Economy
President Obama’s Speech At US-Africa Business Forum
By US Department of State
Well, good morning, everybody! Let me begin by thanking Mayor Bloomberg — not just for the introduction but for the incredible work that Bloomberg Philanthropies is doing, not just in helping this event but for all the work that you’re doing in promoting entrepreneurship and development throughout Africa.
And I’d also like to thank our co-host, and a tremendous champion of investment and engagement in Africa — my great friend, Commerce Secretary Penny Pritzker.
I also want to welcome our partners from across Africa, including the many heads of state and government leaders who are with us. And I want to acknowledge Senator Chris Coons and leaders from across my administration, who share a profound commitment to expanding opportunity and deepening relationships between our countries.
Most importantly, I want to thank all of you — the business leaders, entrepreneurs, on both sides of the Atlantic, who are working very hard every single day to create jobs and to grow economies and to lift up our people.
Now, I gave a long speech yesterday. Some of you had to sit through it. I’m going to try to be a little more concise today. I’m here because, as the world gathers in New York City, we’re reminded that on so many key challenges that we face — our security, our prosperity, climate change, the struggle for human rights and human dignity, the reduction of conflict — Africa is essential to our progress. Africa’s rise is not just important to Africa, it’s important to the entire world.
Yes, too many people across the continent still face conflict and hunger and disease. And, yes, recent years have brought some stiff economic headwinds. And we have to be relentless in our efforts to end conflicts, and improve security and promote justice. At the same time, the broader trajectory of Africa is unmistakable. Thanks to many of you, Africa is on the move — home to some of the fastest-growing economies in the world and a middle class projected to grow to more than a billion customers. An Africa of telecom companies and clean-tech startups and Silicon savannahs, all powered by the youngest population anywhere on the planet.
As President, I’ve worked to transform our relationship with Africa so that we’re working together, as equal partners.
I’m proud to be the first American President to visit sub-Saharan Africa four times; the first to visit Ethiopia and speak before the African Union; the first to visit Kenya — which I think was obligatory. I would have been in trouble if I hadn’t done that. (Laughter)
I believe I’m also the first American President to dance the Lipala in Nairobi — or to try to dance the Lipala.
And wherever I’ve gone, from Senegal to South Africa, Africans insist they do not just want aid, they want trade.
They want partners, not patrons. They want to do business and grow businesses, and create value and companies that will last and that will help to build a great future for the continent. And the United States is determined to be that partner — for the long term — to accelerate the next era of African growth for all Africans.
And that’s why, over the past eight years, we’ve dramatically expanded our economic engagement. With your support, we renewed the African Growth and Opportunity Act for another decade, giving African nations unprecedented access to American markets.
We launched Trade Africa, so that African countries can sell goods and services more easily across borders — both within Africa and with the United States. We created Doing Business in Africa campaign to help American businesses — including small businesses — pursue opportunities across Africa. And under Penny’s leadership, nearly 300 American companies have taken trade missions to Africa, with more than 8,000 African buyers attending U.S. trade shows.
If you are an African entrepreneur or an American entrepreneur looking for more support, more capital, more technical assistance, there has never been a better time to partner with the United States.
Commitments from the Export-Import Bank and the U.S. Trade and Development Agency have doubled. OPIC investments have tripled. Nearly 70 percent of Millennium Challenge Corporation compacts are now with African countries. And we’ve opened up and expanded new trade and investment offices, from Ghana to Mozambique. Through our landmark Power Africa initiative, the United States is mobilizing more than 130 public and private sector partners — and over $52 billion — to double electricity access across sub-Saharan Africa.
Meanwhile, our Global Entrepreneurship Summits in Morocco and Kenya and our Young African Leaders Initiative are giving nearly 300,000 talented, striving young Africans the tools and networks to become the entrepreneurs and business leaders of the future.
We’ve got some of those outstanding young people here today. And two years ago, I welcomed many of you to our first ever U.S.-Africa Business Forum, where we announced billions of dollars in new trade and investment between our countries.
And you can see the results. American investment in Africa is up 70 percent. U.S. exports to Africa have surged. Iconic companies — FedEx, Kellogg’s, Google — are growing their presence on the continent.
