World
Janet Yellen: United States Focuses on Business Investment and Infrastructure Development in Africa
By Kestér Kenn Klomegâh
United States officials, at least, are strategically moving to reset multi-dimensional relations with Africa after the last African leaders’ summit held in Washington. President Joseph Bidden and Vice President Kamala Harris, in well-coordinated working agenda, with the White House, the Department of African Affairs and the US Treasury, are up to the task. This challenging task is backed by a $55 billion budget publicly announced during the African leaders’ gathering.
It all began with a series of working visits to Africa in late December and early 2023, which underscored the message delivered by Biden at the last summit: “The United States is all in on Africa, and all in with Africa.” The $55 billion budget and along with private sector investment for Africa, well-built institutionalized structures and the African-American diaspora, are distinctively linking together the United States and Africa.
On January 20, the US Treasury Secretary, Janet Yellen, went on a 10-day trip to three African countries that aimed to revitalize and expand US-African ties and address challenges such as climate change, food security and debt in Africa. After decades in which China has dominated investment on the continent, the US is pitching itself as a more sustainable alternative. In the sub-Sahara, Yellen visited Senegal, Zambia and South Africa.
That will be followed by the United States Ambassador to the United Nations, Linda Thomas-Greenfield, who travelled to three Republics of Ghana, Mozambique and Kenya starting Jan. 25 and another round trip by Secretary of State Antony Blinken official visits to Eastern Western and Southern Africa.
In Dakar, Yellen had extensive and fruitful discussions with Senegalese President Macky Sall, who is also the rotating Chair of the African Union. The African Union is a 55-member continental organization with headquarters in Addis Ababa, Ethiopia. With President Macky Sall, she highlighted the United States’ efforts to boost economic ties with the region “by expanding trade and investment flows,” according to official reports.
Later, she also interacted with Senegal’s Minister of Economy, International Planning, and Cooperation, Oulimata Sarr, who, like Yellen, is also the first woman to serve in her current role. In a meeting with Finance Minister Mamadou Moustapha Ba, Yellen said the two officials had “much to discuss on how best to meet the challenges both of our countries face, including in the context of global financial tightening and an increasingly uncertain global economic environment. The U.S. is committed to working with Africa to realize that promise because we know that a stronger African economy is good for the world and good for the United States.”
In a speech delivered at a business event in Senegal’s capital Dakar, Yellen mapped out the United States’ vision for strengthening African relations, eyeing the massive economic opportunities created by its demographic boom.
Currently, Senegal is participating in a G-20 programme that helps finance a shift from fossil fuels to clean power generation, it’s also on the verge of becoming a significant fossil-fuel producer. A new offshore project straddling its border with Mauritania is projected to bring Senegal $1.4 billion in oil and gas revenue from 2023 to 2025. The project may also provide Europe with energy relief as it turns away from Russian gas and oil.
Reports indicated that Treasury Yellen gave the concrete go-ahead on the rural electrification project in Senegal. The new rural electrification project is estimated to bring reliable power to 350,000 people while supporting some 500 jobs in 14 American States.
Our monitoring shows that Yellen travelled to the site of the project, headed by Illinois-based engineering firm Weldy Lamont. The new project received technical assistance from the US Power Africa initiative, capacity building through the US Agency for Trade and Development, and a $102.5 million loan guarantee from the Export-Import Bank.
“Our goal is to deepen our economic relationship further and to invest in expanding energy access in a way that uses renewable resources spread across the continent,” Ms Yellen underlined in her remarks. Senegal has among the highest rates of electrification across Sub-Saharan Africa – between 70% and 80% – but access to electricity remains far more limited in rural areas.
Such disparities can hinder opportunities for households and businesses in areas otherwise ripe for economic development, Yellen said. The project includes an important renewable energy element with a solar grid to power 70 villages. “This groundbreaking will create a higher quality of life in many communities, and it will help Senegal’s economy grow and prosper. It will also help Senegal get one step closer to its goal of universal electricity access by 2025,” she said.
Yellen, who met women and youth entrepreneurs in Dakar, said the electrification project would allow Senegal to rely on energy sources that are within its borders, cost-effective and not prone to the kind of volatility in energy prices sparked by Russia’s invasion of Ukraine.
The US Power Africa project has helped connect 165 million people to reliable electricity across Africa. Its goal is to add at least 30,000 megawatts (MW) of cleaner and more reliable electricity generation capacity and 60 million new home and business connections by 2030.
Yellen then travelled to Zambia to meet President Hakainde Hichilema as well as other finance officials. President Hichilema, who took office in 2021, has promised to restore the copper-rich nation’s credibility and creditworthiness after inheriting a cash-strapped economy. Here, she spoke on efforts to improve global health and prepare for future pandemics, as well as on food production.
