By using this site, you agree to the Privacy Policy and Terms of Use.
Accept
Africa Housing NewsAfrica Housing News
Notification Show More
Aa
  • Home
  • News
  • Real Estate News
  • Nigeria Property News
  • Join Us
    • About Us
    • Contact Us
    • Join Us
Reading: US, Germany, UK Target Africa for Increased Trade
Share
Aa
Africa Housing NewsAfrica Housing News
  • Home
  • News
  • Real Estate News
  • Nigeria Property News
  • Join Us
Search
  • Home
  • News
  • Real Estate News
  • Nigeria Property News
  • Join Us
    • About Us
    • Contact Us
    • Join Us
Have an existing account? Sign In
Follow US
Africa Housing News > Blog > News > US, Germany, UK Target Africa for Increased Trade
News

US, Germany, UK Target Africa for Increased Trade

Fesadeb
Last updated: 2021/05/20 at 2:50 PM
Fesadeb Published May 20, 2021
Share
SHARE

By Akanimo Sampson

Investor and trade interest in Africa remains strong despite challenges around COVID-19, senior officials from the United States, Germany and the United Kingdom said at the recently concluded annual conference of the African Private Equity and Venture Capital Association.



Representatives of the three nations spoke during a panel session held as part of the conference, held 20-21 April, 2021. 

The virtual event highlighted some of the recent regulatory and policy changes affecting private equity in Africa. It also discussed the impact of international public policy on trade and foreign direct investment in Africa’s private sector.

The panel consisted of UK Trade Commissioner for Africa, Emma Wade-Smith; David Marchick, Chief Operating Officer of the US International Development Finance Corporation; Tania Rodiger-Vorwerk.

Among them, Germany’s Director of Private Sector, Trade, Employment and Digital Technologies; and Nigerian Minister of Industry, Trade and Investment, Otunba Richard Adeniyi Adebayo. 

The discussion was moderated by Abdu Mukhtar, Director of the Industrial and Trade Department at the African Development Bank.

Marchick said the US was committed to supporting Africa’s production capacity, particularly when it comes to vaccines. The latter has become a burning issue in light of the Covid-19 pandemic.

“We average somewhere between $4 billion to $5 billion of investment a year. We want to increase that. Somewhere a little north of 20% of our allocation has been going to Africa, which we want to increase. 

”So, if you take $5 billion a year, and 20% of that, that is a billion. I would like to see that substantially increased in the next few years in climate, in health, in technology and in infrastructure,” Marchick said.

Wade-Smith said Africa was definitely on the UK’s radar. “We are working really closely with governments to create that enabling environment, spotting whether there might be regulations that need updating or implementing more concretely and regularly.

”I am really working with investment promotion agencies across the continent to help to create the right projects in the right way that will inspire those investors to come flooding back into Africa,” she said.

On the home front, Adebayo said Nigeria was “doing quite a lot” to enhance investment prospects. He cited the country’s newly-launched Presidential Enabling Business Environment Council, which has been driving reforms such as those related to the energy industry. The government of Africa’s largest economy is also digitalising trademarks and patents.

“We want to go beyond just exporting crude oil and agricultural products. What we intend to do is we try to set up special agro-industrial processing zones, the idea being to add value to our products before exporting. 
”We invite investors to come and set up processing companies in Nigeria,” Adebayo said.

You Might Also Like

Saint Lucia Honours President Tinubu with Highest National Title

Bauchi Government Sets Up Committee for Creation of New Emirates and Chiefdoms

Tinubu Suspends Implementation of FRC Act, Caps Dues for Private Firms

Uganda’s President Museveni to Seek Re-Election After Nearly Four Decades in Power

Ganduje Steps Down as APC National Chairman Amid Speculations

Join Our Whatsapp Group

Contact Image

Join Our WhatsApp Channel

Housing TV Africa is the First Housing News Television
in Africa on Startimes Channel 149 bringing you
Housing News, Mortgage News, Construction News etc

Fesadeb May 20, 2021 May 20, 2021
Share this Article
Facebook Twitter Email Print
Leave a comment

Leave a Reply

Your email address will not be published. Required fields are marked *

© Africa Housing News. All Rights Reserved 2024

Welcome Back!

Sign in to your account

Lost your password?