World
Afreximbank Advances AfCFTA at 2nd Russia-Africa Economic Forum
By Kestér Kenn Klomegâh
With the prevalent dependency of African economies on the external supply of fertilizers and grains and up to 30% of cereals imported from Russia, ensuring that critical trade flows continue uninhibited remains the priority of Afreximbank and its African member states.
The lingering global food security challenges and the critical role trade with Russia play in guaranteeing Africa’s food security were at the core of discussions for Afreximbank at the second Russia African Economic and Humanitarian Forum, which was held at St. Petersburg from the 27th to the 29th of July, 2023.
Addressing the summit, Professor Benedict Oramah, President and Chairman of the Board of Directors of the Bank, said in his remarks that “Afreximbank is working with the African Union Commission, the United Nations System and Russian partners to use the Africa Trade Exchange (ATEX) e-commerce platform to facilitate seamless flow of goods and payments in any currencies chosen by sellers and buyers in a transparent manner. The platform pools Africa’s demand for grains and fertilizers, and the Bank has placed an aggregate credit limit of $3 billion to support these transactions.”
“Beyond the food security priorities and in line with the Bank’s mandate, Afreximbank and the Russian Export Centre are collaborating to promote trade and investments in other critical sectors, with focus placed on activities that will help integrate the African economy and advance the implementation of the African Continental Free Trade Agreement (AfCFTA),” continued the President.
Afreximbank offers a portfolio of solutions to support investments in agriculture, industrial parks and critical infrastructure in partnership with the Russian Export Centre and supports African investors seeking to explore opportunities in Russia.
Trade flows between Africa and Russia reached almost $20 billion in the four years to 2021, as against about $10 billion in 2015, despite the COVID-19 pandemic and other significant global crises, bringing it closer to the target of $40 billion by 2026. It is expected that the trade flows could double over the next four years.
Russian companies are actively redirecting shipments from traditional export markets to Africa and their industrial exports to African countries could grow by more than 40% this year, First Deputy Industry and Trade Minister Vasily Osmakov said.
“Due to the fact that traditional, comfortable markets on which it is simpler to work have closed, we and the industry are orienting ourselves toward new markets, key among which, of course, is the African market. Particularly when it comes to machine building in all its manifestations, chemicals, metal products and so on,” Osmakov said at the Russia-Africa forum.
“The growth of specifically our industrial exports to Africa could exceed 40% for the year,” Osmakov said.
The acting head of the Federal Customs Service, Ruslan Davydov, also said that African countries share of Russia’s total visible trade turnover grew to 3.7% this year from 2.3% in 2022.
According to the Deputy Industry and Trade Minister, Vasily Osmakov, Russia’s main exports to African countries at the moment are fertilizer, forest products and metal products. He added by explaining that the government would be adjusting measures of support to the needs of exporters to African markets.
“This export market needs its own recipes for support, logistics support – subsidies for logistics costs, special subsidized credit programs. And right now, we are adapting instruments specifically for new markets, for entering new African markets, within the context of the International Cooperation and Exports national project. In other words, we are increasing the level of subsidies for logistics costs; we’re making support for loans specifically more preferential,” Osmakov said.
Russia has completed the preparation of the regulatory framework for the creation of a Russian Industrial Zone in Egypt and expects to start building infrastructure by the end of this year. Russia needs to prepare a comprehensive strategy for promoting Russian products in African markets. The creation of an industrial zone in Egypt will give Russian companies access to the entire African market.
Industrial zone residents also receive benefits for the import of equipment and materials, the opportunity to receive an income tax deduction, and are exempt from property taxes. This is a comprehensive and systemic approach to determining robust developing trade with African partners.
The intergovernmental agreement on the creation of the Russian Industrial Zone in the Suez Canal economic zone was signed by Russia and Egypt as far back as 2018.
“It is important that cooperation with Africa has reached a new level in recent years. We intend to continue to develop it: to promote trade and investments, deepen cooperation,” Putin said in his greetings to the participants and guests of the Russia-Africa summit.
The first Russia-Africa Economic Forum held in Sochi in 2019 had committed to systematically pursue stronger trade and investment ties between Russia and Africa and to reset socio-economic relations, in addition to moving the two-way trade to $40 billion by 2026.