Yellen cited $11 billion in commitments by the US Development Finance Corp and $3 billion in programmes by the Millennium Challenge Corp in 14 African countries, with more in the pipeline. On a wider scale, the G7 group of wealthy Western nations also planned to mobilise some $600 billion for global infrastructure investments over the next five years.
“We are saying that African countries firmly belong at the table. Their communities are disproportionately vulnerable to the effects of global challenges. And any serious solution requires African leadership and African voices,” she said.
In South Africa, which recently assumed the chairmanship of the BRICS emerging economies group, Yellen held talks with Finance Minister Enoch Godongwana and South Africa Reserve Bank Governor Lesetja Kganyago. She also visited the Ford assembly plant to showcase successful examples of US-Africa economic relations.
Washington provided about $13 billion in emergency aid and food assistance last year and was now setting up a US-Africa strategic partnership to address the short-term food needs of more than 300 million Africans, Yellen said. It is also helping to build more resilient and sustainable systems for the future.
In practical terms, Yellen focused on building relationships and understanding the barriers to investment and business in Africa. Our monitoring shows that Chinese trade with Africa is about four times that of the United States, and Beijing rapidly expanded its lending by offering cheaper loans, although the opaque terms and collateral requirements are now being questioned by some African countries.
The United States is currently looking to broaden investment in South Africa, which is developing new legislation to speed up energy projects. There are a number of external players showing interest in the energy sector; these include Russia, China, United Arab Emirates and others in the Arab world.
Former US ambassador Susan Page told AFP that despite positive developments like the major summit in Washington last year, “the proof is in the pudding” when it comes to pledges of support for African countries. “Are they really going to come up with the serious money… Or is it going to be a trade-off?” asked Page, now a professor at the University of Michigan. She added that while US moves have been largely framed as countering China’s advances, it “is a shame because African countries want to be treated as Africa, and not as a wedge between great power competition.”
Joseph Siegle, who leads the Africa Center for Strategic Studies research programme, said the scope of Yellen’s visit was far broader than the matter of China’s influence. “From an emerging market standpoint, there is a lot going on there – with its resources and growth and a large African diaspora in the US. Arguably, the US has not paid enough attention to Africa with the rigour that’s warranted,” he said. “I think the significance of this trip is trying to rectify there hasn’t been enough high-level engagement on the part of the US in Africa.”
In fact, despite criticisms especially over neo-colonialism and unipolarism, the United States and Africa are culturally, and by biological blood, inseparable. According to the latest World Bank report, remittances from the African diaspora to the continental was $49 billion in 2021.
With rivals China and Russia competing for influence and opportunity in Africa, the United States has been working to stave off an erosion of its once-powerful position in the region. But as Treasury Secretary Janet Yellen strongly noted, the histories of the United States and Africa were “intimately connected” by the “tragedy” of slavery, as Washington seeks to strengthen relations with the continent. Speaking at Goree Island off the Senegalese capital of Dakar, the largest slave trading centre on the African coast.
For their part, many African countries say they are keen on increased investment and financial support for infrastructure development across Africa. And that Africa is only ready for potential credible investors and not for active anti-American sloganeers and ideological choristers. Africa is not a field for confrontation but for cooperating on transforming the economy and operating the single continental market.
In the emerging multipolar world, the United States still shares cultural values and democratic principles with Africa. The trans-Atlantic slave trade is an integral part of both American and African history. The United States is their second home, nowhere else. The United States and Africa are ‘intimately connected’ by slavery, have culturally indivisible bondage, and currently, with the growing African-American diaspora, it is completely absurd and awkward for external geopolitical rival countries to ask African leaders and Africans to abandon their history and the United States.
World
Russian-Nigerian Economic Diplomacy: Ajeokuta Symbolises Russia’s Remarkable Achievement in Nigeria
By Kestér Kenn Klomegâh
Over the past two decades, Russia’s economic influence in Africa—and specifically in Nigeria—has been limited, largely due to a lack of structured financial support from Russian policy banks and state-backed investment mechanisms. While Russian companies have demonstrated readiness to invest and compete with global players, they consistently cite insufficient government financial guarantees as a key constraint.
Unlike China, India, Japan, and the United States—which have provided billions in concessionary loans and credit lines to support African infrastructure, agriculture, manufacturing, and SMEs—Russia has struggled to translate diplomatic goodwill into substantial economic projects. For example, Nigeria’s trade with Russia accounts for barely 1% of total trade volume, while China and the U.S. dominate at over 15% and 10% respectively in the last decade. This disparity highlights the challenges Russia faces in converting agreements into actionable investment.
