World
Russia, Africa and the Debts
By Kester Kenn Klomegah
Long seen as a strategic partner, Russia has opened a new chapter and started building better relations with Africa, and most significantly made its move by writing off Africa’s debts accumulated from Soviet era. After the Soviet collapse, Russia first attempted at collecting its debts. Indeed, these Soviet-leaning debt-trapped African countries were unable to pay them (these debts) back to Russia.
During the Soviet era, Moscow forged alliances with African countries, especially those that supported its communist idealogy, and supplied them with military equipment and offered technical assistance on bilateral basis. In particular, supplied arms went to Angola, Algeria, Democratic Republic of Congo (DRC), Ethiopia, Namibia, Mozambique, Morocco and South Africa. That Soviet-era form of diplomatic engagement left many African countries indebted to an amount of US$20 billion, according to official documents.
In an interview with TASS, Russian State News Agency, ahead of the first Russia-Africa Summit, Russian President Vladimir Putin explained Soviet’s role in the liberation of the continent, support for the struggle of its peoples against colonialism, racism and apartheid. In addition, the enormous help offered Africans to protect their independence and sovereignty, gain statehood, support for national economies, and created capable armed forces for Africa.
“Our African agenda is positive and future-oriented. We do not ally with someone against someone else; and we strongly oppose any geo-political ‘games’ involving Africa,” he said during the interview before referring the debts write-off to Africa. “Let me point out that in the post-Soviet period, at the end of the 20th century, Russia cancelled US$20 billion of African countries’ debts to the Soviet Union. This was both an act of generosity and a pragmatic step, because many of the African states were unable to service those debts. We, therefore, decided that it would be best for everyone to start our cooperation from scratch,” said President Putin during that interview.
On October 23, 2019, President Vladimir Putin and President of the Arab Republic of Egypt, African Union Chairman and Co-Chairman of the Russia-Africa Summit Abdel Fattah el-Sisi took part in the Russia-Africa Economic Forum. During the plenary session held under the theme “Russia and Africa: Uncovering the Potential for Cooperation” and attended by top officials, politicians and business leaders, and almost 2,000 Russian and foreign companies, the debts write-off as as basis for economic growth and for developing long-tern relations featured prominently. (http://en.kremlin.ru/events/
“Economic issues are an integral part and a priority of Russia’s relations with African countries. Developing close business ties serves our common interest, contributes to the sustainable growth, helps to improve quality of life and solve numerous social problems,” President Putin said, and then added, “Russia provides systematic assistance to developing the African continent. Our country is participating in an initiative to ease the African countries’ debt burden. To date, the total amount of write-offs stands at over US$20 billion. Joint programmes have been launched with a number of countries involving the use of debts to finance national economic growth projects.”
On September 5, 2017, President Vladimir Putin attended a meeting of BRICS leaders with delegation heads from invited states, including the Heads of State and Government of Egypt, Tajikistan, Mexico, Guinea and Thailand. The meeting discussed the implementation of the 2030 Agenda for Sustainable Development and prospects for further developing their partner relations. Before the meeting, the BRICS leaders and delegation heads form invited states had a joint photo session, President Putin informed that “Russia has been working actively to implement the 2030 Agenda for Sustainable Development. We have written off over US$20 billion of African countries’ debts through the Heavily Indebted Poor Countries Initiative.” (http://en.kremlin.ru/events/
On January 30, 2015, President Putin sent his greetings to the 24th Ordinary Session of the Assembly of the African Union Heads of State and Government. The message stated in part: The Russian Federation’s relations with our African partners are developing positively. We have established a substantial political dialogue and work actively together in international affairs. Russia’s decision to write off much of African countries’ debt and the preferential conditions we offer the majority of Africa’s traditional export goods open up new possibilities for trade, economic and investment cooperation. (http://en.kremlin.ru/events/
On March 27, 2013, in Durban, South Africa, in a speech at meeting with Heads of African states, President Putin explicitly noted “Over the course of many decades, Russia has provided direct assistance to the African continent. I would like to note that we have written off over 20 billion dollars in debt; we have written off far more than any other G8 nation. We plan to take additional measures to ease the debt burden.”
