World
Russian Energy Week: Africa’s Position On The Global Market
By Kestér Kenn Klomegâh
According to the World Bank, Russia holds the world’s largest natural gas reserves, the second-largest coal reserves, and the eighth-largest oil reserves. Over the past few years, Russia has expressed a heightened interest in exploring and producing oil and gas in Africa. Emboldened African leaders and industry executives have accepted proposals and signed several agreements with Russian companies, but little has been achieved in the sector.
With the rapidly changing geopolitical conditions and economic fragmentation fraught with competition and rivalry, African leaders have to understand that Russia may not invest heavily in the oil and gas sector, not even in the needed infrastructure in this industry. From our monitoring, research and several interviews with experts especially inside Africa, we can conclude that the Russia-Ukraine crisis has brought into its fold good opportunities. Russia is energy self-sufficient. It does not need to import energy from Africa, it can only act as a fortified gatekeeper. It has done this for several years, primarily to ensure, to a considerable extent, control of Africa’s energy from entering the global market. Popular opinion now is that potential African producers can take advantage to attract investments required to build infrastructure that would enable them to expand exploration, production and exportation to meet the anticipated increase in demand in Europe.
Russia’s interest in possible participation in oil and gas-related projects is perceived by some experts as a bid to control the flow of oil and gas from Africa into Europe. Several experts have written about the implications of the Russia-Ukraine crisis and its meaning for Africa. The crisis casts a long shadow across Africa. There is a need to forge a pan-African solidarity and adherence to working towards developing the continent’s natural resources. If this is not done, Africa will continue importing oil and gas.
During June 2021 interview discussions with NJ Ayuk, Executive Chairman of the African Energy Chamber, a pan-African company that focuses on research, documentation, negotiations and transactions in the energy sector, he expressed the urgent necessity for scaling up Africa’s production capacity to achieve universal access to energy. He further noted the challenging tasks and pointed strongly to the need for a transformative partnership-based strategy, (that requires transparency, good governance and policies that could create a favourable investment climate) and that aims at increasing access to energy for all Africans.
Natural gas, affordable and abundant in Africa, has the power to spark significant job creation and capacity-building opportunities, economic diversification and growth. Sustainable development of African economies can only be attained by the development of local industry – by investing in Africans, building up African entrepreneurs and supporting the creation of indigenous companies. It requires cooperative efforts by Africans. Can there be a unified approach to collaborating on issues of energy projects in Africa? NJ Ayuk observes that Africa has already made an indelible mark in the oil and gas industry. Africans must therefore become more accountable, and plan better in the energy sectors.
Some potential external investors, like Russia, have for many decades shown interest in this sector but have not operationalized their agreements and promises. Approximately 840 million Africans, mostly in sub-Saharan countries, have no access to electricity. Hundreds of millions have unreliable or limited power at best. Even during normal circumstances, energy poverty should not be the reality for most Africans. The popular narratives about the prevalence of energy poverty on the continent have to change. We need good governance that creates an enabling environment for widespread economic growth and improved infrastructure. African leaders need an unwavering determination to make Africa work for us, even when there are missteps and things go wrong.
The African Energy Chamber is raising A Banner for African Oil & Gas. It plans to hold an Oil and Gas conference this October. As part of the conference, its special report titled “State of African Energy Report” will be presented during the conference. According to the report seen by this author, increasing oil and gas activity and a record number of discoveries have set the stage for significant industry growth in the second half of 2022.
In Namibia alone, for example, two breakthrough discoveries, Shell’s Graff and Total Energies’ Venus-1X, have opened frontier oil play onshore. Industry experts estimate that Venus-1X may hold recoverable resources of some 3 billion barrels of recoverable oil, making it Sub-Saharan Africa’s largest-ever oil discovery. Namibia has led the way in new oil and gas activity this year and is emerging as an exploration hot spot.
In northeast Namibia and northwest Botswana, ReconAfrica has licensed operations for the newly discovered 8.5-million-acre Kavango Basin, one of the world’s largest onshore undeveloped basins. The energy sector was crippled by historically low volumes in 2020 and 2021, creating an even more critical need for new exploration. And Namibia is just one example of the discoveries being made all over Africa. The report outlines several new developments across the continent. Eni discovered the Baleine field in Cote d’Ivoire last year, which contains as many as 2 billion barrels of recoverable oil and nearly 2 Tcf of gas offshore. This is a big deal for Côte d’Ivoire, which up until now has been producing about 34,000 barrels of crude per day from four blocks.
