World
How is Russia Straddling to Make Economic Impact in Africa
By Kestér Kenn Klomegâh
While Russia’s interest in sub-Saharan Africa is nothing new, Russian authorities have realized that it’s time to move back primarily to reclaim its economic footprints and to find old Soviet-era allies, but that step comes with new challenges, especially from other foreign players and the changing internal political and economic conditions in Africa.
Long before it held its first symbolic summit in October 2019, many experts indicated in several policy reports that “Russia has often failed to capitalize on the historical connection between Moscow and those African elites who had been educated in the Soviet Union and Russia.”
For the past few years, Russian authorities are only demonstrating steady and strategic steps at the possibility of pushing huge investments in lucrative sectors, often rattling in hyperbolic statements on ways to strengthen bilateral relations and expand economic cooperation in a number of African countries.
That theatrical show of corporate investment and business interests has been sealed into various agreements, resulting from high-powered state delegations who frequently visited both regions. Records concretely indicated that 92 bilateral agreements were signed during the first summit; little has been achieved, and yet Russians are looking forward to new agreements in the forthcoming July gathering in St. Petersburg.
Keir Giles, an associate fellow of the Royal Institute of International Affairs (Chatham House) in London, explained to me in an email interview, precisely in April 2015, that “Russia’s approach to Africa is all about making up for a lost time. The Soviet Union’s intense involvement in African nations came to an abrupt halt in the early 1990s, and for a long time, Moscow simply didn’t have the diplomatic and economic resources to pay attention to Africa while Russia was consumed with internal problems.”
According to Giles, “that changed in the last decade, thanks to two things: the arrival of President Vladimir Putin with a new foreign policy focus, and the massive influx of cash on the back of increased oil prices, which transformed Russian state finances. Russia is interested both in economic opportunities and in rebuilding political relationships that had in some ways been on hold for over a decade.”
In order to raise Russia’s economic influence and profile in Africa, the Coordinating Committee on Economic Cooperation with Sub-Saharan Africa, popularly referred to as AfroCom, was created in June 2009 on the initiative of the Russian Federation Chamber of Commerce and Industry and Vnesheconombank to help promote and facilitate Russian business in Africa. Since its creation, it has had full-fledged support from the Russian Government, the Federation Council and State Duma, the Ministry of Foreign Affairs and the African diplomatic community.
At the Chamber of Commerce and Industry of the Russian Federation, Georgi Petrov, noted at AfroCom’s annual executive meeting held in April 2015 that “in view of the current geopolitical situation in the world and the economic situation in Russia, Russian businesses have to look for new markets. In this regard, of particular interest is the African continent, which today is one of the fastest-growing regions in the world with annual GDP growth of 5%. In addition, opportunities for projects in Africa are opened with the accession of South Africa to the BRICS bloc.” Petrov was referring to Brazil, Russia, India, China and South Africa as members of BRICS.
Reports also showed that Russia has started strengthening its economic cooperation by opening trade missions with the responsibility of providing sustainable business services and plans to facilitate import-export trade in a number of African countries. A simple calculation shows that already been more than a decade since the establishment of the Coordinating Committee on Economic Cooperation with Sub-Saharan Africa. There are also several Joint Commissions on Trade and Economic Cooperation, and of course, there are Trade and Economic councillors at nearly all of Russia’s diplomatic missions in Africa.
But these Russian trade centres must necessarily embark on a “Doing Business in Africa” campaign to encourage Russian businesses to take advantage of growing trade and investment opportunities to promote trade fairs and business-to-business matchmaking in key spheres in Africa.
Maxim Matusevich, an associate professor and director of the Russian and East European Studies Program at Seton Hall University, told me in an interview that “in the past decades, there was some revival of economic ties between Africa and Russia – mostly limited to the arms trade and oil/gas exploration and extraction. Russia’s presence in Africa and within African markets continues to be marginal, and I think that Russia has often failed to capitalize on the historical connection between Moscow and those African elites who had been educated in the Soviet Union.”
“It is possible that the ongoing crisis in the relations between Russia and the West will stimulate Russia’s leadership to look for new markets for new sources of agricultural produce. Many African nations possess abundant natural resources and have little interest in Russia’s gas and oil. As it was during the Soviet times, Russia could only offer a few manufactured goods that would successfully compete with Western-made products. African nations will probably continue to acquire Russian-made arms, but otherwise, I see only a few prospects for diversification of cooperation in the near future,” added Maxim Matusevich.
Foreign Minister Sergey Lavrov and the Special Presidential Representative for the Middle East and Africa, Mikhail Bogdanov, have several times paid working visits to Africa. On the other side, they have held several meetings these several years, with several high delegations from Africa. The parties have, these several years, discussed bilateral and regional issues and the improvement of diverse cooperation between Russia and Africa, including cooperation with sub-regional organizations of the continent, according to the several transcripts posted to the official website of the Foreign Ministry.
