World
A Window Opens in Business Ties Between Russia, Nigeria
By Kester Kenn Klomegah
As part of efforts to connect Russia with Nigeria and to lure potential Russian investors and business people to Nigeria and vice versa, a business lecture platform Doing Business with Nigeria has been created in November.
Its primary aim is to get the Russian business community to understand the economic and investment potentials as well as the current market conditions in Nigeria.
In a brief interview, Dr Rex Essenowo, Chairman of the Russian Chapter of Nigerians in Diaspora Organization in Europe (NIDOE) and a member of the Board of Trustees, talks about the first business lecture held late November and the future perspectives of overall Nigeria-Russian economic cooperation to IDN’s Kester Kenn Klomegah. Here are the interview excerpts:
As an insider, do you consider the business lecture on Russia and Nigeria important?
First and foremost, the lecture was a critical action and a call to active duty for Russian companies that participated in the event, as it gave the inside-out of both the political economy of the Nigerian state, as well as presentation of complex market research that is very strategic for potential investors and business people from Russia.
On the other hand, we plan to systematize as an online auditorium based in furtherance of developing bilateral economic relationship between the two countries. We strongly believe that our economic diplomacy and partnerships could be raised to appreciably new levels and it is cost-effective for us.
Obviously, there has been poor or inadequate information on the vast investment opportunities in both great countries and it is something we have to correct now using new forms of technology. The first lecture vividly showed evidence that this is really one instrument to promote ties and to strengthen the multifaceted partnership between the two regions.
What were the popular sentiments among the speakers about developing business ties between the two countries?
The popular sentiments among the speakers were the difficulties in facing the big players on the ground, I mean, traditional western investors, growing interest of Asian tigers in Africa, China’s saturated model of doing business in Africa and the need for Russian companies to explore the long-term and sustainable friendship by creating a mutual beneficial partnership. Fair enough, the spotlight was on corruption and security as well as how to manage the risk.
Concretely, what business and investment directions were highlighted during the discussion? Do you feel the speakers understand the current competitive business cum investment environment in Nigeria?
The critical focus was on agriculture, energy, oil and gas, telecommunications, healthcare, transport, financing, marine exploration, aerospace and some other areas where Russian technology can have a comparative advantage. The presenters made analysis and good points intended to deepen understanding of the market structure. There are other salient issues including legal framework and how Russian investors should adapt to new conditions and realities on the ground. As the first lecture of its kind, it is a work in progress. We have consistently, if not aggressively, to [re]shape a few things through online business lectures and programmes.
What would you say in terms of comments as these spheres have been on the table over the years?
With COVID-19 devastating the global economy, sanctions from the West and internal meltdown of business activities in Russia, the search for new markets and investment opportunities to boost trade between Russia and Africa; it is clear that Nigeria provides the best combination of essential components for a big-time and long-term trade relations.
Understandably, Nigeria is not a traditional market for Russian producers and investors, but it opens a wide window and the door to the real African market, beginning with a formidable Economic Community of West African States (ECOWAS) regional market, which I pointed out several years back.
By the way, how would you assess the current level of engagement in Russia with Nigeria, or Russia is still dating Nigeria?
Nigeria is an economic powerhouse in the West African region. As it is widely known, Nigeria is one of Africa’s fastest-growing economies and it boosts the largest population. Nigeria 2020 population estimated at 206 million people this mid-year, according to United Nations data. Nigeria’s population is equivalent to 2.6% of the total world population.
The current level of engagement between Russia and Nigeria is still very low, considering the combined size of the population and huge consumer market potentials of both countries, but there is more room for improvement, which I personally mentioned during the discussion. The market requires all kinds of consumer products and services.
Furthermore, Russia has expressed deep interest in Nigeria, highly pledging to build nuclear power plants, petroleum pipelines, railways and infrastructure. They keep going forth and back during these several years. Unfortunately, these corporate plans have not been realized, either Russia sees the instability or neo-colonialism as factors impeding its investment there. Then there is also the question of project financing and legal aspects that have to be mutually resolved.
As Chairman of the Russian Chapter of Nigerians in Diaspora Organization in Europe (NIDOE), an NGO established to facilitate some of these between Europe and Nigeria, what are your suggestions and about future perspectives?
As Chairman of the Russian Chapter of Nigerians in Diaspora Organization in Europe (NIDOE), and a member of the Board of Trustees, I have no doubt that engaging the Diaspora creates stronger bridges to facilitate and improve trade relations. Considering that every country has its own challenges, we must not forget the social aspects of collaboration, in which the government, regional and local communities play very important roles.