In Angola, TotalEnergies is drilling for the first time since 2018 and has executed a sale and purchase agreement with state-owned Sonangol for two blocks in the Kwanza Basin offshore. Other majors, including ExxonMobil, Chevron, BP, and Eni, are active in Angola as well. More than a dozen high-impact wells are predicted in the next 18 months in Libya, Ghana, Mozambique, South Africa, Equatorial Guinea, Morocco, Egypt, and others. Egypt alone has awarded eight oil and gas exploration blocks to Eni, BP, Apex International, Energean, United Energy, Enap Sipetrol, and INA. After long delays, licensing rounds are planned, open or under evaluation in more than a dozen countries including Angola, Equatorial Guinea, Ghana, Gabon, and Congo. The results are expected to be announced this year. Higher greenfield spending is also forecast as more projects get the green light.
In Kenya, for example, large investments are expected in the greenfield onshore development of Tullow’s South Lokichar basin, Turkana County. At an estimated 585 billion barrels, this is widely considered one of the last big conventional onshore projects in the world. These discoveries and others referenced in the Chamber’s report are tremendously exciting. If managed properly, it could make significant progress toward the goal of a just energy transition: alleviating energy poverty, stimulating economic growth, and improving the lives of everyday Africans.
The State of African Energy Report outlines an unprecedented level of new oil and gas discoveries on the African continent. The simple, staggering fact that more than half of Sub-Saharan Africans lack access to electricity means priority must continue to end energy poverty. With Africa’s population projected to exceed two billion by 2040, generation capacity will need to be doubled by 2030 and multiplied fivefold by 2050. Oil and gas are Africa’s lifeblood and the foundation for economic development.
The future depends on sustaining the longevity of the industry. Africa’s wealth of new oil discoveries is not only a chance to recover some of the devastating losses suffered in the last two years – it represents an opportunity to achieve an energy transition that benefits all Africans. According to the report, increasing oil and gas activity and a record number of discoveries have set the stage for significant industry growth in the second half of 2022.
Some experts believe that Europe can look to Africa as a preferred energy supplier. Africa is ready to welcome investors currently pulling out of Russia if they can genuinely invest in developing oil and gas infrastructure which Africa seriously lacks in this industry. That’s a real opportunity for Africa at this point.
Mohammad Sanusi Barkindo, OPEC Secretary General, (before his death in early July) stressed in his last speech that “It is essential if we are to develop new technologies, strengthen the human capacity and remain leaders in innovation so that we can do our part to meet the world’s growing need for energy, shrink our overall environmental footprint, and expand access to underserved communities. Yet the industry is now facing huge challenges along multiple fronts, and these threaten the investment potential now and in the longer term.”
Regrettably, we are seeing global energy cooperation becoming more fragmented. New regional alignments are threatening to reverse years of progress towards creating a more stable and interconnected energy system. We cannot afford to allow multilateral energy cooperation and global energy security to become collateral damage of geopolitics, the OPEC Secretary General said. It is necessary to underscore the importance of cooperation in exploring and producing this resource to support the needed sustainable development goals and attempt to become more prominent on the global energy stage.
Undoubtedly, Africa has the fastest-growing population in the world, but half of this population is without an energy supply. That is why African leaders have to seriously prioritize the right energy policies to make access to energy the most effective way possible. Russian Presidential Special Representative for the Middle East and Africa, Mikhail Bogdanov, in an April interview with Interfax news agency, was asked “Many people in Europe are convinced that Africa is capable of increasing the production and supplies of gas to Europe instead of Russia’s. In your opinion, how realistic is this?” He explained that “the world is governed by market rules. The reason is the existence of a whole system – consumer markets, traditional suppliers, contracts, not to mention pipelines and oil terminals. In short, this cannot be done in an instant. It will take years to replace supply chains and to build new infrastructure.”
Bogdanov says that Africa is beyond any doubt the continent of the future, both from the point of view of human resources and being a storeroom of the world’s riches. Another issue is that colonial powers, as well as neo-colonialists, have never let the Africans take advantage of the treasure under their feet.
President Vladimir Putin addressed the plenary session of the VTB Capital Russia Calling! Investment Forum organized and held by VTB Bank. As usual, the forum brought together from all over the world, business leaders, investment managers and consultants, as well as international experts in the field of the economy and finance.
Putin listened to academics and researchers, sometimes even opposing views of the current developments, and enjoyed the interactive exchange of opinions with potential investors, an insight into the mood of business partners both from Russia and abroad.
On Africa, 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.” 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 in Africa. But so far, Russia’s investment efforts in the region have been limited. Russia is very cautious about making financial commitments in Africa. Russian companies currently have a weak presence in Africa. There is no stimulus for efforts to localize the production of equipment and strengthen technological partnerships in the energy sector.
