These reforms have begun to spur growth across large parts of Africa. Indeed, when you exclude the large, slow growing economies of Nigeria and South Africa, sub-Saharan Africa as a whole should experience five or six percent growth this year. Stronger ties to the global economy have played an important part in this progress. We estimate exports in Africa grew by a healthy seven percent in 1997, and are hopeful that the Growth and Opportunity Act can help expand and accelerate this growth. With a nascent but expanding market, and a population projected to grow to one billion by the year 2015, Africa has the potential to be a major market for U.S. exports.
Open markets are a win-win proposition.
In fact, both the size of Africa's market and the U.S. share of that market are expanding. Trade with Africa already supports more than 100,000 American jobs, and this number will only go higher. Not only are 30 million Americans of African descent, but the U.S. also depends on Africa for critical industrial inputs like oil and strategic metals and minerals. Across the board, we are seeing international investors take increasing notice of Africa. Average net private capital flows, which were negative in 1990, and negligible in 1992, are now equivalent to 10 percent of total investment in Africa.