World
OPEC Postpones 60th Anniversary Celebration Due to Pandemic
By Adedapo Adesanya
The Secretariat of the Organisation of the Petroleum Exporting Countries (OPEC) has decided to postpone the meeting of the group dedicated to the cartel’s 60th anniversary due to the restrictions associated with the coronavirus pandemic.
The proposal to call off the event came from Iraq, the host country, according to the official statement from OPEC on Friday.
The meeting was originally planned for September in Baghdad, where the organisation was founded back in 1960 during an oil conference.
Iraq’s Oil Minister and Head of its Delegation to OPEC, Mr Ihsan Abdul Jabbar Ismaael, said in a letter to Mr Mohammad Sanusi Barkindo, OPEC Secretary-General, that it is “genuinely disappointed” that it wouldn’t be able to 60th Anniversary, otherwise known as the Diamond Anniversary following months of preparations for the event.”
“I am sincerely disappointed that I will not be able to host the 60th anniversary of OPEC after months of preparation for this historic event,” he further wrote.
The minister stressed that “health and safety are now more important than anything else.”
On the part the cartel, Mr Barkindo said, “It is very unfortunate that we are unable to mark OPEC’s Diamond Anniversary in September at the same site where the historic ‘Baghdad Conference’ was held between 10 and 14 September 1960.”
“It was a historic meeting in all senses that saw the common vision and wisdom of our Founder Members and led to the creation of a foresighted organization that grew in stature and influence to become a distinguished entity within the global energy community.
“Yet we look forward with high anticipation to attend OPEC’s homecoming in the very near future,” he added.
OPEC was founded in September 1960 at an oil conference in Baghdad by five states – Iran, Iraq, Kuwait, Saudi Arabia and Venezuela. Later, other countries joined them. Nigeria joined in 1975 and now its membership has grown to 13.
OPEC accounts for a third of all world oil production. Since 2017, OPEC has been working with Russia and a number of other countries to regulate oil production under an agreement known as OPEC+. The agreement helps avoid oversupply and oil price volatility.
This month, OPEC is also marking the 55th year since the Organization’s Secretariat moved to the Austrian capital of Vienna.
Meanwhile, the price of OPEC basket of crudes stood at $43.36 a barrel on Thursday, compared with $45.03 per barrel the previous day, according to OPEC Secretariat calculations released today.
The OPEC Reference Basket of Crudes (ORB) is made up of the following: Saharan Blend (Algeria), Girassol (Angola), Djeno (Congo), Zafiro (Equatorial Guinea), Rabi Light (Gabon), Iran Heavy (Islamic Republic of Iran), Basra Light (Iraq), Kuwait Export (Kuwait), Es Sider (Libya), Bonny Light (Nigeria), Arab Light (Saudi Arabia), Murban (UAE) and Merey (Venezuela).
World
African Union Postpones India-Africa Forum Summit 2026
By Kestér Kenn Klomegâh
The fourth India-Africa Forum Summit (IAFS-IV), originally scheduled for May 28 to May 31, 2026, in New Delhi, has been deferred to a later date due to the high risks of the Ebola virus, emerging and rapidly spreading from the Democratic Republic of Congo (DRC), in the central African region.
The African Union and Indian authorities jointly decided to postpone the summit to ensure the health safety of African leaders, stakeholders, corporate executives and entrepreneurs, amid public concerns over participants travelling from the virus-infested continent to New Delhi, India.
The India-Africa business dialogue is designed to strengthen bilateral partnerships, while facilitating networks for building not just real conversations but accessing new models of transacting corporate business and remoulding investments. It has three-fold dimensions: strategic partnerships, getting new clients and potential investors. An entirely significant collaboration that opens new markets.
Too often, businesses focus only on visibility and forget the power of relationships. But growth rarely happens alone. It happens through collaboration, trusted partnerships, and being in spaces where serious conversations happen naturally.
India-Africa has previously held a series of such high-level meetings with key trade and economic institutions in Africa as part of efforts to strengthen bilateral trade, investment cooperation and private-sector partnerships between India and Africa. These engagements aimed at identifying new economic opportunities and supporting the expansion of Indian-based companies into promising African markets.
Key Details & Context
Postponement Status: Following joint consultations, both sides mutually agreed to convene the summit at a later date. No rescheduled date has been announced at this time.
Summit Objectives: The summit, the first gathering since 2015, aims at deepening strategic multifaceted ties, focusing on South-South cooperation, technology transfers, capacity building, and healthcare resilience.
Official Information:
- Tracking the latest developments, both the Government of the Republic of India and the African Union have been working closely on the convening of the Fourth India–Africa Forum Summit (IAFS IV), initially scheduled to take place in New Delhi from 28–31 May 2026.
