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.
By Kestér Kenn Klomegâh
Today, boosted by the Kremlin’s diplomatic push and support from the Ministry of Foreign Affairs’ Department of Partnership, Russian companies are moving with multitude of development projects and corporate entrepreneurial investments into Africa. St. Petersburg summit has also charted the roadmap cum well-designed strategies for boosting the entire bilateral economic cooperation with the continent whose endowed resources include the huge human capital.
The geography of Russia-African economic cooperation is steadily expanding. As previously reported, the Russian Industry and Trade Ministry, since the beginning of 2025, approximately 150 Russian companies have moved into Africa. And with Africa, ready to engage in priority partnerships, the Russian registered company called A7 African Cargo Lines LLC (A7 ACL, Moscow) has started its logistics and shipping services to West Africa. According to the Unified State Register of Legal Entities, A7 African Cargo Lines LLC (A7 ACL, Moscow), was registered on April 17, and has its primary activity listed as railway freight transportation.
“We intend to operate in West Africa,” the Board Chairman Andrei Severilov, told Interfax regarding the company’s establishment. “At the first stage, with the assistance of the Russian trade mission in Nigeria, we are implementing a project to establish a direct shipping line,” Severilov said. According to the news report, the launch of a maritime route between Novorossiysk and Nigeria’s port of Lagos is planned for mid-June, with two container ships chartered for the line’s inauguration, each with a capacity of 700 twenty-foot equivalent units (TEU). Future plans also include establishing maritime connections with Senegal (Dakar port).
Severilov previously owned a 23.8% stake in PJSC Far Eastern Shipping Company (FESCO, the parent company of FESCO Transportation Group). In September 2024, Severilov announced his intention to re-enter the transportation business and established the asset management company A7 African Cargo Lines LLC (A7 ACL, Moscow), with a focus on Africa and primarily targeting to get substantive returns, in terms of, profits. It’s unique decision to take up logistics connecting Africa’s transport market is poised for significant trade growth, by transporting goods across the region and for exports to Europe.
By building a new shipping line that would connect the West Africa, first through Nigeria promises raising trade. Nigeria is Africa’s most populous nation and its largest economy. Nigeria is a key member of the African Continental Free Trade Area (AfCFTA), which is fostering intra-African trade and economic integration. In addition to above factors, Russian companies are showing increased interest in Nigeria, for example in reviving the countries largest steel plant. There is also interest in investing in Nigeria’s energy sector.
Undoubtedly, establishing A7 African Cargo Lines LLC (A7 ACL, Moscow) could be an explicit opportunity for promoting trade by its logistics infrastructure. Reports indicate that Russia’s exports to Nigeria currently amount to about $1.51 billion, mainly consisting of refined petroleum, wheat, and malt, while Nigeria exports a small amount to Russia, primarily cut flowers, other oily seeds, and nuts.
Further to that, the overall Africa’s trade statistics at the end 2024, soared to a record of $24.5 billion from the previous figure, approximate $20 billion that came up during the special panel discussions in 2023 when the second Russia-Africa summit was held in St. Petersburg, the second largest city in the Russian Federation.
By the next Russia-Africa summit slated for 2026, with high anticipation of more Russian enterprises dominating the African landscape, in spite of the existing complexities and challenges would extend or broaden the sphere of economic influence in the context of geopolitical power shifts being capitulated by the Western powers and President Donald Trump of the United States.
By Adedapo Adesanya
The leadership of the Catholic church should announce a successor to the late Pope Francis on May 7.
A new Pope will be elected via a conclave, which involves a secret voting system.
This was initially supposed to hold on May 5 but was delayed for two days to help the cardinal electors get to know one another better and find consensus on a candidate before they are sequestered in the Sistine Chapel.
The cardinals set the date after arriving for the first day of informal meetings following Pope Francis’ funeral on Saturday.
The College of Cardinals that will elect a new pope includes members from far-flung corners of the globe whom Pope Francis named over his 12-year papacy to bring in new points of views of the Catholic Church hierarchy.
According to reports, 135 cardinal electors — 108 of whom were appointed by the late Pope Francis — don’t know each other very well.
The last 20 were appointed in early December.
Only cardinals under 80 are eligible to vote, and it is not clear how many of the 135 will participate.
Who Could Be The Next Pope?
Some candidates have emerged and Business Post has gathered from several sources of the possible candidates that could emerge as the new Pope.
Italian Cardinal Pietro Parolin, the Vatican’s Secretary of State, is recognized for his diplomatic skills and is viewed as a moderate who could continue Pope Francis’ policies, although his involvement in a €200 million investment scandal may affect his candidacy.
Cardinal Matteo Zuppi, also from Italy, serves as the Archbishop of Bologna and is known for his focus on inclusivity and social justice, aligning closely with Francis’ pastoral approach.
Cardinal Pierbattista Pizzaballa, the Latin Patriarch of Jerusalem, has demonstrated a commitment to interfaith dialogue and peace efforts in the Middle East, and his selection would make him the youngest pope since John Paul II.
From the Philippines, Cardinal Luis Antonio Tagle is considered a rising star within the Church, known for his humility and compassionate outreach, particularly towards marginalized communities.
Cardinal Robert Sarah of Guinea is a prominent conservative voice, advocating for traditional Catholic teachings and liturgical practices, appealing to those seeking a return to doctrinal orthodoxy.
Hungarian Cardinal Péter Erdő is another leading conservative candidate, noted for his strong doctrinal stance and experience within the Church’s hierarchy.
Swedish Cardinal Anders Arborelius, the Bishop of Stockholm, is the first cardinal from Scandinavia and is known for his ecumenical efforts and commitment to dialogue within the Church.
Cardinal Fridolin Ambongo Besungu of the Democratic Republic of the Congo is an outspoken critic of liberal teachings within the Church, representing a conservative perspective from the Global South.
Dutch Cardinal Wim Eijk, a former medical doctor, is known for his conservative views, particularly on issues related to marriage and family, and his opposition to Pope Francis’ liberal approach.
By Adedapo Adesanya
Pope Francis has died at the age of 88 after battling illness in the last couple of months.
The Vatican announced his demise on Monday morning, a day after Easter.
The pontiff, who was Bishop of Rome and head of the Catholic Church, became pope in 2013 after his predecessor, Benedict XVI resigned.
His death was announced by Cardinal Kevin Farrell in a statement released by the Vatican.
He said: “Dearest brothers and sisters, with deep sorrow I must announce the death of our Holy Father Francis.
“At 7.35am this morning, the Bishop of Rome, Francis, returned to the house of the Father. His entire life was dedicated to the service of the Lord and His Church.
“He taught us to live the values of the Gospel with fidelity, courage and universal love, especially in favour of the poorest and most marginalised.
“With immense gratitude for his example as a true disciple of the Lord Jesus, we commend the soul of Pope Francis to the infinite merciful love of the One and Triune God.”
The process for choosing a new pope – conclave – generally takes place between 15 and 20 days after the death of a pontiff.
Cardinals from around the world will gather in the Vatican and choose the new leader of the Catholic church.
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