African Energy Chamber calls for more US-Africa Energy investments with series about unjustified risk perceptions on Africa
Following President Biden’s Interim National Security Strategic Guidance signalling for continued growth in partnerships with African economies, at the African Energy Chamber (“AEC”), we believe it is vital to engage U.S. companies and investors to counter the often-wrong preconceptions about investing in the continent, as Africa has some of the fastest-growing economies globally and possesses significant investment and development opportunities for U.S. firms. U.S. companies stand to play a significant role in the road to a lower-carbon future in the continent., and to continue leading some of the most important markets in the energy industry.
From majors like Chevron, ExxonMobil and Kosmos Energy making significant discoveries and operating in multiple countries like Angola, Mozambique, Nigeria, Equatorial Guinea, Senegal, Ghana, and others, to large companies like General Electric, Halliburton, and hundreds of Houston and Oklahoma based companies, some U.S. companies have successfully developed some of the most important projects in the continent. One of the reasons behind their success is a deep and actual understanding of the risks involved and their mitigating factors, as well as a strong connection to the project country and its people.
“Africa, we believe offers a tremendous opportunity for US companies to invest and make returns that are far superior to market returns in many other investment destinations” said Jude Kearney, Chairman of the US-Africa Committee at the AEC. “We would therefore like to encourage more US companies to look beyond unjustified risk perceptions on Africa and actively pursue opportunities in Africa” Mr Kearney concluded.