Economy
Russia-Africa Summit: One More Opportunity for Raising Trade Collaboration
By Professor Maurice Okoli
Russia holds an African leaders’ gathering this late July 27-28 in St. Petersburg, the second largest city in the Russian Federation. The summit is the highest historical profile and the largest-scale diplomatic landmark event in Russia’s bilateral relations with Africa. In our assessment of the emerging multipolar world, the majority of African states are swiftly aligning their policy orientation toward China and Russia.
Russian Ambassador-at-Large and Director of the Secretariat of the Russia-Africa Partnership Forum Oleg Ozerov, in an interview with Kommersant daily newspaper, explicitly explained that the summit is “envisioned by the Russian authorities, are intended to boost Moscow’s relations with African countries, contacts with which are currently deemed one of the most important aspects of Russia’s foreign policy.”
According to the diplomat, the summit will focus on general issues “concerning the formation of a multipolar world, a new fair architecture of relations based on the principles of sovereign equality of states, equal interaction based on their interests and international law, as opposed to the so-called ‘rules-based order’ promoted by Washington and its allies.”
Given that it is taking place during this tense global situation, it broadly aims at bringing about a fundamentally new level of beneficial partnership to meet the challenges of the 21st century. By this, Russia and Africa will open the second chapter, which defines the comprehensive cooperation between Russia and African nations across significant sectors ranging from politics, security, economic relations, science and technology to cultural and humanitarian spheres.
The first Russia-Africa summit was held in October 2019 under the Peace, Security and Development motto in Sochi. Russian President Vladimir Putin noted in an official statement: “Today, African countries are well on their way towards social, economic, scientific and technological development, and are playing a significant role in international affairs. They are strengthening mutually beneficial integration processes within the African Union and other regional and sub-regional organizations across the continent.”
Even though Russia is currently undertaking a ‘special military operation’ in neighbouring Ukraine, it still considers it necessary to invite African leaders to St. Petersburg. It is the original home of Vladimir Putin and indeed wanted to welcome Africans for a homecoming-friendly meeting for deliberations. Russia and Africa are bonded by history from the political independence struggle. Both share this little history. As widely known, Putin always expresses the highest affection for changing the situation and commitment to improving conditions for Africa’s estimated 1.4 billion population.
With the highest respect, he consistently reminds us that Russian-African relations are based on long-standing traditions of friendship and solidarity, created when the Soviet Union supported the struggle of African peoples against colonialism, racism and apartheid, protected their independence and sovereignty, and helped establish statehood and build the foundations of national economies.
In the views of many policy experts, both local and foreign, African leaders, trade organizations and corporate business executives have an extraordinary opportunity to design a well-timed strategy to take advantage of the growing market and to boost trade as a way to reverse considerably trade imbalance that has existed from Soviet days between Russia and Africa.
Within the global changes, there are equally good business perspectives for Russia and Africa, for instance, with trade facilitation and support for business enterprises, either small or medium, to seek cooperation in areas of new trade opportunities both in Africa and in the Russian Federation. For example, external countries have been showing massive interest in taking advantage of its emerging opportunities since the inception of the Africa Continental Free Trade Agreement (AfCFTA), which aims to create a single borderless market.
With steadily developing economic links, it’s a pleasure to underline that Russia and African states have a long history of relations. Therefore, importing coffee, cocoa, tea, citrus, sea products and many more from African countries could be important for Russia. Of course, it is necessary to recall from the first summit that both parties have mutually agreed to promote and raise export/import and to cooperate in investment spheres with Russian companies.
In light of Russia’s sanctions – the ban on imports of many types of European agricultural products – diversification of sources of such raw materials has become especially crucial, while import substitution in the country is only fledging. This presents an opportunity for strengthening trade with Asia and Africa. In the views of many, several African countries, such as Morocco, Kenya, and South Africa, have already started filling the niche; Russian market shelves are enjoying a surge in African vegetables and fruits, most of which used to be re-exported through the EU.