You can hail an Uber in Lagos or Kampala. In the two years since our last forum, American and African companies have concluded deals worth nearly $15 billion, which will support African development across the board, from manufacturing to health care to renewable energy.
Microsoft and Mawingu Networks are partnering to provide low-cost broadband to rural Kenyans. Procter & Gamble is expanding a plant in South Africa.
MasterCard will work with Ethiopian banks so that more Ethiopians can send home remittances.
These are all serious commitments. New relationships are being forged, and I’m pleased that, altogether, the deals and commitments being announced at this forum add up to more than $9 billion in trade and investment with Africa.
So we are making progress, but we’re just scratching the surface. We have so much more work that can be done and will be done. The fact is that, despite significant growth in much of the continent, Africa’s entire GDP is still only about the GDP of France. Only a fraction of American exports — about 2 percent — go to Africa.
So there’s still so much untapped potential. And I may only be in this office for a few more months, but let me suggest a few areas where we need to focus in the years ahead.
We have to keep increasing the trade that creates broad-based growth.
In East Africa alone, our new trade hubs have supported 29,000 jobs and helped increase exports to the United States by over a third.
So we need to keep working to integrate African economies, diversify African exports, and bring down barriers at the borders. Since we’re approaching two decades since AGOA was first passed, we’re releasing a report today exploring the future beyond AGOA, with trade agreements that are even more enduring and reciprocal.
We also have to keep making it easier to do business in Africa. We know progress is possible. A decade ago, if you wanted to start a business in Kenya, it took, on average, 54 days.
Today, it takes less than half that. And governments that make additional reforms and cut red tape will have a partner in the United States.
At our last forum, I announced the creation of our Presidential Advisory Council to guide our work together. And today, I’m pleased to welcome the newest members of our expanded council, so that more industries and insights can shape their recommendations. Feel free to find them later, bend their ear. Don’t be shy. They are excited about their work and excited to hear from you.
We also need to invest more in the infrastructure that is the foundation of future prosperity. And, as I indicated earlier, we’re especially focused on increasing access to electricity for the two-thirds of sub-Saharan Africans who lack it.
Three years after launching Power Africa, we’re seeing real progress — solar power and natural gas in Nigeria; off-grid energy in Tanzania; people in rural Rwanda gaining electricity.
This means that students can study at night and businesses can stay open. And we are not going to let up. Partners like the World Bank and the African Development Bank are mobilizing billions.
Last month, the government of Japan made a major commitment to support this work. And together with GE, today we’re launching a public-private partnership to support energy enterprises managed by women in Africa. So we’re on our way, and by 2030, I believe we can bring electricity to more than 60 million African homes and businesses. And that will be transformative.
But even if we do the infrastructure, even if we’re passing more business-friendly laws, even if we’re increasing trade, I think all of you know that we’re also going to have to keep promoting the good governance that allows for good business. Graft, cronyism, corruption — it stifles growth, scares off investment. A business should begin with a handshake and not a shakedown. (Applause)
So through our efforts like our Open Government Partnership, and our Partnership on Illicit Finance, we’re going to keep working to encourage transparency, stamp out corruption and uphold the rule of law. That’s what’s going to ultimately attract trade and investment and opportunity.
The truth is, is that those governments that are above-board and transparent, people want to do business there. People don’t want to do business in places where the rules are constantly changing depending on who’s up, who’s down, whose cousin is who. It creates the kinds of risks that scare investors away.
And finally, we need to invest more in Africa’s most precious resource, and that is its people, especially young people. Men and women; boys and girls. I’ve had the opportunity to meet the next generation of leaders and entrepreneurs — in Soweto and Dar es Salaam and Dakar.
I’ve welcomed many of them to the White House. They are spectacular. They are itching to make a difference. Their passion is inspiring. Their talent is unmatched. They are hungry for knowledge and information, and are willing to take risks. And many of them, because they’ve come from tough circumstances, by definition they’re entrepreneurial. They’ve had to make a way out of no way, and are resilient and resourceful.
So we got to continue to empower these aspiring leaders — give them the tools, the training and the support so that a few years from now, they can be sitting in this room. Because if Africa’s young people flourish, if they are getting education, if they are getting opportunity, I’m absolutely convinced that Africa will flourish as well.
