White House Pushes For Greater US Investment In Africa
by: Andrew Schneider, December 27, 2012 3:12:00 am
The Obama Administration launched its “Doing Business in Africa” initiative in November, as a joint effort by the Departments of State and Commerce.
U.S. Ambassador to Nigeria Terence McCulley visited Houston recently, with the aim of enlisting the support of the city’s business leaders.
“The idea is to draw attention of American business, American investors to a huge potential market in Africa — in my case in Nigeria — and also to help to educate them about the challenges that potential investors face in a interesting, potentially very lucrative market that does have challenges, like security and corruption.”
Sub-Saharan Africa is a region of growing economic importance to the US. In addition to its large reserves of crude oil, it’s home to six of the ten fastest growing markets in the world.