Economy
Morocco Hosts 14th US-Africa Business Summit
By Kestér Kenn Klomegâh
After several negotiations, the Corporate Council on Africa (CCA) has finally launched its 14th US-Africa Business Summit from July 19 to July 22 under the theme ‘Building Forward Together’ and will be held in Marrakech (Morocco) in partnership with the Kingdom of Morocco and Africa50 (the pan-African infrastructure investment platform).
United States investors are looking forward to exploring several opportunities in the African Continental Free Trade Area (AfCFTA), a policy signed by African countries to make the continent a single market. The market, with an estimated 1.3 billion population, requires all kinds of consumable products and new legislations stipulate localizing production inside Africa.
Thus, the summit will further explore a renewed commitment by both public and private sector stakeholders to building stronger United States and Africa trade, investment, and commercial ties, emerging from unprecedented health and economic challenges for the past two years.
With AfCFTA which aims at boosting Africa’s trade, the United States investors are prepared to adjust their initiatives and pursue agreements that go beyond African Growth and Opportunity Act (AGOA). The Corporate Council on Africa is facilitating for potential investors in pursuing public-private partnerships that support the United States and African businesses, including women-owned and led Small and Medium-Scale Enterprises.
The three-day summit will include plenaries and panel sessions highlighting key economic recovery strategies and focus on a range of sectors and issues, including health and vaccine access, trade, digital transformation, infrastructure, financing, small and medium scale enterprises, tourism, women’s leadership and investment opportunities in various African countries.
The high-level dialogue is expected to set the scene for reviewing the opportunities for the United States and African public and private sector leaders, how to strengthen the economic partnership between the United States and Africa related to large-scale investments in key sectors such as oil and gas exploration, new trade agreements, and reviewing the African Growth and Opportunity Act (AGOA).
The 14th US-Africa Business Summit, the first major in-person US-African gathering will attempt to re-engage and collaborate since the start of the Covid-19 pandemic. The Corporate Council on Africa has an exciting line-up of high-level and panel discussions, networking opportunities, and activities that will allow attendees to meet face-to-face to engage on key US-Africa economic issues and re-establish important business contacts that were not possible over the past two years.
The African Heads of State, US government and African officials, top CEOs and senior executives from US and African companies operating in sectors contributing to Africa’s economic growth and relaunch including infrastructure, ICT, health, energy, mining, and creative industries.
The United States government report said the Biden-Harris Administration was prioritizing economic relationships with Africa. The United States government and private sector leaders, together with African political and corporate business leaders, have been working consistently over these years to share insights on critical issues and policies influencing the US-Africa economic partnership. It will drive billions of dollars of investment in Africa, build new markets for American products and create thousands of jobs for African and American workers.
According to information made available, the lined-up guest speakers include Mokgweetsi E.K. Masisi, President of Botswana; Filipe Nyusi, President of Mozambique and Nana Akufo-Addo, President of Ghana. Attendees will participate in high-level roundtables, panels, and country forums, with ample opportunities to network with business and government leaders to develop new business partners. The exhibition centre will allow organizations to amplify their brand and showcase their business to leaders and the investment community.
During the summit, Africa50 in partnership with the Corporate Council on Africa will run a series of discussions dedicated to infrastructure investment in Africa. The sessions will include a presidential dialogue; a roundtable discussion on ways to mobilize institutional investors’ capital to fund infrastructure projects; a session on opportunities to increase public-private partnerships in the power transmission sector; and a panel on tech-enabled infrastructure.
Speaking about the partnership, CEO Alain Ebobissé said, “we are pleased to partner with the Corporate Council on Africa for this important event which comes at a crucial time, as the continent faces unprecedented external shocks and is recovering from the Covid-19 pandemic. There is a need for strong, innovative, and bold responses to accelerate the recovery while driving climate-resilient and sustainable growth and infrastructure will play a key role.”
The Kingdom of Morocco, the host organizer, reassured facilitating, as part of the corporate summit, group visits and tours of Marrakech and other Moroccan cities for special guests. As the only African nation with a Free Trade Agreement (FTA) with the United States, a major investor in sub-Saharan Africa and successes to showcase in penetrating key global manufacturing ecosystems (including aviation, agribusiness, and automotive), Morocco has much to showcase around the areas of increased intra-African trade as well as enhancing the US-Africa trade, investment, and commercial relationship.