And they are the future leaders that inspire me. I think of the Rwandan entrepreneur I met earlier this year at one of our entrepreneurship summits. His company is turning biomass into energy. He started his business when he was 19 years old. And a lot of folks didn’t get what he was doing or why. He made an interesting comment that sometimes in traditional cultures, in African cultures, the working assumption is, is that young people don’t know anything. And since we were in Silicon Valley when he was telling this story, I wanted to point out that folks in Africa may want to rethink that — because if you’re over 30 there, you’re basically over the hill. (Laughter)
But he kept at it. As he told me, “No matter what you’re trying to do,” you need the “motive in your mind that you want to help your society move forward.” He was doing well, but he was also trying to do good.
And that’s what this is all about. That’s the work that we’ve got to carry on. This is a U.S.-Africa business forum. This is not charity. All of you should be wanting to make money, and create great products and great services, and be profitable, and do right by your investors. But the good news is, in Africa, right now, if you are doing well, you can also be doing a lot of good. And if we keep that in mind, if we do more to buy from each other and sell from each other, if we do more to bring down barriers to doing business, if we do more to strengthen infrastructure and innovation and governance, I know we’re going to be able to move our societies and economies forward. And that will be good not just for Africa, but it will be good for the United States and good for the world.
We want Africa as a booming, growing, thriving market, where we can do business, where you’ve got a young population that is surging. And although this will be the last time I participate in the U.S-Africa Business Forum as President, I think you should anticipate that I will be continuing to work with all of you in the years to come, and I know that Penny has done a great job in working to institutionalize these efforts. And when we’ve got great partners like Mike Bloomberg and the Bloomberg Foundation involved in this, I have no doubt that this is just going to keep on growing, and we’re going to look back and say, we were on to something.
Thank you so much, everybody. Appreciate it. Keep up the great work. (Applause)
By Adedapo Adesanya
The Lagos Chamber of Commerce and Industry (LCCI) has raised concerns over the month-on-month rise in inflation despite a moderate easing in headline inflation.
Earlier this week, data from the National Bureau of Statistics (NBS) showed Nigeria’s consumer prices moderating slightly to 15.06 per cent year-on-year in February 2026 from 15.10 per cent in January. However, a sharp month-on-month rebound to 2.01 per cent signalled renewed momentum.
LCCI Director-General, Mrs Chinyere Almona, called for deliberate action amid risks such as exchange-rate volatility and food insecurity.
She viewed the drop from 26.27 per cent in February 2025 as cautious optimism but stressed vigilance.
“Addressing high inflation has been crucial, as it has greatly impacted purchasing power, production costs, and consumer demand,” Mrs Almona said.
She flagged imported input costs and domestic issues, such as agricultural insecurity, noting that, “With the potential for exchange-rate volatility… There is a risk of increased costs for imported raw materials, machinery, pharmaceuticals, and food items.”
Mrs Almona advocated prioritising FX stability through non-oil exports, food security through productivity and infrastructure, and energy reforms to ensure reliable power.
“Advancing reforms in the power and energy sectors is crucial for reducing production costs,” she added, alongside transport and port efficiencies.
“Sustaining this trend will require consistent macroeconomic management, structural reforms, and policies aimed at enhancing domestic productivity,” she added.
She noted that with the potential for exchange-rate volatility, there is a risk of increased costs for imported raw materials, machinery, pharmaceuticals, and food items.
“Nigeria has the opportunity to mitigate these external pressures by investing in local refining capacities and ensuring that crude supply meets domestic needs.”
“This could subsequently affect production and consumer prices. Other concerns, such as insecurity in agricultural regions, climate-related disruptions, and high transportation costs, could also challenge food supply and price stability.”
She pointed out that it is vital for the government to undertake deliberate policy actions to maintain the current easing of inflation, saying that “prioritising exchange-rate stability by enhancing foreign exchange liquidity and promoting non-oil export earnings is key.
She emphasised the importance of enhancing efficiency in transportation and trade infrastructure, including port operations, cargo evacuation systems, and digital trade processes, saying that such improvements can notably reduce logistics costs that contribute to consumer prices.