Lessons from Nigeria’s Past
The limited impact of Russian economic diplomacy echoes Nigeria’s own history of unfulfilled agreements during former President Olusegun Obasanjo’s administration. Over the past 20 years, ambitious energy, transport, and industrial initiatives signed with foreign partners—including Russia—often stalled or produced minimal results. In many cases, projects were approved in principle, but funding shortfalls, bureaucratic hurdles, and weak follow-through left them unimplemented. Nothing monumental emerged from these agreements, underscoring the importance of financial backing and sustained commitment.
China as a Model
Policy experts point to China’s systematic approach to African investments as a blueprint for Russia. Chinese state policy banks underwrite projects, de-risk investments, and provide finance often secured by African sovereign guarantees. This approach has enabled Chinese companies to execute large-scale infrastructure efficiently, expanding their presence across sectors while simultaneously investing in human capital.
Egyptian Professor Mohamed Chtatou at the International University of Rabat and Mohammed V University in Rabat, Morocco, argues: “Russia could replicate such mechanisms to ensure companies operate with financial backing and risk mitigation, rather than relying solely on bilateral agreements or political connections.”
Russia’s Current Footprint in Africa
Russia’s economic engagement in Africa is heavily tied to natural resources and military equipment. In Zimbabwe, platinum rights and diamond projects were exchanged for fuel or fighter jets. Nearly half of Russian arms exports to Africa are concentrated in countries like Nigeria, Zimbabwe, and Mozambique. Large-scale initiatives, such as the planned $10 billion nuclear plant in Zambia, have stalled due to a lack of Russian financial commitment, despite completed feasibility studies. Similar delays have affected nuclear projects in South Africa, Rwanda, and Egypt.
Federation Council Chairperson Valentina Matviyenko and Senator Igor Morozov have emphasized parliamentary diplomacy and the creation of new financial instruments, such as investment funds under the Russian Export Center, to provide structured support for businesses and enhance trade cooperation. These measures are designed to address historical gaps in financing and ensure that agreements lead to tangible outcomes.
Opportunities and Challenges
Analysts highlight a fundamental challenge: Russia’s limited incentives in Africa. While China invests to secure resources and export markets, Russia lacks comparable commercial drivers. Russian companies possess technological and industrial capabilities, but without sufficient financial support, large-scale projects remain aspirational rather than executable.
The historic Russia-Africa Summits in Sochi and in St. Petersburg explicitly indicate a renewed push to deepen engagement, particularly in the economic sectors. President Vladimir Putin has set a goal to raise Russia-Africa trade from $20 billion to $40 billion over the next few years. However, compared to Asian, European, and American investors, Russia still lags significantly. UNCTAD data shows that the top investors in Africa are the Netherlands, France, the UK, the United States, and China—countries that combine capital support with strategic deployment.
In Nigeria, agreements with Russian firms over energy and industrial projects have yielded little measurable progress. Over 20 years, major deals signed during Obasanjo’s administration and renewed under subsequent governments often stalled at the financing stage. The lesson is clear: political agreements alone are insufficient without structured investment and follow-through.
Strategic Recommendations
For Russia to expand its economic influence in Africa, analysts recommend:
- Structured financial support: Establishing state-backed credit lines, policy bank guarantees, and investment funds to reduce project risks.
- Incentive realignment: Identifying sectors where Russian expertise aligns with African needs, including energy, industrial technology, and infrastructure.
- Sustained implementation: Turning signed agreements into tangible projects with clear timelines and milestones, avoiding the pitfalls of unfulfilled past agreements.
With proper financial backing, Russia can leverage its technological capabilities to diversify beyond arms sales and resource-linked deals, enhancing trade, industrial, and technological cooperation across Africa.
Conclusion
Russia’s Africa strategy remains a work in progress. Nigeria’s experience with decades of agreements that failed to materialize underscores the importance of structured financial commitments and persistent follow-through. Without these, Russia risks remaining a peripheral player (virtual investor) while Arab States such as UAE, China, the United States, and other global powers consolidate their presence.
The potential is evident: Africa is a fast-growing market with vast natural resources, infrastructure needs, and a young, ambitious population. Russia’s challenge—and opportunity—is to match diplomatic efforts with financial strategy, turning political ties into lasting economic influence.
By Adedapo Adesanya
Africa Export-Import Bank (Afreximbank) has urged African governments to lean into structural tailwinds, warning that the global commodity landscape has entered a new phase of deepening split.
In its November 2025 commodity bulletin, the bank noted that markets are no longer moving in unison; instead, some are powered by structural demand while others are weakening under oversupply, shifting consumption patterns and weather-related dynamics.
