. It is now time to take stock of what was achieved and what comes next.
One of the most significant achievements of the Summit was the clear emphasis placed on trade and investment as a top priority in the U.S.-Africa relationship. A full-day was …
U.S. Companies Make Investments in Africa
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In transforming the relationship between the U.S. and Africa, the Obama administration has sought to shift the role of government from giver of aid to facilitator of investment and trade. Early readouts from the U.S.-Africa Leaders Summit suggest that the U.S. private sector is embracing this approach with open arms. In the past two days…
What the African Leaders Summit Will Accomplish
By Covington Team on
Once we get beyond the historic precedent and the inevitable traffic snarls that will be created by the 50 African delegations moving around Washington, it is fair to ask what the Summit will achieve.
This what my crystal ball suggests:
Business will move to the forefront of the US-Africa agenda. Last July, President Obama hosted…
Foreign Investment in Africa is Booming
By Covington Team on
Posted in Africa, International Strategy
This week U.S. Commerce Secretary Penny Pritzker is leading an energy business development mission to West Africa with stops in Ghana and Nigeria. The mission will help US companies launch or increase their business in West Africa. Both countries are facing considerable growth and need the foreign investment as they expand their energy resources.
This…
Africa’s Coming Infrastructure Boom
By Covington Team on
Posted in Africa, International Strategy
The World Economic Forum (WEF) African regional meetings in Nigeria this week emphasized that a major push on infrastructure is underway in Africa. In order for Africa’s recent economic turnaround to continue, large scale investment activities including energy, transportation, housing, and telecommunications are essential.
The amounts required are staggering. According to McKinsey CEO Barton investment…