As far back as 2014, local African farmers and cooperatives expressed readiness to boost direct exports to Russia, bypassing European mediators. African countries can make a fortune by selling agricultural products to Russia. The overall trade volume between Africa and Russia has been deficient and highly skewed in favour of Russia. But interestingly, there are only a few African countries trading products in Russia’s market for multiple reasons, including inadequate knowledge of trade procedures, rules and regulations, and the changing market conditions. And there are many other obstacles hindering African trade with Russia that have been identified and discussed in many business conferences and seminars.
However, concrete measures to improve the situation must be thoughtfully implemented. There are existing key challenges from both sides. Russia and Africa have been experiencing a shortage of vital business information on doing business and the market environment, and this has, over the years, created a condition of uncertainty, misgivings and negative perceptions among prospective potential traders and investors.
As many have shown concern about these trends, one way is to create a mechanism for disseminating business and trade information that will enhance business interaction among African exporters and Russian importers.
In addition, African leaders have to cultivate business interest in organizing trade platforms and business missions to showcase their potential in the Russian Federation. Comparatively, Africa’s exports to the United States, European Union and even to India and China have been growing due to trade preferences, lower custom tariffs and other trade incentives made available to African exporters by these big-time players.
It is necessary to say that the United States offers various incentives through the African Growth and Opportunities Act (AGOA). China has also adopted similar measures to attract African exporters to its regions. In June 2023, Hunan province held its 3rd annual China and Africa Trade Expo and Exhibition.
According to market research and studies conducted by Markol Consultancy, a business research and policy advisory firm, African exporters have keen interests in the Russian market but need help getting their goods delivered on time to consumers in Russia. They know that the market potential is vast in both ways and further understand that Asian countries have comparative advantage trading with Russia regarding distance, transportation of goods and other infrastructure, including logistics and warehousing.
In an effort to boost Russia-African trade, there should be policy interventions, initiate trade platforms for Russians and Africans to participate in practical discussions on making trade policies more effective and offer import and export credit support for corporate traders to achieve noticeable results.
One of the key AfCFTA initiatives focuses on improving SMEs’ access to finance and markets to encourage their growth and contribution to Africa’s socio-economic development. Russia’s institutions can also provide financial services in areas such as agro-processing, automotive, pharmaceuticals, and transport and logistics – to small and medium enterprises (SMEs) in African countries.
Taking a glimpse at the trade volume between China and Africa, both regions have done so much for more than the past 20 years despite all the scepticism and criticism. It is commendable that African countries have made efforts to raise their trade volume dramatically to cut down the trade imbalance, given the Chinese government’s necessary trade incentives and lower customs duties.
As for ways to reverse the huge trade imbalance between Africa and Russia, I would like to make the following suggestion. Russian business people and investors could collaborate in infrastructure, manufacturing, strict quality control and packaging in Africa. China and India are doing these in Ethiopia, for example, and a few other countries.
Foreign Affairs Minister Sergey Lavrov has repeatedly stated in his speech to African diplomats that Russia was prepared to consider new initiatives to improve trade between the two regions. In May 2014, Lavrov wrote in his article: “We attach special significance to deepening trade and investment cooperation with the African States. Russia is ready to provide African countries with extensive preferences in trade.”
Russian Foreign Affairs Ministry has posted an official report on its website that “traditional products from least developed countries (including Africa) would be exempted from import tariffs. The legislation stipulates that the traditional goods are eligible for preferential customs and tariffs treatment.”
That is very understandable. Still, African trade has been minimal in the Russian Federation. And unbelievably, African trade figures with Russia are hard to find from both African and Russian sources. For trade relations between Russia and Africa to improve appreciably, granting trade preferences to African countries – for example, tax exceptions or reductions, among other measures. This can become a practical step to strengthen trade relations with Africa.