- The two sides exchanged views on the evolving health situation in parts of Africa and reaffirmed the importance of continued cooperation in strengthening public health preparedness and response capacities across the continent, including through support to Africa CDC and relevant national institutions.
- India reaffirmed its solidarity with the peoples and Governments of Africa and expressed its readiness to contribute to Africa CDC-led efforts aimed at addressing the evolving health situation, in line with the shared commitment to an Africa-led response.
- Recognising the importance of ensuring the full participation and engagement of African leaders and stakeholders, and mindful of the emerging public health situation on the continent, consultations were held between the Government of India, the Chairperson of the African Union, and the African Union Commission regarding the holding of the Summit and associated activities.
- Following these consultations, the two sides agreed that it would be advisable to convene the Fourth India–Africa Forum Summit at a later date.
- New dates for the Summit and its associated meetings will be finalised through mutual consultations and communicated in due course.
- India and Africa reaffirmed their longstanding partnership founded on solidarity, mutual respect, South–South cooperation, and a shared commitment to peace, development, prosperity, and the well-being of their peoples.
Previous Editions of the India–Africa Forum Summit
1st India–Africa Forum Summit
New Delhi, India – 2008
The first edition was held in New Delhi from 4–8 April 2008. It marked the launch of the India–Africa strategic partnership framework and resulted in the adoption of the Delhi Declaration and the India–Africa Framework for Cooperation.
2nd India–Africa Forum Summit
Addis Ababa, Ethiopia – 2011
The second edition was held in Addis Ababa in May 2011. Leaders focused on expanding cooperation in trade, infrastructure, human resource development, agriculture and peace and security.
3rd India–Africa Forum Summit
New Delhi, India – 2015
Theme: “Reinvigorated Partnership – Shared Vision” This edition was historic because all African countries were invited, making it one of India’s largest diplomatic gatherings with African leaders.
About the India–Africa Forum Summit: The first three Summits were held in New Delhi (2008 and 2015) and Addis Ababa (2011), resulting in important outcomes such as the Delhi Declaration and the Africa–India Framework for Cooperation. The India–Africa Forum Summit (IAFS) is the highest institutional platform for dialogue and cooperation between India and African countries, held under the leadership of the African Union.
World
Preparations Begin for 2026 Russia-Africa Summit
By Kestér Kenn Klomegâh
By declaring October 28-29, the dates for the third Russia-Africa Summit, which carries a strategic weight, Russia has demonstrated another practical approach towards raising multifaceted relations with Africa, reconvening African leaders, corporate executive entrepreneurs, stakeholders and academic researchers to highlight its noticeable achievements and bilateral agreements that have been implemented since 2019. Russia has already held two significant Summits – the first one in its southern coastal city, Sochi, and in St. Petersburg, the second largest city.
With an explicit purpose and sharpened position to its partnerships with Africa, the forthcoming October deliberations have to evolve an in-depth analysis of its economic diplomacy, and what has so far been delivered from the multitude of pledges and bilateral agreements signed during the previous Summits.
Russia’s media gave a tectonic coverage following concrete dates of the Summit announcement, referencing Anatoly Bashkin, Director of Sub-Saharan Africa at the Foreign Ministry, who noted that a number of African leaders have already confirmed their participation in the Kremlin-supported corporate event. In late March, President Vladimir Putin finally approved Moscow as the venue and ordered the creation of an organising committee for the Summit under the leadership of presidential aide Yury Ushakov.
Putin indicated with newly arrived African ambassadors, in the Kremlin, that Russia and Africa have “relations of true partnership, support and mutual assistance” and added, “We remain committed to the expansion of mutual political, economic, and humanitarian contacts. We continue assisting the people of Africa in their ambition to develop, to actively participate in international affairs.”
Duplicating Tasks, Little Results
Under the Ministry of Foreign Affairs, there is a Dept of Sub-Saharan Africa with well-staffed directors with a clearly-defined strategic task, including Pan-African affairs. The first Summit held in October 2019, ultimately seeks to inject a new dynamism in the existing Russia-Africa relations, and it now has the newly created Public Council under the Secretariat of the Russia–Africa Partnership Forum. The Secretariat further created a Public Council, which also incorporates a Coordinating Council, Research Council and Media Council. This structure aims, primarily, to uplift and solidly support the entire gamut of relations into a new stage, change perception among the Russian and African public and give Russian-African relations an entirely new outlook into the future.
