World
Russia Revisits Business Opportunities With Tanzania
By Kestér Kenn Klomegâh
With geopolitical changes at its height, Russia now considers Africa as its indispensable partner, reviewing and revisiting unfulfilled pledges made decades ago. Even as its interest is seemingly rising, Russia is not investing as practically as expected across Africa. Anti-western criticisms dominate its rhetoric at business meetings, summits and conferences. Official travels have become frequent between the first and second Russia-Africa summits held respectively in late October 2019 (Sochi) and in July 2023 (St.Petersburg). Several agreements were signed at both summits with African countries.
In late October, the Russian-Tanzanian intergovernmental commission, headed by Russian Economic Development Minister, Maxim Reshetnikov, was in Dar es Salaam, aiming at opening new business horizons for cooperation in Tanzania and throughout the East African region. The objectives of achieving genuine economic growth and development for the majority of East Africa’s impoverished population. As always, Russia looks forward to strengthening economic cooperation with Tanzania, specific spheres include broadening trade, raising tourism and reviewing the possibility of engaging in energy and exports.
“We stand ready to increase exports of agricultural machinery, construction materials, pharmaceutical products, natural gas, LNG. We view interaction in the energy field as promising. We know about Tanzania’s interest in gas and LNG exports. Apart from that, our companies are willing to work on extracting fossil fuels and implementing major pipeline projects. One of the oil and gas institutes that specializes in standardizing and assessing compliance of oil and gas equipment is interested in cooperation with the Tanzanian state oil and gas company,” Reshetnikov said after an exclusive meeting with the Prime Minister of Tanzania Kassim Majaliwa, according to local media reports.
“Considering the pace at which electricity consumption is growing in Tanzania and the necessity of commissioning new power generating facilities, we’re prepared to build wind and solar power plants of any capacity and complexity,” he said.
The advantageous geographic position of Tanzania on the coast of the Indian Ocean and its connection to other African countries unlocks great opportunities for Russia. “Bearing in mind that Tanzania is located on the Indian Ocean’s coast and is a member of regional integration associations, therefore country can serve as the sole window through which Russian products could enter the Eastern African market. Russia could play an analogous role for exporters on the Eurasian Economic Union’s markets,” Reshetnikov said.
The agricultural sector is yet another priority. “To maintain the agricultural sector’s brisk development, Tanzania needs new technology, fertilizers, and the production of animal feedstuffs. Our companies are willing to supply them, cooperate in organizing the efficient use of fertilizers for plants, and share best agronomic practices. And also invest in joint projects to grow produce to be supplied to Russia and third countries,” Reshetnikov said.
“We expect to be able to intensify cooperation between veterinary and phytosanitary oversight agencies. Russian businesses are willing to supply animal products. We’ve offered a list of such companies to the Tanzanian side and asked them to issue permits for such supplies as soon as possible,” he said.
Some of the other highlights embodied FESCO Transportation Group, the flagship of which is the Far Eastern Shipping Company (FESCO), planning to launch shipping services between Russian ports and Tanzania. According to the Group’s vice president Dmitry Pankov, Tanzania could serve as a major transport and logistics hub for shipping goods to other countries in the East African Community (EAC) and Central African region.
On tourism at the Russia-Tanzania business forum, Tanzania offered to organize a familiarization tour for Russian tourism industry representatives in order to build business relations in tourism and to eventually begin direct flights. In turn, Russia offered to promote Tanzanian tourism products on its market, organize business meetings with Russian tour operators, and present the tourism potential at Russia’s tourism forums. Russia is also interested in joint social projects, including those in education, science and healthcare.
Political and diplomatic mutual understanding between Russia and Tanzania creates good conditions for increasing trade and economic cooperation. “Tanzanian business shows great interest in Russia. Russian business, in turn, is ready to enter new markets, invest in joint projects and share technologies. We are ready to help the Tanzanian economy maintain the high growth rates in energy, agriculture, infrastructure development and tourism,” the minister finally added.
The parties discussed the nature of the current interaction and promising areas of future cooperation. Reshetnikov highlighted the reliable and historically established relations between the governments, business, and people of Russia and Tanzania. After Soviet’s collapse, Russia maintain an excellent diplomatic relations over these three decades with Republic of Tanzania in East Africa.
By Aduragbemi Omiyale
A Memorandum of Understanding (MoU) to support sustainable food production at a range of scales towards climate adaptation while protecting and preserving soil health, biodiversity, and water resources has been sealed between Olam Agri and the Deutsche Gesellschaft für Internationale Zusammenarbeit (GIZ).
The deal provides a framework that will facilitate collaboration between the two organisations across staple agriculture supply chains that include rice, cotton, and rubber in developing markets in Asia, Africa, and Latin America.
The aim is to improve the livelihoods of smallholder farmers, provide them with access to key services and inclusive opportunities; and establish sustainability and traceability across agriculture supply chains, aligning with Olam Agri’s purpose to transform food and agriculture for a more sustainable and food-secure future.