In addition, there should also be state support to bolster private African entrepreneurs’ efforts not only to raise their economic presence but also to facilitate making solid inroads into the Russian market. This can be beneficial to the entire Eurasian region. Russia is a member of the newly created Eurasian Economic Union (which constitutes a vast market and allows free movement of goods among member countries). The other members include Armenia, Belarus, Kazakhstan and Kyrgyzstan.
It is worth ending this article by mentioning the role of North-Eastern Federal University, which has educational partnerships and exchange programmes with a number of establishments in Asia and Africa, and the newly established Russian-African Club, a non-profit organization set up to support official efforts in building public opinion, as among the driving forces in the Russian policy of comprehensive partnership with Africa. Ultimately, there is a noticeably growing mutual cooperation between Africa and Russia.
Professor Maurice Okoli is a fellow at the Institute for African Studies and the Institute of World Economy and International Relations, Russian Academy of Sciences. He is also a fellow at the North-Eastern Federal University in Russia
By Adedapo Adesanya
The Lagos Chamber of Commerce and Industry (LCCI) has raised concerns over the month-on-month rise in inflation despite a moderate easing in headline inflation.
Earlier this week, data from the National Bureau of Statistics (NBS) showed Nigeria’s consumer prices moderating slightly to 15.06 per cent year-on-year in February 2026 from 15.10 per cent in January. However, a sharp month-on-month rebound to 2.01 per cent signalled renewed momentum.
LCCI Director-General, Mrs Chinyere Almona, called for deliberate action amid risks such as exchange-rate volatility and food insecurity.
She viewed the drop from 26.27 per cent in February 2025 as cautious optimism but stressed vigilance.
“Addressing high inflation has been crucial, as it has greatly impacted purchasing power, production costs, and consumer demand,” Mrs Almona said.
She flagged imported input costs and domestic issues, such as agricultural insecurity, noting that, “With the potential for exchange-rate volatility… There is a risk of increased costs for imported raw materials, machinery, pharmaceuticals, and food items.”
Mrs Almona advocated prioritising FX stability through non-oil exports, food security through productivity and infrastructure, and energy reforms to ensure reliable power.
“Advancing reforms in the power and energy sectors is crucial for reducing production costs,” she added, alongside transport and port efficiencies.
“Sustaining this trend will require consistent macroeconomic management, structural reforms, and policies aimed at enhancing domestic productivity,” she added.
She noted that with the potential for exchange-rate volatility, there is a risk of increased costs for imported raw materials, machinery, pharmaceuticals, and food items.
“Nigeria has the opportunity to mitigate these external pressures by investing in local refining capacities and ensuring that crude supply meets domestic needs.”
“This could subsequently affect production and consumer prices. Other concerns, such as insecurity in agricultural regions, climate-related disruptions, and high transportation costs, could also challenge food supply and price stability.”
She pointed out that it is vital for the government to undertake deliberate policy actions to maintain the current easing of inflation, saying that “prioritising exchange-rate stability by enhancing foreign exchange liquidity and promoting non-oil export earnings is key.
She emphasised the importance of enhancing efficiency in transportation and trade infrastructure, including port operations, cargo evacuation systems, and digital trade processes, saying that such improvements can notably reduce logistics costs that contribute to consumer prices.
“While the marginal decline in inflation is a positive development, sustaining this trend will require consistent macroeconomic management, structural reforms, and policies aimed at enhancing domestic productivity.
“We must act swiftly to address concerns that may jeopardise the progress made in controlling inflation. Given that month-on-month rates already suggest ongoing inflationary challenges, supply-side interventions are likely to offer more sustainable solutions than imposing price controls on manufacturers and investors,” the LCCI DG explained.
By Adedapo Adesanya
The Shipping Association of Nigeria (SAN) has clarified that a recent upward review of tariffs by shipping line agencies operating in the country was to reflect prevailing economic realities.