According to the Russian leader, the BRICS group’s companies are working actively in the African market; there is a growing influx of investments into various sectors in Africa’s economies, from traditional mineral extraction and farming to high technologies and banking. He added BRICS countries are championing the rights and interests of Africa and other nations with emerging economies, speaking out in favour of increasing their role and influence in the global governance system, particularly international financial and economic organizations. (http://en.kremlin.ru/events/
On June 28, 2002, in Kananaskis, Canada, there was a media conference after the G8 Summit. There was one specific question regarding Africa. The G8 approached the plan submitted by African countries in a creative way. What can be Russia’s role and place in addressing the global problem of combating poverty?
President Vladimir Putin answered: “As regards Russia, it has traditionally had very good relations with the African continent. We are very perceptive of the problems on the African continent. I must say that Russia has been making a very tangible contribution to solving Africa’s problems. Suffice it to say Russia is making a big contribution to the initiative adopted here, a multi-lateral initiative, including the writing off part of African debts. Of all the African debts that are to be written-off, 20% are debts to the Russian Federation. That is US$26 billion.”
On May 21, 2007, The Kremlin made available Excerpts of the Transcript of the Cabinet Meeting (http://en.kremlin.ru/events/
“We discussed responsible lending and relations with countries that have benefited from debt relief. We are writing off debt, reducing these countries’ debt burden, and meanwhile their opportunity to incur new debts is increasing simultaneously. And a number of countries are starting to make huge loans to these countries, taking advantage of the fact that they are no longer in debt and lending to them at such a rate that these countries will once again require help. These instances exist. In fact, this practice is liable to be perceived in a negative way. A number of leading countries in the world are engaged in this practice,” he said.
At Sochi summit, Putin’s announcement about “debt write-off” was, therefore, nothing new. The Africa’s debts write-off debt has been played for years. It featured in Foreign Minister Lavrov speeches, at least between 2007 and 2015, as indicated here from the official website of the Foreign Affairs Ministry.
Remarks by Foreign Minister Sergey Lavrov at the UN Summit for the Adoption of the Post-2015 Development Agenda, New York, September 27, 2015 (1814-27-09-2015).
He said: “Russian development assistance is invariably aimed at solving the most pressing challenges faced by the countries in need. In these efforts, we are neither trying to lecture our partners on how they should build their lives, nor impose political models and values. Poverty eradication is the key objective of Russia’s state policy in the area of international development assistance at the global level.”
Debt relief is an effective tool in this regard. Under the Heavily Indebted Poor Countries Initiative (HIPC), our country has written off over 20 bn US dollars of the principal debt owed by African countries alone. Russia also contributes to reducing the debt burden of the poorest countries beyond the HIPC through debt-for-aid swaps. We also take other steps towards the settlement of debt owed to Russia, both within multilateral and bilateral formats, he added.
Speech by the Russian Foreign Minister Sergey Lavrov at the reception on the occasion of Africa Day, Moscow, 22 May 2014 (1243-22-05-2014). As it is known, Russia has written off over 20 billion US dollar debt of African states. We are undertaking steps to further ease the debt burden of Africans, including through conclusion of agreements based on the scheme “debt in exchange for development”according to the Foreign Minister.
In April, 2014, the President of the Russian Federation, Vladimir Putin, approved the new State policy concept of the Russian Federation in the area of contribution to international development. Its practical implementation will contribute to the build-up of participation in the area of assistance to the development of states of the African continent, according to the report posted to the website.
Transcript of Remarks by Minister of Foreign Affairs of the Russian Federation Sergey Lavrov at Reception on Occasion of Africa Day, Moscow, May 26, 2008 (751-26-05-2008). “Russia has done a great deal to alleviate the debt burden, particularly in the framework of the Enhanced Heavily Indebted Poor Countries Initiative, and in writing off multilateral debts to the IMF and the International Development Association. The overall amount of the African countries’ indebtedness cancelled by us, including on a bilateral basis, exceeds 20 billion dollars, of which about one-half in the last two years,” Lavrov told the gathering on Africa Day in 2008.
As far back as May 2007, the Foreign Ministry showed interest in Africa’s debts. “We are helping our African partners reduce the burden of foreign debt. We have written off African debt within the framework of the initiative to reduce the indebtedness of the poorest nations,” Foreign Minister Sergey Lavrov said at May 25 gathering of a group of ambassadors, diplomats and ministry officials marking Africa Day.