Without a doubt, Russia’s strategic return to Africa has sparked academic discussions at various levels where academic researchers openly admitted that political consultations are on track, arms export has significantly increased, but other export products are extremely low. In addition, Russia’s involvement in infrastructure development and industry has been invisible for the past decades on the continent.
In another interview, Themba Mhlongo, Head of Programmes at the Southern Africa Trust, thinks that Africa should not expect higher trade flows with Russia simply because Africa has not engaged Russia.
Mhlongo told me that “Russia has not been as aggressive as China in pursuing opportunities in Africa because Russia has natural resources and markets in Eastern Europe, South West Asia. Russian exports to Africa might be dominated by machinery and military equipment which serves their interest well.”
Notwithstanding the above weaknesses, he suggested that Africa must engage all BRICS members equally, including Brazil and Russia, in order to build alliances and open trade opportunities, including finance and investment opportunities. Also, African countries must not seem to show preferences in their foreign policy in favour of Western Europe if they want to benefit from trade relations with Russia. They must learn to be neutral; neutrality is a pragmatic strategy!
Mhlongo suspects that Africa still holds an old view about Russia being a communist state and less technologically developed or unsophisticated than Western Europe. But Russia never colonized Africa, so there are no colonial ties between the two – Africa and Russia.
“If you look at African trade flows to Europe, they reflect colonial ties most of the time. However, modern Russia is now an important emerging market country and a member of BRICS. But Russian society is closed, and its orientation is towards Western Europe, particularly the United States (probably due to the period of bipolar global power system that existed before). Russia exports to Africa but rarely sets up businesses. The language (or culture in general) could be one of the barriers to developing trade relations with Russia,” he underlined in his discussion.
He proposed that both Africa and Russia could initiate a dialogue to explore economic opportunities between them. However, there are other avenues to engage each other through the BRICS bloc or through bilateral diplomatic channels. Russia has embassies in Africa, and African countries have diplomatic representations in Russia. Africa may have to pay special attention to cultural issues, try to understand Russia in this ever-changing environment and find an entry point to engage Russia.
On her part, Alexandra Arkhangelskaya, a senior researcher at the Institute of African Studies under the Russian Academy of Sciences and a staff lecturer at the Moscow High School of Economics, told me in an interview that Russia and Africa needed each other – “Russia is a vast market not only for African minerals but for various other goods and products produced by African countries.”
The signs for Russian-African relations are impressive – declarations of intentions have been made, important bilateral agreements signed – now it remains to be seen how these intentions and agreements will be implemented in practice, she pointed out in her discussions.
The revival of Russia-Africa relations should be enhanced in all fields: political, economic, trade, scientific, technological, and cultural. Obstacles to the broadening of Russian-Africa relations should be addressed. These include, in particular, the lack of knowledge in Russia about the situation in Africa and vice versa, suggested Arkhangelskaya.
“As we witness rapid deterioration of relations between Russia and the West unfold, Russia’s decision to ban the import of some agricultural products from countries that have imposed sanctions against Moscow offers great opportunities for the expansion of trade of such products from Africa,” the professor observed in her discussion.
Experts who have researched Russia’s foreign policy in Africa at the Russian Academy of Sciences’ Institute for African Studies have reiterated that Russia’s exports to Africa can be possible only after the country’s industrial-based experiences a more qualitative change and introduces tariff preferences for trade with African partners. As a reputable institute during the Soviet era, it has played a considerable part in developing African studies in the Russian Federation.
“The situation in Russian-African foreign trade will change for the better if Russian industry undergoes technological modernization, the state provides Russian businessmen systematic and meaningful support, and small and medium businesses receive wider access to foreign economic cooperation with Africa,” according to Professor Aleksei Vasiliev, of the RAS Institute for African Studies and a full member of the Russian Academy of Sciences, and Evgeny Korendyasov, an expert at the RAS Institute for African Studies.
In one of his speeches posted to the official website, Russian Foreign Minister Sergey Lavrov noted frankly in remarks: “it is evident that the significant potential of our economic cooperation is far from being exhausted, and much remains to be done so that Russian and African partners know more about each other’s capacities and needs. Creating a mechanism for providing public support to business interaction between Russian companies and the African continent is still on the agenda.”
By Kestér Kenn Klomegâh
One year after launching a continental initiative designed to make excellence in public governance the foundation of a new drive to transform Africa, LEAD, the Africa CEO Forum’s pan-African leadership programme, takes stock of its first cohort and announces the launch of its second class. Built around a community of senior public decision-makers committed to modernising the state and to the continent’s digital transformation, this new cohort gathers for three days, from 28 to 30 August 2026, on the campus of Mohammed VI Polytechnic University (UM6P) in Rabat, Morocco.