Finally, the success of every investment or project speaks volume. As we push forward with the government to create enabling environments for the free flow of FDI, we in NIDOE are well-positioned and backed up with relevant agencies, like the Embassies, Nigerian Diaspora Commission (NIDCOM), Nigeria Investment Promotion Commission (NIPC) and so forth for the win-win cooperation; while in Russia, our strategic partners like the Russia-Nigerian Business Council, Business Russia and the Institute of African Studies are also pushing harder to the core to bring more business executives on board. We are already talking about a Russian Trading House, Show Room & Pavilion in Nigeria.
Our part is to ensure sustainability by making partnerships more reliable, workable and long-termed. We still have skyline hope and optimism for building back better relations between the two countries, and most importantly within the context of the Declaration “On the Principles of Friendly Relations and Partnership between the Russian Federation and the Federal Republic of Nigeria” signed as far back in 2001, and the multilateral cooperation that was signed between Russia and Nigeria by both leaders at the first Russia-Africa Summit held in Sochi.
By Aduragbemi Omiyale
Accessing the US Dollar in the East Africa region has now been made easier with the expansion of the stablecoin settlement infrastructure of SCRYPT.
This development enables banks, payment providers and corporate treasury teams to move value into and out of the continent in real time.
Businesses paying international suppliers frequently have to convert local currency into USD before purchasing stablecoins for settlement, incurring FX conversions and spreads before any payment is made.
But SCRYPT is eliminating this intermediate conversion by enabling direct settlement corridors for local African currencies into stablecoins.
This development allows businesses to move from local currency to stablecoin settlement in a single licensed transaction, without first sourcing rationed bank dollars, as stablecoins are increasingly becoming settlement infrastructure rather than an investment product.
The expansion adds settlement support across four African currencies: the Kenyan shilling (KES), Tanzanian shilling (TZS), Rwandan franc (RWF) and Ugandan shilling (UGX). Each corridor is delivered through the same full-stack infrastructure our clients already use for trading, custody and treasury operations.
Speaking on this, the chief executive of SCRYPT, Norman Wooding, said, “Across Africa, stablecoin adoption is driven by economic need, not speculation.
“Businesses here are not chasing yield; they are trying to pay suppliers and manage treasury without losing margin to a banking system that rations dollars. Licensed, fair-rate dollar access is the clearest proof of what this infrastructure is for.”
Also commenting, the Managing Director of Markets & Trading at SCRYPT, Mr Gabriel Titopoulos, said, “Until now, reaching stablecoins from local African currencies meant buying scarce dollars and incurring several layers of conversion costs.
“SCRYPT removes this friction. Firms and payment providers can now settle straight from local currencies through live corridors, with local partners.”
World
African Graduates Association Promoting Multifaceted Initiatives With Russian Educational Institutions
By Kestér Kenn Klomegâh
In preparations for the third Russia-Africa Summit, scheduled for late October 2026, Dr Francois Ngan, deputy chairman of the Union of Associations of African Graduates of Soviet and Russian Universities, during an official working visit, has held a consultative meeting with Professor Vladimir Filippov, the President of the Russian University of Peoples’ Friendship (RUDN), and former Minister of Higher Education of Russia, Chairman of the National Commission for Accreditation of Higher Education.
RUDN is an educational institution established in 1960, primarily to provide higher education to Third World students. It has now become a popular multidisciplinary spot for many students, especially from developing countries. The university offers various academic programmes and has research infrastructure that comprises laboratories and interdisciplinary centres. The university is named after the former Congolese leader, Patrice Lumumba.
Dr Francois Ngan and Professor Filippov discussed the importance of the Graduates Association as a continental platform dedicated to strengthening unity, cooperation, and promoting shared progress among African graduates who studied in the former Soviet Union and in the Russian Federation. They also reviewed multifaceted initiatives that could bring together alumni associations from across Africa, whose members obtained education and professional training, and cultural experiences in Soviet and Russian institutions of higher learning.
Professor Filippov expressed optimism in addressing emerging challenges as a result of shifting geopolitical changes, emphasised strategic cooperation in the educational sphere with Africa, in general, and with the Republic of Cameroon, in particular, and further about the integration of African students during their studies in the Russian Federation.
The meeting also touched on academic and scientific work, the possibility of rewriting a scientific thesis, and the official organisation of transferring versions translated into six languages for the library of RUDN. Significant questions relating to Russia’s educational opportunities, collaborations and partnerships involving African countries were thoroughly discussed.
The Union of Associations of African Graduates of Soviet and Russian Universities was created under one continental umbrella to promote friendship, for professional networking, to engage in cultural exchange, and with particular emphasis on forging strategic cooperation between Africa and Russia.
World
Russia to Support Industrial Growth, Technological Advancement and Supply Chain Resilience across Africa
By Kestér Kenn Klomegâh
With the heightening of geopolitical rivalry and competition, a new Russia-Africa working group has emerged as a significant institutional mechanism and plans to focus on facilitating and monitoring strategic investments, industrialisation, and infrastructural development—the Strategic Action Plan 2023-2026—that was outlined during the second Russia-Africa summit, in St.Petersburg, the second largest city in the Russian Federation.