The move signaled Russia’s intention to fulfill its commitments made at that time Group of Eight (G8) meetings as well as paving the way to increased trade with the African continent. It was then, signed into law March 10 ratifying the agreement between Russia and African countries it aided during the Soviet era. Russia continued discussions on a full debt write-off on bilateral basis, African countries owed nearly US$20 billion. The debt was primarily through weapon deliveries, according to the official transcript.
“The most important aspect of economic cooperation in our foreign policy is to encourage African countries to trade with us and to not only depend on development aid. Always looking for aid makes these countries less productive and funds for projects end up in foreign banks at the expense of the suffering population,” Lavrov said.
In March 2019, President Vladimir Putin chaired a meeting of the Commission for Military-Technical Cooperation with Foreign States and Kremlin’s website transcript pointed to the geographic reach of military-technical cooperation as constantly expanding, with the number of partners already in more than 100 countries worldwide.
Since then, President Putin has repeatedly called for renewed efforts, not only, in preserving, but also, in strengthening Russia’s leading position on the global arms market, primarily in the high-tech sector, amid tough competition. He further called for reliance on the rich experience in this sphere and building up consistently military technology cooperation with foreign states.
“We strictly observe international norms and principles in this area. We supply weapons and military equipment solely in the interests of security, defence and anti-terrorism efforts. In each case, we thoroughly assess the situation and try to predict the developments in the specific region. There are no bilateral contracts ever targeted against third countries, against their security interests,” he explained.
According to the Kremlin website, Russia targeted global export contracts worth 50 billion dollars in 2018. Russia’s export priority is to expand its scope and strengthen its position on the market.
Over the past years, strengthening military-technical cooperation has been a strong part of the foreign policy of the Russian Federation. Russia has signed bilateral military-technical cooperation agreements with many African countries. On the other hand, Moscow’s post-Cold War relations with Africa, undoubtedly, lean toward military support and arms trade. Analysis by the Stockholm International Peace Research Institute (SIPRI) indicates that between 2014 and 2018, Russia accounted for 49% of arms imports to North Africa and 28% to Sub-Saharan Africa.
Africa has started accumulating fresh debts. For example, Johan Burger’s article details crucial information in relation to Russia’s military interests in Africa. Russia has established or intends to establish military bases in Sudan along the Red Sea Coast, Somaliland, and Egypt. Another publication highlights Russia’s military bases in Madagascar, Mozambique, and Guinea. Lately, the Central African Republic intends to host a Russian military base.
Last October, President of the Arab Republic of Egypt, African Union Chairman and Co-Chairman of the Russia-Africa Summit, Abdel Fattah el-Sisi, noted in his speech at the plenary session of the Russia-Africa Economic Forum: Africa welcomes the efforts to encourage an open door policy and cooperation with its partners with a view to making a breakthrough in developing its economy. Russia and other foreign countries as well as international financial organizations have to develop cooperation and invest in Africa.
Further, the Egyptian leader urged international and regional financial organizations to take part in funding Africa’s economic growth and to give it financial guarantees on consolidating its economic potential. This would help promote trade and investment. Further urged foreign countries to grant African states generous terms for their projects and development programmes, which will help Africa reach its dream – to embark on the road of progress, modernization and sustainable development.
Before concluding his speech, President Abdel Fattah el-Sisi emphasized that cooperation with Africa must be based on common interests, on the protection of African property, which would allow Africa to promote comprehensive sustainable development by carrying out three major goals.
First, it is necessary to accelerate economic reforms and create a businesslike atmosphere by establishing close partnership with the private sector. Second, it is essential to implement social justice principles with the broad participation of society. Third, it is necessary to consolidate peace and stability in accordance with the African Union’s Agenda 2063 and Sustainable Development Goals 2030.
World
Russian-Nigerian Economic Diplomacy: Ajeokuta Symbolises Russia’s Remarkable Achievement in Nigeria
By Kestér Kenn Klomegâh
Over the past two decades, Russia’s economic influence in Africa—and specifically in Nigeria—has been limited, largely due to a lack of structured financial support from Russian policy banks and state-backed investment mechanisms. While Russian companies have demonstrated readiness to invest and compete with global players, they consistently cite insufficient government financial guarantees as a key constraint.
Unlike China, India, Japan, and the United States—which have provided billions in concessionary loans and credit lines to support African infrastructure, agriculture, manufacturing, and SMEs—Russia has struggled to translate diplomatic goodwill into substantial economic projects. For example, Nigeria’s trade with Russia accounts for barely 1% of total trade volume, while China and the U.S. dominate at over 15% and 10% respectively in the last decade. This disparity highlights the challenges Russia faces in converting agreements into actionable investment.