Russia, with contentiousness, claims the leading position as a supplier and is now rapidly diversifying its products at discounted prices to the Asian market. With the emerging new economic order characterized by competition and rivalry, and the additional fact that Russia already has thousands of decade-old undelivered pledges and several bilateral agreements signed which are yet to be implemented with individual countries in the continent, it is simply logical that Africans should not expect much in this oil and gas (energy) sector from the Russian Federation.
By Kestér Kenn Klomegâh
At the St Petersburg International Economic Forum 2026, the traditional “Russia-Africa Business Dialogue”, which was initiated in 2016, will deliberate aspects of forging economic cooperation between Russia and African countries. For a decade since its creation, this platform has practically discussed most pertinent roadblocks, highlighted the economic sectors, and outlined the prospects. The significant issues have also been treated at the first and second Russia-Africa summits.
As Moscow prepares to hold the next Russia-Africa summit in October, it is quite clear that Russia has still not worked out financial mechanisms to support its investments across Africa. Generally, the federal strategy for this area has been mapped out, Russian investors understand where to invest in Africa, but lacks extremely the financial motivation and approach to integrate young people into the business environment. Other constraining factors include a lack of financial support instruments the suitable environment for experience sharing and collaboration. At the same time, there are reports that point to a broad range of factors that hinder the development of youth entrepreneurship.
Historically, Russia–Africa relations have evolved through distinct phases after phases. The latest phase began from the first Russia-Africa summit through the second, and is currently moving to the third summit in October. As part of the strategic preparations, Tanzanian President Samia Suluhu Hassan was the guest of Vladimir Putin in the Kremlin. Russia and Tanzania have had good relations, but it has been more than a century since the last state visit of a Tanzanian leader to Russia. From the historical records, Mwalimu Nyerere visited in 1969. As a result, Samia Hassan’s official working visit had a special historic significance for the bilateral relations. “We see this as a very positive sign,” noted Putin. Further to that, Samia Hassan was decorated with an honorary doctorate degree (Doctor Honoris Causa) at the Russian Peoples Friendship University, expressed gratitude for the political solidarity, and underlined Russia for the great contribution which it provided during the African political liberation in the 60s.
Tanzania’s Distinctive Profile
Sergei Kiriyenko, the Deputy Chief of Staff of the Presidential Administration who oversees the department, visited Tanzania after the November 2025 elections. In addition, Putin’s aide Yuri Ushakov called Tanzania “one of the key partners on the African continent,” recalling that it is home to approximately 70 million people. Samia’s visit to Russia is a victory for Russian diplomacy in Africa, as Tanzania is one of those allies that strengthen Moscow, says Andrey Maslov, Director of the HSE Centre for African Studies. According to the expert, cooperation is based on mutual benefit, and Tanzania does not require assistance. The country is among the continent’s economic leaders, distinguished by high growth rates, a stable political system, and a friendly attitude towards Russia. Russia’s interest in Tanzania is largely due to its geographic location and access to the Indian Ocean. The port of Dar es Salaam is considered a key transport hub in East Africa, serving transit routes to the East African Community (EAC) countries, along with the Kenyan port of Mombasa. Given Tanzania’s population, the EAC’s combined market represents over 300 million people, and the potential for expanding trade lies primarily in agricultural products, fertilisers, and basic industrial goods.
Africa’s participation at the St Petersburg 29th forum is very unique, with the majority from East and Southern Africa. The Director General of the Tanzania Investment and Special Economic Zones Authority (TISEZA), Gilead J. Teri, noted that the Tanzanian delegation has a unique opportunity to advance its agenda and strengthen bilateral relations. The forum gave a powerful boost to trade and economic cooperation. Tanzania presented its investment potential to the Russian business community. Therefore, it could be said that bilateral relations between Russia and Tanzania are flourishing and developing dynamically today.
Eastern and Southern Africa’s Dimensions
While it envisages strengthening ties in a broad range of fields, targeting the Eastern and Southern regions by utilising Tanzania as the gateway, Russia shows that the key partners in that part of Africa. Russia’s attributes for raising investment relations are clear: stability, untapped resources and human capital.
Putin’s meeting with Tanzania’s Samia Hassan, aiming at lifting up bilateral cooperation, which symbolises a new qualitative stage or a new chapter in the relations between Russia, Tanzania and the entire SADC. “Africa is an important partner for Russia, a participant in the emerging and sustainable polycentric architecture of the world order. Our relations with the states of that continent are valuable in their own right and should not be subject to the fluctuations on the international arena,” Foreign Minister Sergey Lavrov also said long time ago at the Russia-Africa civil/public gathering held in 2018, in attendance was Stergomena Lawrence Tax, who headed the Southern African Development Community (SADC).