Similar to the first such event in 2019, the summit was held under the motto: “For Peace, Security and Development.” The second Russia-Africa Summit, attended by top political and business leaders from Russia and Africa, along with an economic and humanitarian forum, took place in the Russian city of St. Petersburg on July 27-28.
World
Putin Launches RT India Broadcasting
By Kestér Kenn Klomegâh
In New Delhi, President Vladimir Putin, alongside Editor-in-Chief of Russia Today, Margarita Simonyan, took part in the launch ceremony of the RT India TV channel. The TV channel will operate from a new studio complex in New Delhi, marking a new dimension in the bilateral media sphere.
Editor-in-Chief of Russia Today, Margarita Simonyan, indicated that the collaboration, naturally, points to India’s hospitality, affirming that this endeavour was not only worthwhile but long overdue.
Vladimir Putin, officially, launching the TV studio, also emphasized that the Russia Today channel in India, RT India, grants millions of Indian citizens clearer, more direct access into insights about contemporary Russia – the realities, aspirations, and perspectives. He reiterated the existing traditional friendship, and the ties between the Indian and Russian peoples go much deeper into the past; which rests on a solid historical foundation. And at the core of relationship lies mutual interest.
Russia Today is a source of truthful and reliable information, focused on serving the interests of its viewers and listeners. Its main mission is merely to promote Russia, its culture, and its positions on domestic and international issues. Above all, Russia Today strives to convey truthful information about the country and about what is happening in the world. This is the absolute value of Russia Today.
World
Ease in Benin Republic as Attempt to Oust President Talon Fails
By Adedapo Adesanya
The government of Benin Republic says its armed forces has foiled a coup attempt on President Patrice Talon by a group of soldiers , who claimed on national television to have seized power on Sunday.
At least eight soldiers, holding weapons, went on state television on Sunday morning to announce that a military committee led by Colonel Tigri Pascal had taken over and was dissolving national institutions, suspending the constitution and closing air, land and maritime borders.
According to their statement, Lieutenant-Colonel Tigri Pascal will be leading a military transition council.
Some hours after, the Interior Minister, Mr Alassane Seidou, said the country’s armed forces had thwarted the attempted coup and called for calm.
“Therefore, the government urges the population to go about their business as usual,” he said.
According to reports, 14 people had been arrested in connection with the foiled attempt to stop democracy in the country.
Foreign Minister, Mr Olushegun Adjadi Bakari, had earlier told Reuters that “a small group” of soldiers had attempted to overthrow the government but that forces loyal to President Talon were working to restore order.
He said the coup plotters had only managed to take control of state television, which was cut after the soldiers read out their statement. It resumed broadcasting shortly afterwards, allowing the interior minister to read his statement saying the coup bid had been foiled.
The Economic Commission of West African States (ECOWAS) and the African Union (AU) condemned the coup attempt.
Benin experienced several military coups and coup attempts in the first decades of independence from France in 1960. But there has not been a power grab by force in the country since it held multi-party elections in 1991.
Coups have become common place in Africa since 2020: Mali, Guinea, Sudan, Burkina Faso, Niger, Gabon, Madagascar, and recently Guinea-Bissau have seen military takeover in the recent times. This has raised alarms about possibilities in other African states.
World
Russian-Nigerian Economic Diplomacy: Ajeokuta Symbolises Russia’s Remarkable Achievement in Nigeria
By Kestér Kenn Klomegâh
Over the past two decades, Russia’s economic influence in Africa—and specifically in Nigeria—has been limited, largely due to a lack of structured financial support from Russian policy banks and state-backed investment mechanisms. While Russian companies have demonstrated readiness to invest and compete with global players, they consistently cite insufficient government financial guarantees as a key constraint.
Unlike China, India, Japan, and the United States—which have provided billions in concessionary loans and credit lines to support African infrastructure, agriculture, manufacturing, and SMEs—Russia has struggled to translate diplomatic goodwill into substantial economic projects. For example, Nigeria’s trade with Russia accounts for barely 1% of total trade volume, while China and the U.S. dominate at over 15% and 10% respectively in the last decade. This disparity highlights the challenges Russia faces in converting agreements into actionable investment.