While substantial progress has, largely, lagged on the multidimensional economic front with Africa primarily due to its internal difficulties and the complexity of relations with its former Soviet neighbours, Russian officials believe there still remains huge untapped potential in strengthening bilateral cooperation. As planned, President Vladimir Putin has already signed an executive order that directs Moscow to host the forthcoming third Russia-Africa summit in October 2026.
On June 30, a regular meeting of the Business Council on Africa was held under the chairmanship of the head of the Russian Foreign Ministry. It was dedicated to issues of trade, economic and investment cooperation with Africa. The group discussed the current state and prospects for the implementation of policy initiatives with an emphasis on assisting the countries of the continent, strengthening their economic, energy, technological and food sovereignty, as well as training specialists for Africa.
Foreign Minister Sergey Lavrov has reiterated that Russia-Africa relations primarily depend on an understanding of the importance of collective action based on the principles of equality, mutual respect and resolving common tasks. In the past few years, Russia-Africa cooperation has been noticeably strengthening. “We are deepening political dialogues, developing bilateral contacts with African countries, promoting cordial cooperation between ministries and departments, and expanding humanitarian exchanges. We are also continuing the structural diversification of trade partnerships and economic dimensions.”
“Next on the agenda is the launch of diplomatic missions in The Gambia, Liberia, Togo, and the Union of the Comoros,” Lavrov said at a meeting of the Business Council under the Russian foreign minister. Lavrov noted that Russian embassies began operating in three other African countries in 2025: Niger, Sierra Leone, and South Sudan. A new Department for Partnership with Africa was also established. According to the top diplomat, “expanding Russia’s diplomatic presence on the continent contributes to developing relations.”
There are already 45 Russian embassies operating in Africa. The Russian foreign minister noted that Moscow is quickly rebuilding its presence in African countries, which sharply declined during the collapse of the Soviet Union. “There will be literally four or five countries left where we still need to establish full-fledged embassies, and then, we will have 100 per cent coverage of the entire African continent with our diplomatic presence,” Lavrov emphasised.
After the first summit in October 2019, the Foreign Ministry also created the Secretariat of the Russia-Africa Partnership Forum. Its main tasks include controlling the roadmap to Africa’s multidimensional cooperation and guiding potential Russian investors to the continent. This also underscored the priority and post-Soviet solidarity Russia currently attaches to its policy towards Africa, within the growing framework of the emerging new architecture of multipolarity in the Global South.
In an interview in June 2026, the director of the Department of Partnership with Africa at the Foreign Ministry, Tatyana Dovgalenko, shared a few insights in the lead-up to the third summit. Furthermore, Dovgalenko explained that Russia would move away from security to concentrate more on economic issues, especially to team up with African colleagues to streamline mechanisms for implementing projects that will ensure food security and agriculture, and help Africa in installing processing facilities to support its self-sufficiency. She also emphasised energy and vital infrastructures, and the third direction was to simultaneously work more coherently with sub-regional organisations.
Over the past few years, bilateral relations have been increasing. There are positive dynamics in trade turnover, estimated at $30 billion. Steps are being taken to build payment systems, preferably in national currencies, while Russia looks to open four more diplomatic offices, bringing the total to 48 across Africa. Russia is currently training 37,000 African students, but only approximately 1/3 on state scholarships in Russia’s educational institutions. “We are ready to share valuable experiences of building a sovereign development model with African partners to achieve self-reliant economic growth based on their own resources and capabilities. Russia aims at creating processing capabilities and localising production, and provides access to advanced technological solutions,” underlined Dovgalenko in her interview with New Eastern Outlook.
For African countries that have endured difficult decades on the path to political independence, it is now important to take full control over the untapped resources, direct income and revenue toward stimulating the national economic sector, rather than paying for the well-being of the Western “golden billion” during this changing geopolitical era, according to Dovgalenko.
According to reports, the forthcoming Russia-Africa summit will have an economic agenda, including the digital economy, technology, artificial intelligence, healthcare, investment, and settlements in global trade. Of course, the agenda will also cover Africa’s political aspects. But if African friends bring along any specific ideas, Russia will give them serious attention. In addition, with continuity and consistency, pay increased attention to expanding ties with Africa’s regional integration associations.
Going forward, the focus will be on translating strong trade relations into deeper investment partnerships, fostering technology collaboration, strengthening industrial linkages and contributing towards the shared objectives set by the leadership of both African countries and Russia. At the third summit, the above-mentioned specific initiatives will be further designed. In this regard, the key document, the new action plan for the next three-year period (2027-2029), is intended to reflect dynamic realities in the future relations of Russia and Africa