Sergey Lavrov has also created the Joint Intergovernmental Commissions on Economic and Trade, and Russia has established this Commission with 28 African countries. The Joint Commissions meet regularly to strengthen economic and trade collaborations. Lavrov has also established special trade sections, headed by highly qualified staff, in Russia’s diplomatic missions inside Africa.
According to historical documents, the Coordinating Committee for Economic Cooperation with African States (AfroCom) was created on the initiative of the Chamber of Commerce and Industry of the Russian Federation and Vnesheconombank with the support of the Federation Council and the State Duma of the Federal Assembly of the Russian Federation. It has had support from the Ministry of Foreign Affairs, the Ministry of Economy and Trade, and the Ministry of Natural Resources, as well as the Ministry of Higher Education and Science. Long before the first Summit, as far back in 2009 as the year of its creation, AfroCom was designed to be “an ubuntu-focused platform to connect and empower the global Afro-community – across Africa and the diaspora.” It is currently headed by ex-Senator Igor Morozov, who took over from Petr Fradkov, now head of SobkomBank.
There is also another business NGO referred to as the Association for Coordinating Economic Cooperation with African States (AECAS), headed by Russia’s former Deputy Foreign Minister Alexander Saltanov. This Russian NGO, with a Supervisory Board and an Expert Council, is also another key structure for the development of economic ties between Russia and Africa. The list of this kind of organisation, enjoying state grants, is endless in the Federation. Indeed, Russia now has all the structures fixed and two summits’ declarations that set out the focused directions for the necessary take-off to Africa. “There is a lot of interesting and demanding work ahead, and perhaps, there is a need to pay attention to the experience of China, which provides its enterprises with state guarantees and subsidies, thus ensuring the ability of companies to work on a systematic and long-term basis,” Foreign Minister Sergey Lavrov explicitly said.
According to Lavrov, the Russian Foreign Ministry would continue to provide all-around support for initiatives aimed at strengthening relations between Russia and Africa. “Our African friends have spoken up for closer interaction with Russia and would welcome our companies in their markets. But much depends on the reciprocity of Russian businesses and their readiness to show initiative and ingenuity, as well as to offer quality goods and services,” he stressed.
Amid these years of European and Western sanctions, Moscow is looking for both allies and an opportunity to boost trade and investment in Africa. Currently, Russia’s trade with Africa is less than half that of France with the continent and 10 times less than that of China. Asian countries are doing brisk business with Africa. In terms of arms sales, Russia leads the pack in Africa, and Moscow still has a long way to catch up with many other foreign players there. In 2024, Russia’s trade with African countries grew more than 17 per cent and exceeded $25billion. At the Sochi summit, Russian President Vladimir Putin said he would like to bring the aggregate trade figure, over the next few years at least, to $40 billion.
Russia’s Economic Weaknesses
Research shows that Russia’s economic footprint in Africa remains comparatively weak, largely due to a lack of financing mechanisms and a reliance on short-term, security-based diplomacy. While Russia boasts strong diplomatic and military ties, it seriously lacks the institutional funding and capital capabilities of competitors like China or the European Union.
Lack of Institutional Financing
Unlike China’s robust use of its policy bank, ExIm Bank, or Western development agencies like the U.S. DFC, Russia lacks the institutional mechanisms to provide African governments with major credit lines, concessionary loans, or capital guarantees for infrastructure. This frequently leaves bilateral memorandums, agreements, and investment deals stuck in the planning phases.
Western Sanctions
Since the 2022 ‘special military operation’ in Ukraine, Russia’s major banks have been severely impacted by global financial sanctions. This limits international credit and makes it remarkably difficult for Russian private firms to finance, sustain, and export large-scale industrial or development projects.
Asymmetrical Trade Dynamics
Outside of grain exports, nuclear energy technology, and some defence contracting, Russia and Africa share very little in complementary trade. Logistical hurdles, rising transport costs, and an over-reliance on a handful of commodities prevent Russia from competing effectively across broader commercial or consumer sectors.
Focus on Security over Economics
Records show Russia barters military support, security training, and weapons in exchange for direct access to natural resources with African countries, particularly the Francophone, facing financial difficulties or instability, which they often blamed on France. It is no secret that Russia’s heavy reliance on exporting military equipment and weaponry to conflicting African regions. This has been very controversial, attracting arguments about whether Russia was concretely interested in development and providing infrastructure on the continent. Russia has never provided any development to African countries, but it has military agreements. This leaves persistent gaps between its ambitions to siph off resources in exchange (barter system) of military equipment supply and the intention of keeping peace, most of it at the expense of on-the-ground economic development.