As a result of this bifurcation, the Cairo-based lender tasked policymakers on the continent to manage supply-chain vulnerabilities and diversify beyond the commodity-export model.
The report highlights that commodities linked to energy transition, infrastructure development and geopolitical realignments are gaining momentum.
For instance, natural gas has risen sharply from 2024 levels, supported by colder-season heating needs, export disruptions around the Red Sea and tightening global supply. Lithium continues to surge on strong demand from electric-vehicle and battery-storage sectors, with growth projections of up to 45 per cent in 2026. Aluminium is approaching multi-year highs amid strong construction and automotive activity and smelter-level power constraints, while soybeans are benefiting from sustained Chinese purchases and adverse weather concerns in South America.
Even crude oil, which accounts for Nigeria’s highest foreign exchange earnings, though still lower year-on-year, is stabilising around $60 per barrel as geopolitical supply risks, including drone attacks on Russian facilities, offset muted global demand.
In contrast, several commodities that recently experienced strong rallies are now softening.
The bank noted that cocoa prices are retreating from record highs as West African crop prospects improve and inventories recover. Palm oil markets face oversupply in Southeast Asia and subdued demand from India and China, pushing stocks to multi-year highs. Sugar is weakening under expectations of a nearly two-million-tonne global surplus for the 2025/26 season, while platinum and silver are seeing headwinds from weaker industrial demand, investor profit-taking and hawkish monetary signals.
For Africa, the bank stresses that the implications are clear. Countries aligned with energy-transition metals and infrastructure-linked commodities stand to benefit from more resilient long-term demand.
It urged those heavily exposed to softening agricultural markets to accelerate a shift into processing, value addition and product diversification.
The bulletin also called for stronger market-intelligence systems, improved intra-African trade connectivity, and investment in logistics and regulatory capacity, noting that Africa’s competitiveness will depend on how quickly governments adapt to the new two-speed global environment.
By Modupe Gbadeyanka
A strategic partnership designed to accelerate worldwide enterprise adoption and monetisation of Network APIs has been entered into between Comviva and the global aggregator of standardised network APIs, Aduna.
The adoption would be done through Comviva’s flagship SaaS-based platform for programmable communications and network intelligence, NGAGE.ai.
The partnership combines Comviva’s NGAGE.ai platform and enterprise onboarding expertise with Aduna’s global operator consortium.
This unified approach provides enterprises with secure, scalable access to network intelligence while enabling telcos to monetise network capabilities efficiently.
The collaboration is further strengthened by Comviva’s proven leadership in the global digital payments and digital lending ecosystem— sectors that will be among the biggest adopters of Network APIs.
The NGAGE.ai platform is already active across 40+ countries, integrated with 100+ operators, and processing over 250 billion transactions annually for more than 7,000 enterprise customers. With its extensive global deployment, NGAGE.ai is positioned as one of the most scalable and trusted platforms for API-led network intelligence adoption.
“As enterprises accelerate their shift toward real-time, intelligence-driven operations, Network APIs will become foundational to digital transformation. With NGAGE.ai and Aduna’s global ecosystem, we are creating a unified and scalable pathway for enterprises to adopt programmable communications at speed and at scale.
“This partnership strengthens our commitment to helping telcos monetise network intelligence while enabling enterprises to build differentiated, secure, and future-ready digital experiences,” the chief executive of Comviva, Mr Rajesh Chandiramani, stated.
Also, the chief executive of Aduna, Mr Anthony Bartolo, noted that, “The next wave of enterprise innovation will be powered by seamless access to network intelligence.
“By integrating Comviva’s NGAGE.ai platform with Aduna’s global federation of operators, we are enabling enterprises to innovate consistently across markets with standardised, high-performance Network APIs.
“This collaboration enhances the value chain for operators and gives enterprises the confidence and agility needed to launch new services, reduce fraud, and deliver more trustworthy customer experiences worldwide.”
-
Feature/OPED6 years agoDavos was Different this year
-
Travel/Tourism9 years ago
Lagos Seals Western Lodge Hotel In Ikorodu
-
Showbiz3 years agoEstranged Lover Releases Videos of Empress Njamah Bathing
-
Banking7 years agoSort Codes of GTBank Branches in Nigeria
-
Economy2 years agoSubsidy Removal: CNG at N130 Per Litre Cheaper Than Petrol—IPMAN
-
Banking3 years agoFirst Bank Announces Planned Downtime
-
Banking3 years agoSort Codes of UBA Branches in Nigeria
-
Sports3 years agoHighest Paid Nigerian Footballer – How Much Do Nigerian Footballers Earn