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.
World
Africa Takes Centre Stage as Addis Ababa Hosts the World Public Summit
By Kestér Kenn Klomegâh
For the first time in its history, the World Public Summit will be held on the African continent. On 29–30 July 2026, Addis Ababa, the capital of Ethiopia, will host the World Public Summit. Africa — “A New World: Africa in Shaping a Shared Future.”
The Summit is organised by the World Peoples Assembly in cooperation with African partner organisations. It will bring together leaders of public diplomacy, representatives of international intergovernmental and non-governmental organisations, academics, experts, representatives of the education and cultural sectors, youth leaders, socially responsible businesses, media professionals, and civil society institutions from across Africa and other regions of the world.
The World Public Summit. Africa continues the work initiated during the First World Public Assembly “A New World of Conscious Unity,” held in Moscow in September 2025, and serves as one of the key milestones in preparation for the Second World Public Assembly “A New World: Values That Unite,” which will take place in Moscow on 18–19 September 2026.
Today, Africa is emerging as one of the principal centres of global development. Rapid demographic growth, expanding entrepreneurship, strengthening regional integration, rich cultural heritage, and the growing role of civil society institutions make the continent an increasingly important contributor to the future architecture of international cooperation.
The Summit will focus on issues of genuine sovereignty and sustainable development, public diplomacy, preservation of cultural and historical heritage, international cooperation in education and science, youth engagement, innovation-driven development, creative industries, and the formation of new partnerships among countries and peoples.
The main business programme of the Summit will take place on 30 July 2026 at the headquarters of the United Nations Economic Commission for Africa (UNECA) in Addis Ababa. Holding the Summit at UNECA highlights its pan-African dimension and creates opportunities for broad international dialogue on humanitarian cooperation and public diplomacy.
The programme will include plenary sessions, strategic dialogues, and expert panels dedicated to values-based development, education, culture, youth leadership, innovation, and international cooperation.
Participation has already been confirmed by Professor Saidou Madougou, Director of the Department of Education, Science, Technology and Innovation of the African Union; Rita Bissoonauth, Director of the UNESCO Liaison Office to the African Union and UNECA in Addis Ababa; Zuzana Schwidrowski, Director of the Macroeconomics, Finance and Governance Division of UNECA, as well as ministers, leaders of public organisations, and representatives of the business community from a number of African countries.
On the same day, the ADWA Victory Memorial Museum—Ethiopia’s national memorial complex dedicated to the Victory of Adwa and an important centre for preserving the historical memory of the Ethiopian people—will host the award ceremony of the regional stage of the V International Competition “Leader of Public Diplomacy”, followed by a large-scale cultural programme.
One of the key outcomes of the Summit will be the adoption of the African Communiqué, reflecting proposals and recommendations aimed at strengthening humanitarian, educational, cultural, and public cooperation between African countries and other regions of the world.
The outcomes, initiatives, and recommendations were developed during the World Public Summit. Africa will be presented at the Second World Public Assembly “A New World: Values That Unite”, to be held in Moscow on 18–19 September 2026.
According to Andrey Belyaninov, General Secretary of the World Peoples Assembly, “the Addis Ababa Summit is an important step toward building a new world founded on mutual respect, cultural diversity, dialogue and sustainable development.”
World
UK Set for Seventh Prime Minister in 10 Years as Keir Starmer Resigns
By Adedapo Adesanya
The United Kingdom will get its seventh Prime Minister in 10 years as Mr Keir Starmer announced his resignation on Monday.
The Minister said he is stepping down as leader of the governing Labour Party and will leave office within weeks, scarcely two years after being elected in a landslide.
Mr Starmer says he will remain caretaker prime minister until a new Labour leader is chosen by the party.
Mr Starmer made the announcement after facing growing pressure to hand over to a new leader who can try to revive the government’s flagging fortunes.
He led Labour to a landslide election victory in July 2024, but since then, his popularity and that of the party have plummeted.