With more than 1,000 US and African private sector executives, international investors, senior government, and multilateral stakeholders expected at the summit during Marrakech’s high season, it is strongly encouraged that attendees register early.
The Corporate Council on Africa is extremely grateful for the excellent partnership of the Kingdom of Morocco as the summit host, and partner Africa50 as well as summit sponsors including Royal Air Maroc (the summit official airline), Axxess, Jean Boulle Group, Pfizer, Visa, USP, Amazon, Gilead, Trimble, IHS Towers, Trade and Development Bank, Acrow Bridge, Trinity Energy, Citi, Flutterwave Inc., P&G, DLA Piper LLP, Attijariwafa Bank, Maroc Telecom, Creative Associates, Google, CrossBoundary and Frontier Bridge.
The summit media partners 35°Nord, All Africa, Jeune Afrique, and the African Media Agency. Without their collaboration, support and generosity, this year’s U.S.-Africa Business Summit would not be possible. The Corporate Council on Africa (CCA), a leading reputable American business association, continues facilitating the growth and enhancement of US-Africa trade, investment, and commercial engagement that supports the prosperity of the United States, its African partners, and American and African businesses and people.
By Dipo Olowookere
The bulls regained control of the Nigerian Exchange (NGX) Limited on Friday after surrendering power to the bears a day earlier as a result of mild selling pressure.
Yesterday, the Nigerian bourse rebounded by 0.54 per cent, mainly due to the gains recorded by First Holdco and others.
Data harvested by Business Post indicated that the industrial goods and energy sectors were flat, while the banking index chalked up 3.13 per cent. The insurance space expanded by 1.08 per cent, and the consumer goods counter rose by 0.21 per cent.
Consequently, the All-Share Index (ASI) went up by 1,316.52 points to 243,462.13 points from 242,145.61 points, and the market capitalisation grew by N850 billion to N157.057 trillion from N156.207 trillion.
The market breadth index was bullish during the last trading session of this week, printing 31 appreciating stocks and 23 depreciating stocks, representing strong investor sentiment.
First Holdco led the advancers’ log after it climbed 9.97 per cent to N95.95, Haldane McCall appreciated by 9.94 per cent to N3.65, LivingTrust Mortgage Bank soared by 9.73 per cent to N3.72, LASACO Assurance jumped by 5.26 per cent to N2.00, and Thomas Wyatt gained 5.10 per cent to quote at N3.09.
On the flip side, Red Star Express declined by 9.50 per cent to N20.00, Omatek slipped by 6.08 per cent to N1.70, C&I Leasing shrank by 5.93 per cent to N5.55, Jaiz Bank crashed by 5.03 per cent to N8.50, and Livestock Feed fell by 3.89 per cent to N8.65.
As for the activity chart, market participants bought and sold 685.9 million equities for N42.7 billion in 44,134 deals on Friday versus the 498.5 million equities worth N34.9 billion traded in 39,484 deals on Thursday, implying a rise in the trading volume, value, and number of deals by 37.59 per cent, 22.35 per cent, and 11.78 per cent, respectively.
Investors’ darling for the day was First Holdco, with a turnover of 225.9 billion units valued at N21.0 billion, Guinea Insurance sold 53.4 million units for N45.2 million, Zenith Bank traded 41.5 million units worth N4.7 billion, Access Holdings exchanged 29.1 million units valued at N720.6 million, and UBA exchanged 27.5 million units for N1.2 billion.
By Modupe Gbadeyanka
The Africa Association of Professional Freight Forwarders and Logistics of Nigeria (APFFLON) has appealed to the Nigeria Customs Service (NCS) to deepen its sensitisation on the newly introduced Green Tax Surcharge Policy.
The chairman of APFFLON, Mr Akeem Ayobiojo, made this plea on behalf of his colleagues on Tuesday, July 14, 2026, at the Customs House in Abuja, during a stakeholders’ engagement with the agency.
He also called for improvements in the administration of Pre-Arrival Assessment Reports and Post Clearance Audit and the African Continental Free Trade Area (AfCFTA).
Mr Ayobiojo stated that freight forwarders were happy to work with the customs, commending the organisation for implementing Chapter 99, describing it as a major relief for manufacturers.
