Yes, according to this Wiki.answers contribution:
The Book of Kings which is our only source document for "Queen of Sheba" says she was "Queen Sheba of Ophir". This is concluded by realising the vav conjunctive that links I Kings 10:1 with the last verse of the previous chapter about Solomon's sailors circumnavigating or going to Ophir means the Queen Sheba ("Malchat Sheba") is the one who ruled Ophir-Auphirah or Africa. In those days, Africans mainly inhabited the Nile River Valley system perhaps to the middle of modern Sudan. Today the land of the uppermost reaches of the Nile is named Ethiopia. Last century we called it Abyssinia. This was the 'Inia" of Abbyss. The latter was a transliteration from the Kebra Nagast, Ethiopia's Holy Book. Originally it was written from right to left and some variants may still be written that way. Re-ordering "Abyss" we get "Ssyba" or "Shyba". That is of course the Hebrew "Sheba" (Shin, Beit, Aleph). In Hebrew, Sheba/shepa means to sit and rule, judge, ajudicate, decree or write laws etc. Malchat Sheba was therefore the person who did this for "Ophir". Ophir in Hebrew is "Aleph, Vav, Pe, Yod, Resh, He" or transliterated into English letters: Auphirah or Aufirah or Afirha. or of course Africa. Few things in this world are as certain as the fact that Sheba was black. The only woman who left us with evidence that she ruled Africa or the Ethiopians was Hatshepsut of Egypt and Ethiopia.
"Ethiopia" is probably 'Eth' or the Hebrew definite article (Aleph, Tav, or Greek Alpha and Omega) and a corruption of Ophir or Opirah hence "Eth-Opirah" or Eth-op-ia". Since 'r' was used to indicate how vowels should be expressed (e.g., as we say "Holborn" in London), it may have been a fashion at some time for scribes to omit the 'r' in Ophirah, turn the fricative 'ph' into 'p' and end up with something like "Ethiopia". "The South" is now used to name the region known today as "The Sudan".
The words of Solomon in the Song of Solomon 2:14: "You are in the clefts of the rock in the secret places of the stairs", which amply describes the setting of Hatshepsut's temple at Deir el-Bahari, is of course all about a black woman: "Don't look down on me daughters of Jerusalem because the sun has looked down on my ancestors". A black queen of Ophir-Africa coming to visit Solomon and a temple in Egypt built by Africa's only real Queen of all Africa(ns) reflecting some well-known but rather obscure words written by the great king should at least receive some prima facie credit that perhaps Hatshepsut was indeed "Sheba". If science has any validity left in this world, it should surely be prepared to at least discuss the possibility!
Taken from: http://wiki.answers.com/Q/Was_the_Queen_of_Sheba_Black