Lessons from Nigeria’s Past
The limited impact of Russian economic diplomacy echoes Nigeria’s own history of unfulfilled agreements during former President Olusegun Obasanjo’s administration. Over the past 20 years, ambitious energy, transport, and industrial initiatives signed with foreign partners—including Russia—often stalled or produced minimal results. In many cases, projects were approved in principle, but funding shortfalls, bureaucratic hurdles, and weak follow-through left them unimplemented. Nothing monumental emerged from these agreements, underscoring the importance of financial backing and sustained commitment.
China as a Model
Policy experts point to China’s systematic approach to African investments as a blueprint for Russia. Chinese state policy banks underwrite projects, de-risk investments, and provide finance often secured by African sovereign guarantees. This approach has enabled Chinese companies to execute large-scale infrastructure efficiently, expanding their presence across sectors while simultaneously investing in human capital.
Egyptian Professor Mohamed Chtatou at the International University of Rabat and Mohammed V University in Rabat, Morocco, argues: “Russia could replicate such mechanisms to ensure companies operate with financial backing and risk mitigation, rather than relying solely on bilateral agreements or political connections.”
Russia’s Current Footprint in Africa
Russia’s economic engagement in Africa is heavily tied to natural resources and military equipment. In Zimbabwe, platinum rights and diamond projects were exchanged for fuel or fighter jets. Nearly half of Russian arms exports to Africa are concentrated in countries like Nigeria, Zimbabwe, and Mozambique. Large-scale initiatives, such as the planned $10 billion nuclear plant in Zambia, have stalled due to a lack of Russian financial commitment, despite completed feasibility studies. Similar delays have affected nuclear projects in South Africa, Rwanda, and Egypt.
Federation Council Chairperson Valentina Matviyenko and Senator Igor Morozov have emphasized parliamentary diplomacy and the creation of new financial instruments, such as investment funds under the Russian Export Center, to provide structured support for businesses and enhance trade cooperation. These measures are designed to address historical gaps in financing and ensure that agreements lead to tangible outcomes.
Opportunities and Challenges
Analysts highlight a fundamental challenge: Russia’s limited incentives in Africa. While China invests to secure resources and export markets, Russia lacks comparable commercial drivers. Russian companies possess technological and industrial capabilities, but without sufficient financial support, large-scale projects remain aspirational rather than executable.
The historic Russia-Africa Summits in Sochi and in St. Petersburg explicitly indicate a renewed push to deepen engagement, particularly in the economic sectors. President Vladimir Putin has set a goal to raise Russia-Africa trade from $20 billion to $40 billion over the next few years. However, compared to Asian, European, and American investors, Russia still lags significantly. UNCTAD data shows that the top investors in Africa are the Netherlands, France, the UK, the United States, and China—countries that combine capital support with strategic deployment.
In Nigeria, agreements with Russian firms over energy and industrial projects have yielded little measurable progress. Over 20 years, major deals signed during Obasanjo’s administration and renewed under subsequent governments often stalled at the financing stage. The lesson is clear: political agreements alone are insufficient without structured investment and follow-through.
Strategic Recommendations
For Russia to expand its economic influence in Africa, analysts recommend:
- Structured financial support: Establishing state-backed credit lines, policy bank guarantees, and investment funds to reduce project risks.
- Incentive realignment: Identifying sectors where Russian expertise aligns with African needs, including energy, industrial technology, and infrastructure.
- Sustained implementation: Turning signed agreements into tangible projects with clear timelines and milestones, avoiding the pitfalls of unfulfilled past agreements.
With proper financial backing, Russia can leverage its technological capabilities to diversify beyond arms sales and resource-linked deals, enhancing trade, industrial, and technological cooperation across Africa.
Conclusion
Russia’s Africa strategy remains a work in progress. Nigeria’s experience with decades of agreements that failed to materialize underscores the importance of structured financial commitments and persistent follow-through. Without these, Russia risks remaining a peripheral player (virtual investor) while Arab States such as UAE, China, the United States, and other global powers consolidate their presence.
The potential is evident: Africa is a fast-growing market with vast natural resources, infrastructure needs, and a young, ambitious population. Russia’s challenge—and opportunity—is to match diplomatic efforts with financial strategy, turning political ties into lasting economic influence.