SAN clarified in a response dated March 16, 2026, to a letter from the National Association of Government Approved Freight Forwarders (NAGAFF) Trade Advocacy Committee, which had opposed the tariff adjustment approved by the Nigerian Shippers’ Council (NSC), the port economic regulator.
In the letter signed by SAN chairman, Mrs Boma Alabi, the association acknowledged the concerns raised by freight forwarders. It maintained that some of the claims made by NAGAFF did not accurately represent the regulatory process that preceded the approval or the operational realities of international shipping operations in Nigeria.
Mrs Alabi stressed that the tariff adjustment was neither implemented unilaterally by shipping lines nor granted arbitrarily by the regulator.
According to her, the council conducted an extensive review before approving, including detailed cost analysis submitted by shipping line agencies, an assessment of prevailing economic conditions such as inflation and foreign exchange volatility, as well as stakeholder consultations carried out over an extended period.
She added that the review process lasted nearly two years and involved several rounds of regulatory scrutiny before the final approval was granted.
“It is therefore inaccurate to suggest that the approval was granted without due consideration of the statutory regulatory framework,” Mrs Alabi said.
She explained that the adjustment merely represents a partial cost recovery measure, considering the sharp rise in operational costs across the maritime sector in recent years.
Mrs Alabi also clarified that the approval was not granted across the board to all shipping lines, noting that it did not amount to a blanket increase for every operator.
According to her, the adjustment approved by the shippers’ council is modest and significantly lower than Nigeria’s cumulative inflation rate within the same period.
“In practical terms, the adjustment does not represent a real increase in economic terms but rather a limited adjustment intended to partially offset the impact of rising operational costs,” she said.
She listed some of the cost drivers to include increasing port and terminal charges, administrative and regulatory compliance costs, exchange rate fluctuations, and logistics and operational overheads.
Mrs Alabi further noted that the tariff review reflects broader developments across the maritime and logistics sector, where several service providers have adjusted their charges in response to economic pressures.
She pointed out that truck operators, freight forwarders, clearing agents, terminal operators and other logistics service providers have all increased their rates in recent years.
“In this context, it would be unrealistic and inequitable to expect shipping line agencies alone to maintain static rates despite operating under the same economic pressures,” she said.
The SAN chairman also dismissed insinuations that shipping lines exercise collective market dominance, stressing that the global liner shipping industry is highly competitive.
According to her, shipping companies compete independently in freight pricing and service delivery while constantly striving to improve operational efficiency and attract cargo volumes through better service offerings.
She added that several operational challenges cited by NAGAFF – such as port congestion, container return logistics, documentation bottlenecks and operational delays- are systemic issues within the entire port ecosystem and cannot be attributed solely to shipping line agencies.
Mrs Alabi explained that port operations involve multiple stakeholders, including port authorities, terminal operators, customs and regulatory agencies, freight forwarders, and trucking and logistics providers.
She therefore called for collaborative efforts among stakeholders to address the challenges rather than placing responsibility on a single segment of the logistics chain.
On allegations of regulatory infractions, the SAN chairman said the claims referencing laws such as the ICPC Act and the FCCPC Act appear speculative and are not backed by formal regulatory findings.
She maintained that shipping line agencies operating in Nigeria remain under the oversight of several government institutions and continue to comply with all applicable statutory and regulatory requirements.
Mrs Alabi reiterated that the tariff adjustment approved by the Nigerian Shippers’ Council followed a lengthy regulatory process that carefully reviewed cost structures, economic conditions and stakeholder input.
According to her, the decision was aimed at ensuring the sustainability of maritime services while maintaining fairness within the port economic framework.
She added that since the approval was granted by the NCS in its regulatory capacity, the agency is best positioned to address any further concerns regarding the tariff review.
