Precy Dumlao, Opalesque Asia: The re-election of President Barack Obama will bring good news and opportunity for the economies of African nations, according to the Africa in Review & 2013 Outlook report.
The Africa Growth and Opportunity Act or AGOA, will be given a boost after Obama promised to strengthen and expand the current legislation, which is currently set to expire in 2015.
Obama was publicly sworn in for his second term as president of the U.S. on Monday. Chief Justice John Roberts administered the oath under the West Front of the U.S. Capitol building in front of a huge crowd of several hundred thousand flag waving well-wishers.
The report said, "AGOA provides trade benefits for countries in sub-Saharan Africa, such as duty- and quota-free entry of goods to the U.S. Eligibility is decided annually by the U.S. president. Currently 40 African countries are part of AGOA, and total exports to the U.S. from AGOA members were $53.8bn in 2011 and total imports were $20.5bn. Almost half of the U.S.'s imports come from Nigeria, and roughly 80% are minerals and hydrocarbons. There has been a steep increase in the value of African exports to the U.S. in recent years, although this has been driven more by i......................