“While the marginal decline in inflation is a positive development, sustaining this trend will require consistent macroeconomic management, structural reforms, and policies aimed at enhancing domestic productivity.
“We must act swiftly to address concerns that may jeopardise the progress made in controlling inflation. Given that month-on-month rates already suggest ongoing inflationary challenges, supply-side interventions are likely to offer more sustainable solutions than imposing price controls on manufacturers and investors,” the LCCI DG explained.
By Adedapo Adesanya
The Shipping Association of Nigeria (SAN) has clarified that a recent upward review of tariffs by shipping line agencies operating in the country was to reflect prevailing economic realities.
SAN clarified in a response dated March 16, 2026, to a letter from the National Association of Government Approved Freight Forwarders (NAGAFF) Trade Advocacy Committee, which had opposed the tariff adjustment approved by the Nigerian Shippers’ Council (NSC), the port economic regulator.
In the letter signed by SAN chairman, Mrs Boma Alabi, the association acknowledged the concerns raised by freight forwarders. It maintained that some of the claims made by NAGAFF did not accurately represent the regulatory process that preceded the approval or the operational realities of international shipping operations in Nigeria.
Mrs Alabi stressed that the tariff adjustment was neither implemented unilaterally by shipping lines nor granted arbitrarily by the regulator.
According to her, the council conducted an extensive review before approving, including detailed cost analysis submitted by shipping line agencies, an assessment of prevailing economic conditions such as inflation and foreign exchange volatility, as well as stakeholder consultations carried out over an extended period.
She added that the review process lasted nearly two years and involved several rounds of regulatory scrutiny before the final approval was granted.
“It is therefore inaccurate to suggest that the approval was granted without due consideration of the statutory regulatory framework,” Mrs Alabi said.
She explained that the adjustment merely represents a partial cost recovery measure, considering the sharp rise in operational costs across the maritime sector in recent years.
Mrs Alabi also clarified that the approval was not granted across the board to all shipping lines, noting that it did not amount to a blanket increase for every operator.
According to her, the adjustment approved by the shippers’ council is modest and significantly lower than Nigeria’s cumulative inflation rate within the same period.
“In practical terms, the adjustment does not represent a real increase in economic terms but rather a limited adjustment intended to partially offset the impact of rising operational costs,” she said.
She listed some of the cost drivers to include increasing port and terminal charges, administrative and regulatory compliance costs, exchange rate fluctuations, and logistics and operational overheads.
Mrs Alabi further noted that the tariff review reflects broader developments across the maritime and logistics sector, where several service providers have adjusted their charges in response to economic pressures.
She pointed out that truck operators, freight forwarders, clearing agents, terminal operators and other logistics service providers have all increased their rates in recent years.
“In this context, it would be unrealistic and inequitable to expect shipping line agencies alone to maintain static rates despite operating under the same economic pressures,” she said.
The SAN chairman also dismissed insinuations that shipping lines exercise collective market dominance, stressing that the global liner shipping industry is highly competitive.
According to her, shipping companies compete independently in freight pricing and service delivery while constantly striving to improve operational efficiency and attract cargo volumes through better service offerings.
She added that several operational challenges cited by NAGAFF – such as port congestion, container return logistics, documentation bottlenecks and operational delays- are systemic issues within the entire port ecosystem and cannot be attributed solely to shipping line agencies.
Mrs Alabi explained that port operations involve multiple stakeholders, including port authorities, terminal operators, customs and regulatory agencies, freight forwarders, and trucking and logistics providers.
She therefore called for collaborative efforts among stakeholders to address the challenges rather than placing responsibility on a single segment of the logistics chain.
On allegations of regulatory infractions, the SAN chairman said the claims referencing laws such as the ICPC Act and the FCCPC Act appear speculative and are not backed by formal regulatory findings.
She maintained that shipping line agencies operating in Nigeria remain under the oversight of several government institutions and continue to comply with all applicable statutory and regulatory requirements.
Mrs Alabi reiterated that the tariff adjustment approved by the Nigerian Shippers’ Council followed a lengthy regulatory process that carefully reviewed cost structures, economic conditions and stakeholder input.
According to her, the decision was aimed at ensuring the sustainability of maritime services while maintaining fairness within the port economic framework.
