African Union leaders have named Zimbabwe's President Robert Mugabe to the bloc's one-year rotating chair, replacing Mauritania's President Mohamed Ould Abdel Aziz.

Mugabe, a former liberation war hero who aged 90 is Africa's oldest president and its third-longest serving leader, is viewed with deep respect by many on the continent.

He is also subject to travel bans from both the United States and European Union in protest at political violence and intimidation of opponents.

He gave a welcome speech on Friday at the African Union summit in the Ethiopian capital Addis Ababa in which he said Africa's resources should be protected from outside exploitation.

"African resources should belong to Africa and no one else except those we invite as friends," he said. "Friends we shall have, but imperialists and colonialists no more. Africa is for Africans."