There may be a possible increase in dollar inflow into Africa with the United State of America’s $55 billion pledge to the continent in the next three years.
It was reported that Nigeria’s President, Buhari Mohammadu watched the Morrocco-France match with the US President, Joe Biden Wednesday.
The US government this week pledged $55 billion to Africa over the next three years as the Biden administration seeks to strengthen US-Africa relations and boost cooperation on shared global priorities.
At the US-Africa Leaders’ Summit in Washington, the US government sought to convince African countries that its aid and development plan is the most reliable internationally in the long term.
Africa’s Plight:
Africa has felt the impact of Russia’s war in Ukraine through supply chain disruptions including fertilizer shortages, causing food insecurity and damaging the continent’s agricultural industry.
According to AZA Finance, Biden is also said to be backing the African Union’s bid to become a permanent member of the G20. Improved US-Africa cooperation could help to drive increased FX inflows in the long run and give much needed support to African currencies.
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