World
Russia Rebuilding a Bridge to Africa
By Kester Kenn Klomegah
About 35 leaders of African countries have officially confirmed their participation in the Russia-Africa Summit, Russian Presidential Envoy for the Middle East and Africa and Deputy Foreign Minister, Mikhail Bogdanov, said mid-July. “Almost all of them want to come. About 35 leaders have officially confirmed their participation. I believe at least 40 leaders will come. We do feel our partners’ commitment and their keen interest.”
According to Bogdanov, the Russia-Africa summits could be held every two or three years. “It is not a one-time event but the start of a long way. We would like to continue that, every two to three years on a regular basis. Of course, the venue will change,” the senior diplomat told reporters in Moscow.
The Russia-Africa summit will be the first in a series of activities under the aegis and direction of the Russian Ministry of Foreign Affairs, the Russian Ministry of Energy, the Russian Ministry of Economic Development, as well as legislative bodies and public organizations.
During the past decades, a number of foreign countries notably China, the United States, European Union, India, France, Turkey, Japan, and South Korea have held such gatherings in that format.
The idea to hold a Russia-Africa forum was initiated by President Putin at the BRICS (Brazil, Russia, India, China and South Africa) summit in Johannesburg in July 2018. This first Russia-Africa summit will definitely enhance mutual multifaceted ties, reshape diplomatic relationships and significantly rollout ways to increase effectiveness of cooperation between Russia and Africa.
While Russia is working toward the start of a new dawn, policy experts have suggested that the Kremlin has to substantiate its future African policy agenda with consistency, activeness and support, and enhance its participation in the economic development of Africa. Major trends of Africa’s development have to be taken into consideration in shaping policies and incorporated in the final summit resolutions and declarations.
“Indeed, through the summit, Russia has to discover specific expectations, new directions and how to deal with Africa. The games there have completely changed, many global players have also adopted investment strategies more appealing and acceptable for Africans,” South African based senior analyst on BRICS and African policy, Kelvin Dewey Stubborn, told me by email from South Africa.
He suggested that, “the Russia-Africa summit has to focus discussions on new development-oriented thinking and how to transfer Russian technology to industry and agriculture more collaboratively, and a lot more cooperation on employment creation across sectors. That’s the best way to sustain peace and eradicate conflicts in Africa.”
South African business tycoon, Sello Rasethaba, questioned how Russia was going to establish a thriving trade relationship with Africa for the benefit of all. In reality and effective practical terms, how does Russia want to reposition itself in relation with Africa? With business relationships, Russia has to consider practical strategies in consultation with African countries. The fact that the middle class is growing in leaps and bounds in Africa makes this market even more attractive and opens more opportunities for Russian businesses.
“The current investment and business engagement by foreign players with Africa is on the increase. There are so many unknowns up there in Russia; it’s crucial that Russia has a clear vision of the relationship it wants with Africa. Russia together with African countries must setup sovereign wealth funds using the resources power of those countries,” he said.
There are similar views and sentiments. Rex Essenowo, Member of the Board of Trustees of Nigerians in Diaspora Europe and Senior Executive of Asian Africa Trade, a Moscow based business lobbying non-government organization, said it was unfortunate that some people consistently undermine Africa’s strategic interest, that is infrastructural development and lifting its vast population out of poverty. Playing the conflict card is strategically destructive because the warring parties want to present Africa as unsafe for investments.
“It is for African leaders to remain focused on the right direction, resolute in conflict management and rolling out new implementable policies oriented towards building infrastructure, modernizing agriculture, investment in manufacturing and industry – these will offer employment for the youth. Meanwhile, we are not even using one tenth of our capacities on investment promotion at international platforms,” he added.
Essenowo further argued that the future of Russia-Africa relations has to take into cognizance the true meaning of building a platform for civil, media and cultural as well as people-to-people interaction, helping to change the attitudes and mentality, remove old stereotypes–these are important steps for improving business cooperation. In addition, Russia could help to deepen understanding through regular dialogue with the civil society and governments, as a basis for economic growth, development, as well as motivation for confidence among Russian investors within the region.
Despite its global status, Russia lacks assertiveness in Africa. Zimbabwe’s Ambassador to Russia, Major General (rtd) Nicholas Mike Sango, told me in an interview discussion that, “For a long time, Russia’s foreign policy on Africa has failed to pronounce itself in practical terms as evidenced by the countable forays into Africa by Russian officials. The Russian Federation has the capacity and ability to assist Africa overcome these challenges leveraging on Africa’s vast resources.”
Ambassador Mike Sango further expressed his views as follows: “Africa’s expectation is that Russia, while largely in the extractive industry, will steadily transfer technologies for local processing of raw materials as a catalyst for Africa’s development.”
Many former African ambassadors, mostly from the Southern African region, have also tasked African leaders to prioritize concrete development projects and reminded them that it was necessary to make rational choices, push for “African solutions to African problems” within the Sustainable Development Goals when they finally gather at the forthcoming October summit in Sochi.
The summit sessions have to discuss thoroughly “the whole range of development issues that will ultimately form the future African agenda” and analyze them through the prism of rivalry and competition among other foreign players on the continent, according to summarized separate media interviews with former African envoys who served in the Russian Federation. Now, Africa finds itself in an excellent position of having many suitors – each offering something it needs for its development, they acknowledged.
Chairman of the State Duma, Vyacheslav Volodin, told an instant meeting held with the Ambassadors of African countries in the Russian Federation, that Russia would take adequate steps to deliver on pledges and promises with Africa countries. “We propose to move from intentions to concrete steps,” Volodin reassured.
On the summit, Foreign Affairs Minister Sergey Lavrov has explained that arranging an event on such a large-scale with the participation of over 50 heads of state and government as well as African business people who have been looking to work on the Russian market required most careful preparation, including in terms of its substantive content and format.
“The economic component of the summit has a special significance as it would be of practical interest for all the parties. As such, specific Russian participants in bilateral or multilateral cooperation should be identified, which are not only committed to long-term cooperation but are also ready for large-scale investments in the African markets with account of possible risks and high competition,” Minister Lavrov noted in an interview posted to his official website.
For decades, Russia has been looking for effective ways to promote multifaceted ties and new strategies for cooperation in energy, oil and gas, trade and industry, agriculture and other economic areas in Africa.
President Vladimir Putin noted at the VTB Capital’s Russia Calling Forum, that many countries had been “stepping up their activities on the African continent” but added that Russia could not cooperate with Africa “as it was in the Soviet period, for political reasons.” In his opinion, cooperation with African countries could be developed on a bilateral basis as well as on a multilateral basis, through the framework of BRICS for instance.
But so far, Russia has not pledged adequate funds toward implementing its business projects and other policy objectives in Africa. Russia’s investment efforts in the region have been limited thus far, which some experts attribute to lack of a policy of financing such projects. While the Russian government is very cautious about making financial commitments, Russia’s financial institutions are not closely involved in foreign policy initiatives in Africa.
As publicly known, China has offered US$60 billion, Japan US$32 billion, and India US$25 billion, while large investment funds have also come from the United States and European Union, all towards realizing the Sustainable Development Goals in Africa.
World
Nigeria Leads Africa in Equity Funding as Startup Investment Hits $254m in H1 2026
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.
World
SCRYPT Expands Stablecoin Settlement Infrastructure to East Africa
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.