She added that since the approval was granted by the NCS in its regulatory capacity, the agency is best positioned to address any further concerns regarding the tariff review.
The Covid-19 pandemic brought a different work mode globally that promised freedom: remote work. This new work approach brought along technological innovations that aided the conveniences that accompanied it: the ability to work from anywhere, collaborate across time zones, and build a career without borders. But the one problem nobody warned us about was that getting paid and using that money shouldn’t require a finance degree.
Remote workers in Nigeria sought various avenues to navigate international payments, and one of the solutions that was provided was OneDosh, which has now become the bridge between earning globally and spending locally. Built by global fintech leaders, OneDosh developed solutions to solve these problems.
We will be focusing on how real people are using the platform to simplify their financial lives in this article.
The Payment Waiting Game Nobody Talks About – Chioma’s Story
Chioma works as a social media manager for two U.S. companies and a UK-based startup. Her biggest frustration isn’t the work itself or managing clients across time zones. It’s the anxiety that comes every payment cycle when she wonders if her domiciliary account will receive the wire transfer, or if this will be the month her bank flags the transaction for “verification” that takes weeks to resolve.
She’s had months where a $2,000 payment got stuck in banking limbo for three weeks while her landlord sent messages about rent. The experience taught her that having multiple international clients doesn’t guarantee financial stability when you can’t reliably access your earnings.
OneDosh changed her approach entirely. Now when clients pay her in stablecoins, the money arrives within minutes and she can decide immediately what to do with it, whether to convert to naira for immediate expenses, keep in USD for savings, or split between both. The control matters more than the speed, though the speed helps when bills are due.
When Your Card Works Until It Doesn’t – Tunde’s Story
Tunde learned the hard way that Nigerian debit cards have spending limits that make international subscriptions a constant negotiation. His Adobe Creative Cloud subscription failed three months in a row despite having money in his account. Customer support would apologize, he’d try a different card, and the cycle would repeat until he eventually had to ask a friend abroad to pay for it while he reimbursed them.
The OneDosh visa card solved this specific problem, but more importantly, it eliminated the unpredictability. He uses it for all his international subscriptions now like software tools, cloud storage, freelancing platform fees, without wondering if this will be the month his bank decides the transaction looks suspicious. The card works consistently, which sounds basic until you’ve experienced the alternative.
Naira Volatility and the Dollar Earning Advantage – Blessing’s Experience
For remote workers earning in dollars, the mathematics of currency conversion has become a monthly calculation that affects every financial decision. Blessing, a freelance writer, watches exchange rates the way other people check weather forecasts. A project that pays $500 means something very different in naira depending on when and how she converts it.
Her previous system involved converting everything to naira immediately at the offered rate, rather than exploring other options but felt safer than alternatives she didn’t fully understand. With OneDosh, she keeps her dollar earnings in the Onedosh wallet until she needs them; converting smaller amounts as needed rather than converting everything at once. This helps her manage timing and stay mindful of exchange rates and fees.
The Family Support Reality – Emeka the Tech Bro
Remote work success in Nigeria often means becoming the family member others turn to when emergencies arise. Emeka earns well working for a Canadian tech company, which means he’s frequently sending money to siblings for school fees, parents for medical bills, or extended family for various urgent needs.
Sending support shouldn’t feel complicated or time-consuming. With OneDosh, he can transfer funds seamlessly from wherever he is, with a simple and straightforward process. This flexibility is especially valuable when someone needs access to funds at a critical moment, allowing him to respond quickly and confidently.
“Although he believes this hasn’t made him richer, it certainly has made helping family significantly less stressful and time-consuming, which matters when you’re trying to balance work deadlines with family obligations.”
The Nigerian remote worker experience involves navigating payment systems that weren’t built for how we work now. Blocked transactions, unclear fees, conversion rate losses, spending limits etc are barriers that make earning internationally harder than it needs to be.
OneDosh doesn’t eliminate every challenge remote workers face, but it addresses several major ones directly. The platform works with the reality of Nigerian remote workers rather than pretending those realities don’t exist.
If you’re managing international payments, download the OneDosh app, It is designed to help you handle things more smoothly.
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