“We are aware that our African friends hold the same views. Relying on the accumulated experience of productive cooperation, Russian diplomats seek to pursue a consistent policy for deepening the range of Russia-Africa relations,” he added. Lavrov said it is necessary to maximise the potential of public, cultural and business diplomacy in the interests of strengthening and expanding the mutually beneficial ties between Russia and African states while invariably adhering to the principle of African solutions to African problems, formulated by the Africans themselves.
Stergomena Lawrence, however, observed that Russia has not been that visible in the region as compared to China, India or Brazil. But it is encouraging that Russia has made the decision to reposition itself as a major partner with Southern Africa. She expressed gratitude that Russia has launched a plan aimed at improving direct trade with the continent/region beyond the traditional sectors like mining, seeking to invest in areas like agriculture, industrial production, high technology and transport.
The Russian Federation’s priorities are also in line with SADC priorities, as evidenced by the priorities of the Foreign Economic Strategy in the region, as indicated below:
Prospecting, mining, oil, construction and mining, purchasing gas, oil, uranium, and bauxite assets (Angola, Namibia and South Africa);
Construction of power facilities—hydroelectric power plants on the River Congo (Angola, Namibia and Zambia) and nuclear power plants (South Africa);
Creating a floating nuclear power plant, and South African participation in the international project to build a nuclear enrichment centre in Russia;
Railway Construction (Angola);
Creation of Russian trade houses for the promotion and maintenance of Russian engineering products (South Africa).
Participation of Russian companies in the privatisation of industrial assets, including those created with technical assistance from the former Soviet Union (Angola).
In the Russian Federation, 10 SADC member countries have their diplomatic offices, namely: Angola, Democratic Republic of Congo, Madagascar, Mauritius, Mozambique, Namibia, South Africa, Tanzania, Zambia and Zimbabwe.
Final Words of Wisdom
In pursuit of following Putin’s policy to strengthen ties with the Global South, including Africa, Russia has to re-strategise and take up the existing critical challenges. Despite a noticeable increase in activity, Russia’s strategy on the continent faces several persistent structural limitations that require thoughtful responses. As geopolitical changes heat up, Russia has to understand the necessity to move ahead, back away from tectonic rhetoric and symbolism of diplomacy. By 2025–2026, the African continent had firmly established itself as a key area of global competition and, simultaneously, one of the most important reserves of economic growth. For Russia, this is important to change the very logic of its African ties. It is logical to walk the talk. In other words, Russia’s relations with African countries have to shift from historical rhetoric to a more practical architecture of interests.
On December 19–20, 2025, the second ministerial conference of the Russia-Africa Partnership Forum was held in Cairo, with the Roscongress Foundation acting as the operator on the Russian side. The conference was attended by the heads of the African foreign ministries and the leaders of the continent’s integration associations. That conference has been defined as a key stage in the preparations for the third Russia-Africa summit, scheduled for October 2026. As noted by Russian Foreign Ministry spokesperson Maria Zakharova, the meeting is intended to “give additional impetus to the development of the Russian-African partnership and the strengthening of its truly strategic nature.”
For Moscow, institutionalising the format is crucial given the overall transformation of global politics. And ultimately, Africa is becoming a space where external players’ ability to not only declare respect for sovereignty but also propose practical mechanisms for cooperation is being tested. Russia’s strategy is built on combining political rhetoric about multipolarity with concrete areas of cooperation—from trade to energy, and food security to personnel training and military-technical cooperation. Economic spheres and building infrastructures are important for Africa, which is ready for foreign investors with adequate funds and not just geopolitical rhetoric. It has to be noted that Africa is a space of competition between external players.
The continent is an arena of intense competition, with China, the European Union, the United States, Turkey, India, and the Gulf states all operating simultaneously, each offering its models of interaction: from large-scale infrastructure financing to military cooperation and religious and cultural influence. African states are becoming increasingly pragmatic and multi-vector—they are consistently expanding their foreign policy space, weighing the conditions, benefits, and political costs.
In such an environment, the sustainability of Russia’s presence is determined by its ability to offer a concrete and replicable set of advantages. Anti-colonial rhetoric and appeals to historical legacy remain important, but they no longer provide a long-term advantage on their own. Each competitive proposition must be backed by institutional support.