His departure was triggered by the victory of Mr Andy Burnham in a special election last week. The popular ex-mayor of Greater Manchester planned to challenge the existing PM for the Labour leadership.
Mr Starmer made the announcement outside the prime minister’s 10 Downing St. residence with a brief statement on Monday.
“The question my party is asking now is whether I am best placed to lead us into the next general election,” Mr Starmer said. “I have heard the answer of my parliamentary party to that question, and I accept that answer with good grace.
Mr Starmer is the sixth prime minister in a decade to stand outside 10 Downing Street and announce a premature departure.
It comes the day before Britain marks the 10th anniversary of its vote to leave the European Union, a decision that still affects the country’s economy and politics.
Over the past decade, 10 Downing Street has had six occupants, including Mr David Cameron, who left office in 2016 after the Brexit referendum and was succeeded by Ms Theresa May. She was followed by Mr Boris Johnson, whose tenure covered Brexit and the COVID-19 pandemic. After Mr Johnson came Ms Liz Truss, whose 49-day premiership was the shortest in British history. Mr Rishi Sunak then took office before being succeeded by Mr Starmer, the outgoing occupant of Number 10.
World
AXIAN Energy Secures $60m for Expansion Across Africa
By Aduragbemi Omiyale
A financing facility of up to $60 million has been secured by AXIAN Energy, the energy division of the AXIAN Group.
The funding package was provided by MCB, one of the leading financial institutions in the Indian Ocean region.
It comprises a $40 million revolving credit facility with a three-year tenor and extension option, and $20 million in unfunded instruments, providing AXIAN Energy with enhanced financial flexibility, enabling the company to rapidly mobilise resources and seize development opportunities across its target markets.
The energy firm is expected to use the capital to deliver large-scale energy infrastructure projects across Africa.
Over the past two years, AXIAN Energy has significantly accelerated its growth by expanding its renewable energy project pipeline, with solar projects currently under development in Senegal, Benin, Zambia, Côte d’Ivoire, Madagascar, and Burkina Faso.
Building on this momentum, AXIAN Energy now operates a portfolio comprising 350 MW of installed renewable energy capacity, supported by 77 MWh of energy storage capacity, positioning the AXIAN Group as a major contributor to Africa’s energy transition.
The chief executive of AXIAN Energy, Mr Benjamin Memmi, said, “This transaction marks a key milestone in AXIAN Energy’s growth trajectory. It provides us with the financial capacity to sustain the momentum we have built over the past two years, further strengthening our renewable energy portfolio and expanding our presence across new African markets.”
Also commenting, the Global Head of Structured Finance at MCB, Mr Mathieu Delteil, said, “We are proud to support AXIAN Energy in structuring this facility, reaffirming our commitment to enabling transformative projects across Africa.
“By leveraging our sector expertise and deep understanding of regional markets, we have delivered a tailored financing solution that aligns with AXIAN’s long-term renewable energy ambitions.
“This partnership highlights our role as a strategic financial partner, mobilising capital towards investments that drive sustainable growth and accelerate the energy transition across the continent.”
The financing agreement between the two organisations strengthens their long-standing relationship because it is driven by a shared commitment to supporting infrastructure development and economic growth across Africa.
-
Feature/OPED6 years agoDavos was Different this year
-
Travel/Tourism10 years ago
Lagos Seals Western Lodge Hotel In Ikorodu
-
Showbiz3 years agoEstranged Lover Releases Videos of Empress Njamah Bathing
-
Banking8 years agoSort Codes of GTBank Branches in Nigeria
-
Economy3 years agoSubsidy Removal: CNG at N130 Per Litre Cheaper Than Petrol—IPMAN
-
Banking3 years agoSort Codes of UBA Branches in Nigeria
-
Banking3 years agoFirst Bank Announces Planned Downtime
-
Sports3 years agoHighest Paid Nigerian Footballer – How Much Do Nigerian Footballers Earn


