The U.S. has already made notable progress in driving energy sector growth in Africa with established partnerships and investment deals. Across the energy value chain, U.S. companies have played a vital role in driving African project developments. American multinational oil company ExxonMobil, for example, is one of the largest foreign investors in Africa, with over $24 billion committed to energy exploration and development. Additionally, American-based Chevron, responsible for significant discoveries across Africa, rank among the top petroleum producers in Nigeria and Angola. As Africa drives for economic growth backed by focused energy developments, and the U.S. aims to increase a penetration in emerging African markets, one can expect a rapid increase in Africa-directed investments.
Meanwhile, with the Biden administration calling for enhanced partnerships with African economies, and initiatives such as Prosper Africa promoting increased economic engagement between the U.S. and African nations, capital injections in African markets are expected to rise. In line with Prosper Africa, USAID is launching a $500 million trade and investment program to facilitate more deals between the U.S. and African businesses. Additionally, the World Bank, in partnership with USAID, is directing $5 billion of investment in the sub-Saharan African energy sector by 2024; adding 3.3GW-hours of energy storage financed by 2024; supporting 60 million new connections by 2030; adding 5,000km of transmission infrastructure – constructed or rehabilitated – by 2030; and supporting 30,000MW of new energy generation by 2030.
“Africa represents the most promising investment destination globally with significant potential across multiple facets of the energy sector. As the continent aggressively pursues both a COVID-19 recovery and accelerated economic development, there have arisen numerous opportunities for U.S. stakeholders. The U.S. has a critical role to play in African markets. AEW 2021 serves as the best platform for U.S. companies to be introduced to African opportunities, driving engagement, investment, and deal-making that will fast-track African growth,” stated NJ Ayuk, Executive Chairman, the African Energy Chamber.
Taylor is an advocate for expanding energy developments, recognizing the sector’s potential to create jobs and drive economic development. Taylor’s participation is expected to open a dialogue on enhanced U.S.-Africa relations, emphasizing America’s role in driving African energy growth and development. Utilizing his experience in international relations and diplomacy, Taylor is committed to driving multilateral energy progress between the U.S. and Africa.
What’s more, Taylor’s participation at AEW 2021 is expected to promote engagement, address risk perceptions, and market Africa as the premier investment destination for U.S. stakeholders. With energy sector developments comprising a key priority for both African stakeholders and international partners, Taylor’s participation at AEW 2021 will drive a partnership narrative, promoting increased collaboration between U.S. technical and financial service providers and emerging African projects
AEW 2021 will showcase the best of Africa’s energy opportunities through hosted pavilions, interactive exhibitions, and key networking events, driving long-term investments in Africa’s energy sector. By presenting a range of lucrative investment opportunities across the entire value chain, including but not limited to petroleum, natural gas, power infrastructure, renewable energy, and energy storage, AEW 2021 will be a key facilitator and driver of Africa-directed investments.
Distributed by APO Group on behalf of African Energy Chamber.
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