The first major US Africa business summit has kicked off in Washington DC this morning.
The summit, the first major one on Africa under the Trump administration, brings together businesses in Africa and America, as well as public officials, to discuss major business opportunities and also network for potential partnerships.
Zenith Bank, Nigeria’s second largest bank by assets, is a major headline sponsor of this year’s event and it is organized by the Corporate Council on Africa (CCA).
Speaking at the opening plenary, Liser Florizelle, CCA’s president, said the discussions at the summit will help shape a stronger partnership between the US and Africa business community and facilitate a stronger US Africa trade investment and business relationship that is mutually beneficial to both American and African companies and citizens.
In the first quarter of 2017, the US was Nigeria’s second largest export market, behind India, accounting for 13.8 of total exports. On the flip side, the US accounted for 8 percent of Nigeria’s total imports, according to the National Bureau of Statistics (NBS). In terms of capital importation, Nigeria imported over $200 million in Q1 from the US, the highest amount in the period after the United Kingdom.
“Many CCA members and other US and African business leaders believe that there are clear and commercial benefits and opportunities for these companies doing business in Africa-benefits that go beyond and are, in face, integral to the security, peace and counter terrorism issues the Trump Administrative is thus far highlighting about US relationships with Africa,” Florizelle said.
Also speaking at the meeting, Wilbur Ross, the US Secretary of Commerce, commended the fast growth rate of African countries, saying the US government will support the former to become economically self reliant. He advocated that the relationship between Africa should move from an aid based relationship to one governed by trade.
A Nigeria delegation led by Okey Enelamah, Minister of Trade and Industry is attending the event and will be speaking at a panel on “Africa’s role in the global supply chain.”
Leading the Nigerian private sector participation is Jim Ovia, Chairman, Zenith Bank Plc, who is also a CCA board member. Adesina Adewunmi, President Africa Development Bank is also speaking at the plenary and also here is Tony Ejinkeonye, President of Abuja Chamber of Commerce.