Lessons from Nigeria’s Past
The limited impact of Russian economic diplomacy echoes Nigeria’s own history of unfulfilled agreements during former President Olusegun Obasanjo’s administration. Over the past 20 years, ambitious energy, transport, and industrial initiatives signed with foreign partners—including Russia—often stalled or produced minimal results. In many cases, projects were approved in principle, but funding shortfalls, bureaucratic hurdles, and weak follow-through left them unimplemented. Nothing monumental emerged from these agreements, underscoring the importance of financial backing and sustained commitment.
China as a Model
Policy experts point to China’s systematic approach to African investments as a blueprint for Russia. Chinese state policy banks underwrite projects, de-risk investments, and provide finance often secured by African sovereign guarantees. This approach has enabled Chinese companies to execute large-scale infrastructure efficiently, expanding their presence across sectors while simultaneously investing in human capital.
Egyptian Professor Mohamed Chtatou at the International University of Rabat and Mohammed V University in Rabat, Morocco, argues: “Russia could replicate such mechanisms to ensure companies operate with financial backing and risk mitigation, rather than relying solely on bilateral agreements or political connections.”
Russia’s Current Footprint in Africa
Russia’s economic engagement in Africa is heavily tied to natural resources and military equipment. In Zimbabwe, platinum rights and diamond projects were exchanged for fuel or fighter jets. Nearly half of Russian arms exports to Africa are concentrated in countries like Nigeria, Zimbabwe, and Mozambique. Large-scale initiatives, such as the planned $10 billion nuclear plant in Zambia, have stalled due to a lack of Russian financial commitment, despite completed feasibility studies. Similar delays have affected nuclear projects in South Africa, Rwanda, and Egypt.
Federation Council Chairperson Valentina Matviyenko and Senator Igor Morozov have emphasized parliamentary diplomacy and the creation of new financial instruments, such as investment funds under the Russian Export Center, to provide structured support for businesses and enhance trade cooperation. These measures are designed to address historical gaps in financing and ensure that agreements lead to tangible outcomes.
Opportunities and Challenges
Analysts highlight a fundamental challenge: Russia’s limited incentives in Africa. While China invests to secure resources and export markets, Russia lacks comparable commercial drivers. Russian companies possess technological and industrial capabilities, but without sufficient financial support, large-scale projects remain aspirational rather than executable.
The historic Russia-Africa Summits in Sochi and in St. Petersburg explicitly indicate a renewed push to deepen engagement, particularly in the economic sectors. President Vladimir Putin has set a goal to raise Russia-Africa trade from $20 billion to $40 billion over the next few years. However, compared to Asian, European, and American investors, Russia still lags significantly. UNCTAD data shows that the top investors in Africa are the Netherlands, France, the UK, the United States, and China—countries that combine capital support with strategic deployment.
In Nigeria, agreements with Russian firms over energy and industrial projects have yielded little measurable progress. Over 20 years, major deals signed during Obasanjo’s administration and renewed under subsequent governments often stalled at the financing stage. The lesson is clear: political agreements alone are insufficient without structured investment and follow-through.
Strategic Recommendations
For Russia to expand its economic influence in Africa, analysts recommend:
- Structured financial support: Establishing state-backed credit lines, policy bank guarantees, and investment funds to reduce project risks.
- Incentive realignment: Identifying sectors where Russian expertise aligns with African needs, including energy, industrial technology, and infrastructure.
- Sustained implementation: Turning signed agreements into tangible projects with clear timelines and milestones, avoiding the pitfalls of unfulfilled past agreements.
With proper financial backing, Russia can leverage its technological capabilities to diversify beyond arms sales and resource-linked deals, enhancing trade, industrial, and technological cooperation across Africa.
Conclusion
Russia’s Africa strategy remains a work in progress. Nigeria’s experience with decades of agreements that failed to materialize underscores the importance of structured financial commitments and persistent follow-through. Without these, Russia risks remaining a peripheral player (virtual investor) while Arab States such as UAE, China, the United States, and other global powers consolidate their presence.
The potential is evident: Africa is a fast-growing market with vast natural resources, infrastructure needs, and a young, ambitious population. Russia’s challenge—and opportunity—is to match diplomatic efforts with financial strategy, turning political ties into lasting economic influence.
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