What should be President Biden’s agenda for Africa? Sure, you can first ask me – what does Africa want to do for itself? But the fact is this, we have understood one thing – the world is more integrated than before, and a virus from Wuhan China could cause massive dislocations in New York and London within weeks. So, if Africa continues to fall behind, it could drag the world with it, even marginally.
Under President Trump, it was a frozen economic tenure for Africa as the US did not initiate any non-typical initiative under him. Contrast with Obama tenure which initiated the power Africa project, and which has resulted in a renewable energy revolution across the continent.
Personally, I would have suggested debt relief for Nigeria since it is very clear that Nigeria cannot make progress without one. With our debt servicing taking 80% of our total national revenue, this decade is already lost without someone writing off the debts. We now spend more on debts servicing than capital expenditure.
So, if Mr. Biden could help and push the world to help, that would be amazing. Of course, that may not be possible since America is largely printing more dollars daily – that party will continue under Biden – to jumpstart its battered main street economy.
So my question is this: what should be the U.S. priorities for Africa?
Comment #1: I generally agree with you Prof but on this topic related to Biden and indirectly to Trump’s policies ,I PARTLY disagree .
For Christ sake ,have we the African people ever seen those so called aids as our politicians embezzle everything before it reaches Africa ?? Also , have we ever seen a free aid ? There are always deadly
collaterals to pay later. My grand mother has never seen that so called power Africa project you mentioned . Which energy revolution when in Lagos there is constant light only in Banana island ?
How did China do to be able to pay all its debts ? China has worked ,simple. Please ,we have all the means to pay our debts but our politics are useless . You say the Nigerian debt should be cancelled ,lol has America own debt been cancelled ? America is heading to the hyperinflation of the century and you think they will be of any help to us ??? Since when has printing more bank notes ever helped rebuild any economy ?? America has reached the threshold for printing notes .Just watch what will happen
Let s stop dreaming please . Our future belongs to us ,not to Americans . We need international businesses with America and other nations ,not relief of debts or so called help .Biko ???
My Response: Just for the records, Obama did not actually give aids. Rather, we went through markets to support. I am not aware of any renewable energy project that is run by a government. He went through markets. On light in Lagos, Rome was not built in a day. The fastest growing energy domain in Africa remains solar. If you want one in your house, call Anergy, Daystar, etc.
Those are not offered by govt. The fact you have not means you are fine with grid. They are there but none comes from govt. Asking for debt relief does not mean that American companies cannot invest in Africa. Asking your creditors to refinance remains a part of business. Debt refinancing or structuring is part of commerce. Nigeria needs to begin that conversation as we have no future without one!
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