A second cohort that confirms the programme’s durability
For its second class, LEAD brings together 50 fellows, senior public decision-makers engaged in the design and implementation of the continent’s economic and social policies. Over three days, participants take part in collective and collaborative working sessions, peer exchanges and meetings with figures from the public, business and academic spheres, in order to compare their practices and build shared responses to the major challenges of governance.
Speakers include Mehdi Jomaa, former Head of Government of Tunisia, Donald Kaberuka, Managing Partner & Founder, SouthBridge Group, and former President of the African Development Bank, Serge Ekue, President of the West African Development Bank (BOAD), Sanjay Jain, co-creator of India Stack and Director of Digital Public Infrastructure, Gates Foundation, and Mauricio Cardenas, Professor of Professional Practice in Global Leadership, Columbia SIPA, and former Finance Minister of Colombia (2012-2018).
They share their reform experience, their public policy trade-offs and their view of continental priorities. Throughout the programme, the cohort benefits from the dedicated support of Mohammed VI Polytechnic University, Asafo & Co, BOAD, BCG and the African Development Bank, LEAD partners that have chosen to invest in the transformation of African public action.
LEAD, a pan-African community serving public action
Created by the AFRICA CEO FORUM, LEAD is a leadership programme whose ambition is to reposition Africa’s administrative elite as a driver of reform, of performance and of dialogue with all the continent’s stakeholders.
Designed for senior African public decision-makers, LEAD sets out to build a lasting community of public officials able to share their experience, compare their practices and build common solutions to the major economic, technological and institutional transformations under way in Africa. That community is structured around three pillars: modernizing the state, improving public services, and strengthening cooperation between governments, development institutions and private-sector players.
From fellows to alumni: a long-term initiative
Made up of 36 fellows drawn from a range of administrations and institutions and representing 24 countries across the continent, LEAD’s first cohort demonstrated the quality and the potential of this community from its very first year. In less than twelve months, six of its members have taken a significant step forward: two have been appointed ministers, two have moved into strategic positions at the highest level of the state and two have been promoted to chief executive roles. These moves, which account for 16.7% of the first class, show the role LEAD plays as an accelerator of impact within African administrations.
By bringing together a new cohort of fellows every year, each of them joining the LEAD alumni community, the initiative follows a long-term trajectory: in time, to unite several hundred African public decision-makers around a shared culture of transparency, performance and regional cooperation.
A first year devoted to public service and digital public infrastructure
Throughout the year, the fellows devoted their work to strengthening African public action, to make excellence in public governance a central lever of transformation. An awareness campaign, run as part of Africa Public Service Day, brought to light those who, within the continent’s administrations and institutions, are concretely transforming public policy and improving the services offered to citizens.
Members of the cohort also took part in a special round table held in Kigali during the ACF 2026, in order to carry their thinking to a wider community of public and private leaders. That forum reinforced LEAD’s role as a platform for dialogue between the administrative elite and the continent’s economic players. Digital public infrastructure (DPI) formed the main thread of this first year of work.
Discussions covered issues at the heart of the digital sovereignty of African states: digital identity, payments, secure data exchange, interoperability, governance and the protection of citizens. This work examined the conditions under which African states are developing, in some cases, and can develop, in others, shared, open infrastructure robust enough to improve the quality of public services while supporting local innovation and preserving the capacity of public authorities to set the rules of the game.
A white paper to move from consuming technology to creating value
This year of work concludes with the publication, in collaboration with BCG, LEAD’s Knowledge Partner, of a white paper on Africa’s place in the digital economy and in artificial intelligence. With the digital economy still accounting for around 5% of African GDP, against close to 15% worldwide, the paper calls on the continent to shift from a logic of technology consumption to one of value creation.
The white paper identifies three structuring priorities for African public actors:
- Building shared digital infrastructure that serves as the backbone of public services and private innovation.
- Pooling investment in order to reach critical mass and avoid the fragmentation of efforts across the continent.
- Favouring open and interoperable architectures, with trust and governance built in by design, so as to protect citizens while stimulating the entrepreneurial ecosystem.
The white paper is available here to all public decision-makers, technical partners and institutions concerned.
“LEAD’s first cohort confirms a simple conviction: Africa already has the women and men capable of profoundly transforming public action. Our responsibility, either with our partners, is to give them, at pan-African level, a space in which to compare experience, build common solutions and bring forward a new generation of public policy. With this second cohort, we want to accelerate the move from ambition to execution, in particular on digital public infrastructure and artificial intelligence, two decisive issues for sovereignty, for the effectiveness of the state and for value creation across the continent,” says Amir Ben Yahmed, President of the Africa CEO Forum.