At the St. Petersburg forum, there was a genuine international community of like-minded partners practically united by a common goal: networking and developing business cooperation. “The continued participation confirms the demand for building relationships of business trust and confidence with foreign partners from different regions, including the United States, Europe, the Middle East, Latin America, Asia and Africa,” said Alexander Stuglev, Chairman of the Board and CEO of the Roscongress Foundation. The Roscongress Foundation held the 29th St Petersburg International Economic Forum (SPIEF) from 3 to 6 June 2026.
By Adedapo Adesanya
CANAL+ has expressed confidence in its ability to turn around the fortunes of struggling broadcaster MultiChoice as it marks a milestone by becoming the first French company listed on the Johannesburg Stock Exchange (JSE).
The secondary listing of CANAL+ signals strong international confidence in South Africa’s capital markets and reinforces the JSE’s role as a conduit between global capital and African growth opportunities, it said in a statement.
CANAL+ enhances the JSE’s sectoral diversity and provides local investors with direct, rand-denominated exposure to a globally diversified media and entertainment business with a significant African footprint. CANAL+ listed on the London Stock Exchange in December 2024.
The group’s listing on the JSE aligns with its long-term strategy to expand its presence in high-growth markets, particularly in sub-Saharan Africa, where rising connectivity, a young and growing population (expected to increase by 800 million by 2050), strong GDP growth (4.5 per cent growth expected between 2026 and 2030) and accelerating demand for content and connectivity continue to drive sector growth.
The JSE listing will increase CANAL+ liquidity and enable African investors to benefit from CANAL+ growth.
According to Mr Maxime Saada, CEO of CANAL+ said, “Joining the Johannesburg Stock Exchange is a statement of our ambition and illustrates our belief in Africa’s future and its creative industry.
“We are proud to become the first French company ever to list in Johannesburg and the only global media and entertainment company listed on the exchange.
“Following our listing on the London Stock Exchange 18 months ago, this dual listing reinforces our ambition to be a bridge between Europe and Africa and anchors our dual-continental approach, consolidating our unique position in the global media and entertainment industry,” he said.
He noted that CANAL+ serves more than 40 million subscribers and generates €9bn in annual revenue.
“Africa will be our growth engine for years to come, and we are dedicated to creating value on the continent and sharing it with our African partners, investors and the creative community. By welcoming African investors, we deepen our roots, diversify our investor base and lay the foundation for the next phase of our growth.”
Commenting on the listing, Ms Valdene Reddy, Group CEO of the JSE, said, “We are proud to welcome CANAL+ to the JSE and to mark the first listing of a French company on our exchange.
By Adedapo Adesanya
The President of the African Development Bank (AfDB), Mr Sidi Ould Tah, says more African countries are likely to regain or achieve investment-grade credit ratings by next year as reforms begin to deliver results and economic growth accelerates.
Several African sovereigns have already been upgraded in recent months, including Nigeria. However, Nigeria is not yet near investment-grade status.
In May, S&P Global Ratings upgraded Nigeria’s sovereign credit ratings to ‘B’ with a stable outlook, citing structural reforms under President Bola Tinubu and key drivers like higher oil production and improved fiscal revenue.
The country is still five notches from investment-grade. Under S&P’s rating scale, the progression follows— B → B+ → BB- → BB → BB+ → BBB- (investment grade).
S&P raised Morocco to investment grade last year and increased South Africa by one level to BB in November. Ghana, Zambia, the Ivory Coast and Kenya have also benefited from positive rating action linked to fiscal, debt and economic reforms.
“We’re quite confident that the continent will continue to grow very strongly and that African countries will be better rated in the coming years,” Mr Ould Tah said in an interview with Bloomberg.
“We’ve seen Morocco receive investment grade during the last few months, and we expect other countries by next year to get toward that,” he added.
The outlook reflects improving fiscal positions and reforms implemented across countries on the continent, even as the conflict in the Middle East threatens to slow economic growth and raise costs for energy-importing nations. Better credit ratings can help countries borrow at lower rates and fund development projects.
The AfDB projects the continent’s gross domestic product expansion will accelerate to 4.4 per cent next year, if the conflict in the Middle East does not extend for a longer period. It expects the continent to slow to 4.2 per cent this year.
The war in Iran has benefited oil producers such as Nigeria, Angola and Gabon, while exerting pressure on the fiscal positions of net energy importers such as South Africa, Kenya, Ghana and Senegal.
Mr Ould Tah said the bank is ready to support countries facing budget constraints and high debt burdens due to the impact of the Iran crisis, including increasing credit lines to them.
“The board of directors of the bank will examine in the coming days how the bank can increase the volume of resources it will provide to its member countries in this specific situation,” he said.
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