The South African Institute for International Affairs (SAIIA) said in its report that strengthening military-technical cooperation is part of the foreign policy to generate revenue. It has agreements with more than 20 African countries. In this report, SAIIA argues logically that few expect Russia’s security engagement to bring peace and development to countries with which it has security partnerships. The narratives pointed out clearly that Moscow’s strategic incapability, inconsistency and dominating opaque relations are adversely affecting sustainable developments in those African countries. Peace-building and conflict resolution are so remote from providing infrastructures and spurring economic growth. In 2023, Stockholm International Peace Research Institute also said Russia accounted for approximately $14bn of arms supplied to the Saharan Africa.
Rethinking Development Paradigms
With the third Russia-Africa Summit, African leaders have to seriously think along the following lines, determining how to finance projects, instead of waiting to implement agreements and re-sign them in future, and finally keep postponing economic developments. In practical reality, African leaders have to choose between symbolism and concrete alternatives to attaining their development sovereignty.
From the previous Summits, Russia has road-mapped priorities with Africa in the following spheres: Energy and nuclear technologies, Economic and Trade, Oil and Gas Exploration, Transport and Logistics, Financial Mechanisms, Industry and Manufacturing, Agriculture and Food Security, Military and Maintaining Security, Healthcare Systems, Digital Transformation, Humanitarian, Science and Innovation, Education and Training.
For Africa, practical collaborations have to move beyond geopolitical symbolism, shift away from the stage of rhetoric to a different stage of interests in implementing agreements to measure results of partnerships and development growth. Collaboration has to move to a broader level of identifying economic opportunity and to be followed by an investment posture, a show of valuable engagement over mere rhetoric. It is practically time to act, show noticeable outcomes of declarations from the first and second Summits. In a geopolitical context, Africa now has suitable external alternatives.
At the Institute for African Studies, researchers on Russian-African cooperation indicated that Russia has influenced Africa in multiple ways, but time has indeed changed. Across Africa, a broader global dynamic is centred on the rivalry between the United States and China, including over-access to critical resources and technology chains. China’s global dominance in the extraction and processing of rare metals is used by Beijing as a competitive advantage, including through control over African mining enterprises and logistics infrastructure. In turn, the United States is increasingly tying its position on the continent to countering China in critical raw materials supply chains, digital infrastructure, and technological standards. As a result, Africa has become an important arena for their technological and economic clashes. In all these, Russia doesn’t have the same interest in African resources. Russia absolutely does not need Africa; it is resource-rich and wealthy itself. Africa has to ensure its own economic sovereignty. In this concluding context, Russia and Africa are poles apart. It is important to note that Russia’s interest is only to support Africa to gain economic power in the emerging multipolar world.
World
AfDB Projects Africa’s Growth to Slow to 4.2% in 2026
By Adedapo Adesanya
Africa’s economic growth is expected to slow slightly to 4.2 per cent this year from 4.4 per cent last year, the African Development Bank (AfDB) said.
The drop is expected to occur as Middle East tensions push up fuel and food costs, before picking up again in 2027.
The AfDB said in its annual outlook published on Tuesday that despite last year’s shocks from trade and geopolitical tensions, the continent remained one of the world’s fastest-growing regions alongside Asia, outpacing Europe and Latin America.
Last year’s growth of 4.4 per cent was driven by higher farm output, improved macro-economic policies and higher commodity prices.
The Abidjan-based regional development bank said it expected growth next year to return to 4.4 per cent, with forecasts based on the assumption that the Middle East shock will last for two to three months.
“The impact of this shock on growth and macroeconomic stability will depend on the duration of the supply chain disruptions and their effects on global energy and fertiliser prices,” it said in the report.
East Africa, the continent’s fastest-growing region, is forecast to slow this year by more than half a percentage point as the crisis drives up energy and import costs and worsens food security risks.
The report was released at the bank’s annual meeting in Brazzaville, the capital of the Republic of the Congo, which is focusing on ways of harnessing regional capital pools to fund its development needs.
It comes as Congo’s neighbours, the Democratic Republic of Congo, battle the resurgence of the Ebola virus, which has raised concerns.
However, AfDB and the host government have reassured delegates that there are no cases in the country so far, and authorities are conducting surveillance in line with the World Health Organisation (WHO). guidelines.
The President of the lender, Mr Sidi Ould Tah, who took over the bank’s top job last September, has made securing development finance for the continent from its own savings under a plan known as NAFAD, a key plank of his presidency, which started as overseas development aid started dwindling.
“Achieving sustained and inclusive growth will require a substantial increase in investment,” Mr Tah said in the report.
Mr Tah said Africa must raise its annual growth rate to more than 7 per cent and sustain it for decades, in order to create the large number of jobs needed and cut poverty.
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