By Kestér Kenn Klomegâh
Africa is set to make history as it hosts the World Public Summit for the first time, with Addis Ababa, Ethiopia, welcoming global leaders and changemakers from July 29–30, 2026, for the landmark gathering under the theme “New World: Africa in Shaping a Shared Future.”
The inaugural African edition of the World Public Summit marks a significant milestone in the continent’s growing role in shaping international dialogue on governance, sustainable development, human-centred leadership and global cooperation.
Hosted by the World Peoples Assembly in partnership with African and international organisations, the summit will convene government officials, diplomats, business leaders, academics, journalists, youth representatives, civil society organisations and cultural leaders from across Africa and around the world.
According to Andrey Belyaninov, General Secretary of the World Peoples Assembly, “the Summit is not just a meeting—it is a space for unity. A space where the ‘values that unite us’ come to life: respect for people, openness to the world, responsibility for the future, and a commitment to creation.
“Today, we understand more clearly than ever: the future cannot be built alone. It is born in dialogue, in trust, in the ability to listen to one another and to act together.”
The programme begins on July 29 with a series of high-level roundtables and expert discussions covering Pan-African economic integration, civil society, education, scientific cooperation, cultural diplomacy and humanitarian partnerships.
The opening plenary, “Values, Development and Partnership as the Basis of a Sustainable and Just World,” will explore how African values—including Ubuntu—can help shape a more inclusive and sustainable global future. Discussions will also focus on youth leadership, innovation, civil society, ethical AI, public initiatives and international partnerships.
The summit will also showcase Africa’s creativity and innovation through the “Innovations for the Future” exhibition, the contemporary African art exhibition “Unity,” and the international exhibition “The World Paints Happiness.”
Another featured initiative is “The Zambezi River: Economy, Society, Soul,” an international interdisciplinary project exploring the river’s socioeconomic importance across Angola, Botswana, Mozambique, Namibia, Zambia and Zimbabwe, highlighting the shared heritage and development potential of one of Africa’s most important waterways.
The event will conclude with the adoption of the African Communiqué, reflecting the summit’s shared vision for stronger international cooperation, sustainable development and people-centred leadership.
Tsegaye Chama, General Secretary of the Global Black Centre, promised that, “The Summit will be delivered with exceptional distinction, reflecting the magnitude and spirit of the World Peoples Assembly. It embodies a unity that is not transactional, but purposeful and conscious, a unity that shapes new contours for a world that works for all peoples of the World.”
As delegates prepare to arrive in Addis Ababa, anticipation continues to build for what promises to be one of Africa’s most significant international gatherings of 2026—one that will place the continent firmly at the centre of global conversations about the future.
By Adedapo Adesanya
Nigeria regained its position as Africa’s leading destination for equity startup investment in the first half of 2026, raising $214 million in equity financing and a total of $254 million across equity and debt, according to the latest Africa: The Big Deal report.
The report, titled H1 2026: Mapping the Money, showed that Nigeria ranked second on the continent in total funding, behind Egypt, which attracted $327 million, while Kenya and South Africa followed with $126 million and $83 million, respectively.
However, the report noted that Egypt’s top position was largely driven by a single fundraising by electric mobility company Spiro, which secured $327 million, including $270 million in equity and $57 million in debt. Excluding debt financing, Nigeria emerged as Africa’s largest equity funding market in the first six months of the year.
According to the breakdown by Africa: The Big Deal, Nigeria’s equity funding of $214 million was higher than Egypt’s $183 million, while South Africa and Kenya attracted $66 million and $46 million, respectively.
Beyond funding value, Nigeria also led the continent in the number of startups that raised at least $100,000 during the review period, reclaiming the top spot after what the report described as an “underwhelming” second half of 2025.
The publication observed that Nigeria’s fundraising performance has remained relatively stable over the past few years and exceeded the $250 million mark for the first time since 2022, pointing to renewed investor confidence in the country’s startup ecosystem.
It also found that while the Big Four startup markets—Nigeria, Egypt, Kenya and South Africa—continued to dominate Africa’s investment landscape, their combined share of total funding stood at 58 per cent in the first half of 2026.
“Zooming back on the Big Four (110 out of 190 $100k+ deals, i.e. 58%), Nigeria is head and shoulders above its peers, with Egypt and Kenya almost tying, and South Africa in fourth position again,” the report noted.
The report highlighted contrasting performances among the continent’s largest startup ecosystems. While Nigeria and Egypt maintained strong funding momentum, Kenya recorded its weakest funding performance since early 2021 after a strong second half of 2025, and South Africa failed to attract $100 million in funding during the period despite leading the continent a year earlier.
Africa: The Big Deal also noted a broader shift in investor behaviour, with funding increasingly concentrated in larger transactions while early-stage investments continued to decline. According to the publication, the drop in smaller funding rounds reflects growing concerns about limited capital available for early-stage startups across Africa.