The Covid-19 pandemic brought a different work mode globally that promised freedom: remote work. This new work approach brought along technological innovations that aided the conveniences that accompanied it: the ability to work from anywhere, collaborate across time zones, and build a career without borders. But the one problem nobody warned us about was that getting paid and using that money shouldn’t require a finance degree.
Remote workers in Nigeria sought various avenues to navigate international payments, and one of the solutions that was provided was OneDosh, which has now become the bridge between earning globally and spending locally. Built by global fintech leaders, OneDosh developed solutions to solve these problems.
We will be focusing on how real people are using the platform to simplify their financial lives in this article.
The Payment Waiting Game Nobody Talks About – Chioma’s Story
Chioma works as a social media manager for two U.S. companies and a UK-based startup. Her biggest frustration isn’t the work itself or managing clients across time zones. It’s the anxiety that comes every payment cycle when she wonders if her domiciliary account will receive the wire transfer, or if this will be the month her bank flags the transaction for “verification” that takes weeks to resolve.
She’s had months where a $2,000 payment got stuck in banking limbo for three weeks while her landlord sent messages about rent. The experience taught her that having multiple international clients doesn’t guarantee financial stability when you can’t reliably access your earnings.
OneDosh changed her approach entirely. Now when clients pay her in stablecoins, the money arrives within minutes and she can decide immediately what to do with it, whether to convert to naira for immediate expenses, keep in USD for savings, or split between both. The control matters more than the speed, though the speed helps when bills are due.
When Your Card Works Until It Doesn’t – Tunde’s Story
Tunde learned the hard way that Nigerian debit cards have spending limits that make international subscriptions a constant negotiation. His Adobe Creative Cloud subscription failed three months in a row despite having money in his account. Customer support would apologize, he’d try a different card, and the cycle would repeat until he eventually had to ask a friend abroad to pay for it while he reimbursed them.
The OneDosh visa card solved this specific problem, but more importantly, it eliminated the unpredictability. He uses it for all his international subscriptions now like software tools, cloud storage, freelancing platform fees, without wondering if this will be the month his bank decides the transaction looks suspicious. The card works consistently, which sounds basic until you’ve experienced the alternative.
Naira Volatility and the Dollar Earning Advantage – Blessing’s Experience
For remote workers earning in dollars, the mathematics of currency conversion has become a monthly calculation that affects every financial decision. Blessing, a freelance writer, watches exchange rates the way other people check weather forecasts. A project that pays $500 means something very different in naira depending on when and how she converts it.
Her previous system involved converting everything to naira immediately at the offered rate, rather than exploring other options but felt safer than alternatives she didn’t fully understand. With OneDosh, she keeps her dollar earnings in the Onedosh wallet until she needs them; converting smaller amounts as needed rather than converting everything at once. This helps her manage timing and stay mindful of exchange rates and fees.
The Family Support Reality – Emeka the Tech Bro
Remote work success in Nigeria often means becoming the family member others turn to when emergencies arise. Emeka earns well working for a Canadian tech company, which means he’s frequently sending money to siblings for school fees, parents for medical bills, or extended family for various urgent needs.
Sending support shouldn’t feel complicated or time-consuming. With OneDosh, he can transfer funds seamlessly from wherever he is, with a simple and straightforward process. This flexibility is especially valuable when someone needs access to funds at a critical moment, allowing him to respond quickly and confidently.
“Although he believes this hasn’t made him richer, it certainly has made helping family significantly less stressful and time-consuming, which matters when you’re trying to balance work deadlines with family obligations.”
The Nigerian remote worker experience involves navigating payment systems that weren’t built for how we work now. Blocked transactions, unclear fees, conversion rate losses, spending limits etc are barriers that make earning internationally harder than it needs to be.
OneDosh doesn’t eliminate every challenge remote workers face, but it addresses several major ones directly. The platform works with the reality of Nigerian remote workers rather than pretending those realities don’t exist.
If you’re managing international payments, download the OneDosh app, It is designed to help you handle things more smoothly.
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