For joint projects, GIZ and Olam Agri have identified six priority intervention areas: nutrition-sensitive regenerative agriculture; harvest and post-harvest loss reduction; access to finance for smallholders; economic inclusion and rights; management of crop residues and reuse; and ecosystem services, including protection and restoration of ecosystems and carbon initiatives.
Both partners will continue to identify topics relevant across value chains and regions to drive innovation and scaling, with possible cross-sectoral issues including climate and carbon credits, landscape-scale approaches, and digitisation.
“We’ve shared a strong and fruitful relationship with GIZ over the years during which we’ve made significant inroads in transforming smallholder farming in several supply chains across many geographies to be more productive, profitable, and sustainable.
“I am thrilled to be signing this MoU with such a valuable partner that is GIZ and commit to collaborate even further to scale up our sustainability programmes in developing and emerging agriculture economies,” the co-founder of Olam Agri, Mr Sunny Verghese, said.
Also commenting, the Managing Director of GIZ, Anna Sophie Herken, said, “The signing of this MoU with Olam Agri marks a pivotal step forward in our collaborative efforts towards sustainable food production.
“I am very happy and grateful that we can deepen and broaden our cooperation efforts simultaneously. We look forward to enhancing the scope and impact of our successful projects in climate-smart farming.”
By Adedapo Adesanya
Bitcoin (BTC), the world’s best-known digital currency, reached a fresh record high of $108,943 on Monday morning as Mr Donald Trump prepared to return to the White House.
The support from Mr Trump has boosted the crypto industry and after mentioning the asset’s record performance in a Sunday speech alongside gains in the broader US stock market, the prices have been heading north.
“Since the election, the stock market has surged and small business optimism has soared a record 41 points to a 39-year high. Bitcoin has shattered one record high after another,” Mr Trump said.
Business Post reports that some other tokens making gains include Ethereum (ETH), the second most valued coin which has gained 5.9 per cent to $3,349.93, Ripple (XPR) added 6.2 per cent to sell at $3.31, and Cardano (ADA) added 3.3 per cent to $1.07.
Mr Trump, who over the weekend launched a coin, has been vocal about his support for cryptocurrencies during his campaign and promised to make the US the crypto capital of the planet and create a strategic national bitcoin reserve, moves that have fueled investor optimism.
There are hopes that new policies and regulators will send the price of BTC and by extension, other coins much further this year as the US economy continues to show strength in the long term.
BTC reversed losses from earlier in the day when it fell to nearly $100,000 from a high over $102,000 on Sunday as incoming first lady Melania Trump issued a memecoin, drawing liquidity away from major assets.
Mrs Trump followed her husband’s lead by launching a multibillion-dollar cryptocurrency meme coin – briefly tanking the price of $TRUMP coin in the process.
A meme coin is a type of cryptocurrency inspired by trends such as internet memes with no inherent utility, and are often susceptible to price swings and crashes. Meme coins have been described by traders as a pure form of gambling and akin to buying a lottery ticket.
However, some crypto enthusiasts hailed the Trump meme coin’s release, saying it was symbolic of the incoming president’s support for an industry that felt unfairly targeted by the Biden administration.
By Adedapo Adesanya
Nigeria has joined the BRICS bloc of developing economies to boost trade and investment. It is not joining as a full status member but as a partner country.
According to a statement by the Ministry of Foreign Affairs to the effect, the country was admitted as a BRICS partner country during a BRICS summit in Russia in 2024.
This marked the country’s inclusion in a partnership with 12 other nations aimed at strengthening ties with the emerging economic bloc.
As a partner, Nigeria can engage with BRICS initiatives without the formal obligations or decision-making rights that come with full membership.
Full members, on the other hand, actively shape the bloc’s policies, benefit from broader access to resources, and have a more significant role in governance.
BRICS was established in 2009 by Brazil, Russia, India, and China, with South Africa joining a year later in 2010. In 2024, the alliance expanded to include Iran, Egypt, Ethiopia, and the United Arab Emirates (UAE).
Saudi Arabia has also received an invitation but has not yet formalised its membership.
According to the Ministry of Foreign Affairs, the formal acceptance to participate as a partner country highlights Nigeria’s commitment to fostering international collaboration and leveraging economic opportunities.
The ministry also said Nigeria is focused on advancing strategic partnerships that align with its development objectives.
The ministry noted that BRICS, as a collective of major emerging economies, presents a unique platform for Nigeria to enhance trade, investment, and socio-economic cooperation with member countries.
Business Post reports that Nigeria becomes the ninth BRICS partner country, joining Belarus, Bolivia, Cuba, Kazakhstan, Malaysia, Thailand, Uganda, and Uzbekistan.
BRICS created to counterbalance the Group of Seven (G7), which consists of advanced economies. BRICS aims to amplify the influence of developing nations.
The term “BRICS” originated in the early 2000s as a label for emerging economies projected to become major global economic powers by the mid-21st century. The bloc has since evolved into a platform for addressing global economic disparities and fostering cooperation among rising economies.
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