African leaders have called for an urgent review of the United States 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 Luanda, Angolan President João Lourenço said it was time to replace the logic of aid with the logic of investment and trade.”
President Lourenço 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, said Africa is not seeking aid, but building co-created solutions, requesting the removal of punitive tariffs and visa restrictions, because 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.”
Adesina pointed to the Lobito corridor as a concrete example of strategic investment already underway.
The African Development Fund, the soft loan arm of the Bank Group, will be providing USD 500 million in support of the development of the Lobito Corridor.
Additionally, the African Development Bank will provide USD 1 billion over five years for complementary investments around the corridor, including agricultural value chains, roads, and energy infrastructure.
African Continental Free Trade Area (AfCFTA) Secretary General Wamkele Mene reinforced Africa’s integration agenda, highlighting the importance of open regional markets.
The Senior U.S State Department Bureau Official Troy Fitrell said, there are business leaders in America who need to understand the opportunities that lie in doing business with Africa.
Corporate Council on Africa President Florie Liser challenged summit delegates to embrace true partnership: “Beyond deals, let’s strive for lasting transformation.”
The African Development Bank launched the Alliance for Green Infrastructure in Africa (AGIA) to mobilize USD 500 million for project preparation and development, as well as USD 10 billion for green infrastructure investments.
Trade between Africa and United States
In 2024, the total goods trade between the United States and Africa was estimated at USD 71.6 billion. This included:
- U.S. goods exports to Africa: USD 32.1 billion, an increase of 11.9 percent from 2023.
- U.S. goods imports from Africa: USD 39.5 billion, a rise of 1.9 percent from the previous year.
- The U.S. trade deficit with Africa was USD 7.4 billion, reflecting a 26.4 percent decrease from 2023. 2