He, however, emphasised that a deeper understanding of the new tax was necessary for his members, saying more predictable procedures would reduce delays and unexpected costs for importers and freight forwarders.
In his remarks, the Comptroller-General of Customs, Mr Adewale Adeniyi, assured manufacturers, freight forwarders and other players in the nation’s trade sector that the NCS would continue to engage them on fiscal policies affecting their businesses, saying sustained dialogue remains key to resolving implementation challenges and improving the country’s trading environment.
He also promised them the service’s resolve to enhance and facilitate trade, acknowledging that, “Your feedback is important because it helps us understand what is happening in the field, and where necessary, we will take your concerns to the Federal Ministry of Finance and other relevant government institutions.”
Speaking about Authorised Economic Operator (AEO), Mr Adeniyi further explained that Nigeria would not lower the standards required under the Authorised Economic Operator Programme as the initiative is guided by global benchmarks established by the World Customs Organisation (WCO).
On her part, the Deputy Comptroller-General of Customs for Tariff and Trade, Ms Caroline Niagwan, clarified that electric vehicles can be imported without payment of duty only by holders of Import Duty Exemption Certificate (IDEC) issued by the Federal Ministry of Finance.
She also urged importers facing classification disputes to take advantage of the Advance Ruling system, noting, “Once an Advance Ruling is issued based on genuine documentation, importers have certainty on classification, valuation or origin before the goods arrive, thereby reducing unnecessary disputes during clearance.”
By Adedapo Adesanya
The Naira appreciated against the US Dollar in the Nigerian Autonomous Foreign Exchange Market (NAFEX) on Friday, July 17, by N1.35 or 0.07 per cent to N1,380.18/$1 from N1,381.53/$1.
It also improved its value against the Pound Sterling in the same market segment during the session by N11.75 to trade at N1,854.42/£1 compared with the previous day’s N1,866.17/£1, and gained N5.69 against the Euro to sell at N1,576.99/€1 versus Thursday’s closing price of N1,582.68/€1.
In the same vein, the Naira chalked up N1 against the United States currency yesterday at the GTBank forex desk to quote at N1,388/$1, in contrast to the preceding day’s N1,389/$1, but closed flat at the black market at N1,405/$1.
The appreciation of the Nigerian currency on Friday came amid fresh signals that Nigeria is building its external reserves for protection against shocks and excessive currency volatility.
The Governor of the Central Bank of Nigeria (CBN), Mr Yemi Cardoso, said the country’s gross reserves had risen above approximately $52 billion by 15 July, while net reserves had increased from about $3 billion when the current CBN leadership took office to more than $40 billion.
Mr Cardoso linked the increase in reserves to reforms that had restored greater confidence in the foreign exchange system. He also pointed to efforts to diversify foreign currency inflows, including policies designed to increase remittances through official channels.
He noted that monthly diaspora remittances had risen above $600 million and the CBN expected them to reach approximately $1 billion by the end of 2026. The target is part of a broader effort to grow reserves through recurring inflows rather than temporary measures.
The improvement, he argued, had strengthened Nigeria’s capacity to respond when unexpected events threatened market stability.
The apex bank has also launched a new digital platform that will track every foreign exchange transaction involving Bureau De Change (BDC) operators, marking a major step in its efforts to improve transparency and strengthen oversight of Nigeria’s retail forex market.
As for the crypto market, prices were up as markets overlooked geopolitical developments and macro forces weighing on the whole market ecosystem rather than anything crypto-specific, with Cardano (ADA) up by 4.6 per cent to $0.1661.
Bitcoin (BTC) jumped by 1.8 per cent to $63,968.32, Ethereum (ETH) improved by 0.9 per cent to $1,843.88, Dogecoin (DOGE) also rose by 0.9 per cent to $0.0723, Solana (SOL) soared by 0.6 per cent to $74.90, Ripple (XRP) also appreciated by 0.6 per cent to $1.08, and Binance Coin (BNB) advanced by 0.1 per cent to $567.32.
However, TRON (TRX) depreciated by 0.2 per cent to close at $0.3218, while the US Dollar Tether (USDT) and the US Dollar Coin (USDC) remained unchanged at $1.00 each.
