African leaders have called on Monday for an urgent review of U.S. 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 the capital Luanda, Angolan President João Lourenço said: “It is time to replace the logic of aid with the logic of investment and trade.” He 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, “We’re not seeking aid, but building co-created solutions.” He called for the removal of punitive tariffs and visa restrictions, noting that 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. African Continental Free Trade Area (AfCFTA) Secretary General Wamkele Mene reinforced Africa’s integration agenda, highlighting the importance of open regional markets. “The undertaking of the AfCFTA is an ambitious one—It has to be ambitious,” Mene said. He emphasized that the success of AfCFTA is essential to scale investment, reduce fragmentation, and accelerate industrial development across the continent.
The central message was clear: the era of aid dependency is over, and the time for transformative investment partnerships has arrived. The leaders called for bold, strategic investments to unlock Africa’s trillion-dollar potential. Responding to the call for deeper engagement, U.S. officials acknowledged Africa’s growing economic importance and the need to reset perceptions. Senior State Department Bureau Official Troy Fitrell said, “There are business leaders in the U.S. who need to understand the opportunities that lie in doing business with Africa. Our mission going forward will be to find them—and bring them in.”
The U.S.-Africa Business Summit promotes economic cooperation and investment between the United States and Africa with a focus on fostering sustainable and inclusive economic growth. By bringing together leaders from government, business, and civil society, the summit provides a platform to discuss key issues and opportunities in the U.S.–Africa relations, ultimately driving growth and development on both sides. Adesina pointed to the Lobito corridor as a concrete example of strategic investment already underway. “That is why the African Development Bank is a key strategic partner with the U.S., Angola, and Zambia on the development of the Lobito corridor,” he said. This critical corridor will link the vast areas of Zambia and the Democratic Republic of the Congo to the port of Angola, improving mineral supplies, unlocking agricultural potential, and creating jobs. The African Development Fund, the soft loan arm of the Bank Group, will be providing $500 million in support of the development of the Lobito Corridor. Additionally, the African Development Bank will provide $1 billion over five years for complementary investments around the corridor, including agricultural value chains, roads, and energy infrastructure.
The Bank President went further: “As we build transport corridors, let us also build strategic partnership corridors. Strategic partnerships that prioritize capital investments in infrastructure, agriculture, minerals industrialization, and development of digital infrastructure, as well as capital markets.” He charged U.S. investors: “Act on the data, not perceptions. Think Africa. Think opportunities. Think competition. From the U.S. International Development Finance Corporation to the Export-Import Bank of the United States, as well as institutional investors and capital allocations, invest in Africa. Let’s make America and Africa great again.” Corporate Council on Africa President Florie Liser challenged summit delegates to embrace true partnership: “Beyond deals, let’s strive for lasting transformation.” As part of the opening ceremony of the Summit, the Corporate Council on Africa honored Dr. Adesina with its Distinguished Economic Leadership Award, recognizing his significant contributions to Africa’s transformation.
Council Deputy Chairman, Mr. Jean Raymond Boulle, conferred the award, describing how the African Development Bank has impacted millions of Africans under Adesina’s leadership, while transforming the Bank to a world-class institution and a partner of choice. Akinwumi Adesina, who will complete his second and final five-year term as President of the African Development Bank Group on 31 August, has led for the past decade transformative projects across Africa under the Bank’s five strategic priorities, the “High 5s”. They have positively impacted the lives of more than 565 million people on the continent. Speaking at a high-level event hosted by Africa50, a pioneering infrastructure investment platform dedicated to accelerating project development and delivery across Africa, Adesina emphasized the urgent need to scale local financing solutions—especially in local currencies—to mitigate forex volatility, reduce risk mismatches, and enhance the bankability and stability of infrastructure projects for global investors. The event, titled “Unlocking Capital for Africa’s Infrastructure through Innovative Finance,” featured a high-level panel discussion on asset recycling, moderated by CNN’s Richard Quest, with insights from Alain Ebobissé, CEO of Africa50; Brook Taye, Director General of Ethiopia Investment Holdings; and Armando Manuel, Chairman of Fundo Soberano de Angola. Together, they explored how innovative models, such as asset recycling, can unlock capital and accelerate infrastructure development across Africa. Alain Ebobissé stated that the asset recycling model has been successfully implemented in many countries worldwide.
“In implementing this initiative in Africa, we are pursuing three objectives. First, monetizing assets—ensuring that, instead of owning only a bridge, you receive cash that you can reinvest in your assets. Second, improving the efficiency of the asset by bringing in first-class operators to help us manage those assets. Third, and most importantly, we aim to bring pension funds and other investors interested in cash flow-generating assets to finance these projects,” Ebobissé explained. Adesina said over the past decade, the African Development Bank Group has invested over $55 billion in infrastructure, including regional projects, making the Bank the largest financier of infrastructure in Africa. The African Development Bank established Africa50 as a private equity infrastructure platform, comprising a project development company and a project finance company, to support the development of infrastructure with market-rate returns. The Bank President informed the audience that, in the past eight years since its establishment, Africa50 has invested in a portfolio of infrastructure projects worth over $8 billion.
“But more is needed, especially from private sector investors,” stated Adesina. “Africa should be well positioned to attract some of the $2.9 trillion global green bonds. However, the continent represents less than 1% of global green bond issuance. Because most of Africa’s infrastructure is yet to be built, this represents a huge opportunity for green bond issuances to build green infrastructure, reduce carbon emissions, and build climate resilience.” The African Development Bank launched the Alliance for Green Infrastructure in Africa (AGIA) to mobilize $500 million for project preparation and development, as well as $10 billion for green infrastructure investments. Africa50 is the General Partner for the AGIA-Project Development Fund, with several Limited Partners, including the G7 countries. To mitigate risks at scale across Africa, the African Development Bank is establishing the Africa Risk Mitigation Agency, which will consolidate all banks’ guarantee instruments into a single entity. The entity will support guarantees for equity risk, climate risk, refinancing risk, and political risk. He emphasized that Africa50 is also pioneering asset recycling, enabling governments to recover their investment in infrastructure by transferring brownfield assets to the private sector. This can help to reduce debt burdens and provide liquidity for governments.
“The Senegambia bridge, which the African Development Bank financed with $104 million, was the first to be used for the asset recycling program. It worked successfully, as Gambia received $104 million it spent back through Africa50,” he added. “Following this, several asset recycling initiatives are being proposed for many infrastructure projects financed for governments by the African Development Bank Group.” The renewed momentum for U.S.-Africa business partnerships received strong political backing, with the participation of seven Heads of State, several Prime Ministers, and leaders of key regional organizations.