By Adedapo Adesanya
Africa Export-Import Bank (Afreximbank) has urged African governments to lean into structural tailwinds, warning that the global commodity landscape has entered a new phase of deepening split.
In its November 2025 commodity bulletin, the bank noted that markets are no longer moving in unison; instead, some are powered by structural demand while others are weakening under oversupply, shifting consumption patterns and weather-related dynamics.
As a result of this bifurcation, the Cairo-based lender tasked policymakers on the continent to manage supply-chain vulnerabilities and diversify beyond the commodity-export model.
The report highlights that commodities linked to energy transition, infrastructure development and geopolitical realignments are gaining momentum.
For instance, natural gas has risen sharply from 2024 levels, supported by colder-season heating needs, export disruptions around the Red Sea and tightening global supply. Lithium continues to surge on strong demand from electric-vehicle and battery-storage sectors, with growth projections of up to 45 per cent in 2026. Aluminium is approaching multi-year highs amid strong construction and automotive activity and smelter-level power constraints, while soybeans are benefiting from sustained Chinese purchases and adverse weather concerns in South America.
Even crude oil, which accounts for Nigeria’s highest foreign exchange earnings, though still lower year-on-year, is stabilising around $60 per barrel as geopolitical supply risks, including drone attacks on Russian facilities, offset muted global demand.
In contrast, several commodities that recently experienced strong rallies are now softening.
The bank noted that cocoa prices are retreating from record highs as West African crop prospects improve and inventories recover. Palm oil markets face oversupply in Southeast Asia and subdued demand from India and China, pushing stocks to multi-year highs. Sugar is weakening under expectations of a nearly two-million-tonne global surplus for the 2025/26 season, while platinum and silver are seeing headwinds from weaker industrial demand, investor profit-taking and hawkish monetary signals.
For Africa, the bank stresses that the implications are clear. Countries aligned with energy-transition metals and infrastructure-linked commodities stand to benefit from more resilient long-term demand.
It urged those heavily exposed to softening agricultural markets to accelerate a shift into processing, value addition and product diversification.
The bulletin also called for stronger market-intelligence systems, improved intra-African trade connectivity, and investment in logistics and regulatory capacity, noting that Africa’s competitiveness will depend on how quickly governments adapt to the new two-speed global environment.
By Modupe Gbadeyanka
A strategic partnership designed to accelerate worldwide enterprise adoption and monetisation of Network APIs has been entered into between Comviva and the global aggregator of standardised network APIs, Aduna.
The adoption would be done through Comviva’s flagship SaaS-based platform for programmable communications and network intelligence, NGAGE.ai.
The partnership combines Comviva’s NGAGE.ai platform and enterprise onboarding expertise with Aduna’s global operator consortium.
This unified approach provides enterprises with secure, scalable access to network intelligence while enabling telcos to monetise network capabilities efficiently.
The collaboration is further strengthened by Comviva’s proven leadership in the global digital payments and digital lending ecosystem— sectors that will be among the biggest adopters of Network APIs.
The NGAGE.ai platform is already active across 40+ countries, integrated with 100+ operators, and processing over 250 billion transactions annually for more than 7,000 enterprise customers. With its extensive global deployment, NGAGE.ai is positioned as one of the most scalable and trusted platforms for API-led network intelligence adoption.
“As enterprises accelerate their shift toward real-time, intelligence-driven operations, Network APIs will become foundational to digital transformation. With NGAGE.ai and Aduna’s global ecosystem, we are creating a unified and scalable pathway for enterprises to adopt programmable communications at speed and at scale.
“This partnership strengthens our commitment to helping telcos monetise network intelligence while enabling enterprises to build differentiated, secure, and future-ready digital experiences,” the chief executive of Comviva, Mr Rajesh Chandiramani, stated.
Also, the chief executive of Aduna, Mr Anthony Bartolo, noted that, “The next wave of enterprise innovation will be powered by seamless access to network intelligence.
“By integrating Comviva’s NGAGE.ai platform with Aduna’s global federation of operators, we are enabling enterprises to innovate consistently across markets with standardised, high-performance Network APIs.
“This collaboration enhances the value chain for operators and gives enterprises the confidence and agility needed to launch new services, reduce fraud, and deliver more trustworthy customer experiences worldwide.”
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