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 Kestér Kenn Klomegâh
For the first time in its history, the World Public Summit will be held on the African continent. On 29–30 July 2026, Addis Ababa, the capital of Ethiopia, will host the World Public Summit. Africa — “A New World: Africa in Shaping a Shared Future.”
The Summit is organised by the World Peoples Assembly in cooperation with African partner organisations. It will bring together leaders of public diplomacy, representatives of international intergovernmental and non-governmental organisations, academics, experts, representatives of the education and cultural sectors, youth leaders, socially responsible businesses, media professionals, and civil society institutions from across Africa and other regions of the world.
The World Public Summit. Africa continues the work initiated during the First World Public Assembly “A New World of Conscious Unity,” held in Moscow in September 2025, and serves as one of the key milestones in preparation for the Second World Public Assembly “A New World: Values That Unite,” which will take place in Moscow on 18–19 September 2026.
Today, Africa is emerging as one of the principal centres of global development. Rapid demographic growth, expanding entrepreneurship, strengthening regional integration, rich cultural heritage, and the growing role of civil society institutions make the continent an increasingly important contributor to the future architecture of international cooperation.
The Summit will focus on issues of genuine sovereignty and sustainable development, public diplomacy, preservation of cultural and historical heritage, international cooperation in education and science, youth engagement, innovation-driven development, creative industries, and the formation of new partnerships among countries and peoples.
The main business programme of the Summit will take place on 30 July 2026 at the headquarters of the United Nations Economic Commission for Africa (UNECA) in Addis Ababa. Holding the Summit at UNECA highlights its pan-African dimension and creates opportunities for broad international dialogue on humanitarian cooperation and public diplomacy.
The programme will include plenary sessions, strategic dialogues, and expert panels dedicated to values-based development, education, culture, youth leadership, innovation, and international cooperation.
Participation has already been confirmed by Professor Saidou Madougou, Director of the Department of Education, Science, Technology and Innovation of the African Union; Rita Bissoonauth, Director of the UNESCO Liaison Office to the African Union and UNECA in Addis Ababa; Zuzana Schwidrowski, Director of the Macroeconomics, Finance and Governance Division of UNECA, as well as ministers, leaders of public organisations, and representatives of the business community from a number of African countries.
On the same day, the ADWA Victory Memorial Museum—Ethiopia’s national memorial complex dedicated to the Victory of Adwa and an important centre for preserving the historical memory of the Ethiopian people—will host the award ceremony of the regional stage of the V International Competition “Leader of Public Diplomacy”, followed by a large-scale cultural programme.
One of the key outcomes of the Summit will be the adoption of the African Communiqué, reflecting proposals and recommendations aimed at strengthening humanitarian, educational, cultural, and public cooperation between African countries and other regions of the world.
The outcomes, initiatives, and recommendations were developed during the World Public Summit. Africa will be presented at the Second World Public Assembly “A New World: Values That Unite”, to be held in Moscow on 18–19 September 2026.
According to Andrey Belyaninov, General Secretary of the World Peoples Assembly, “the Addis Ababa Summit is an important step toward building a new world founded on mutual respect, cultural diversity, dialogue and sustainable development.”
By Adedapo Adesanya
The United Kingdom will get its seventh Prime Minister in 10 years as Mr Keir Starmer announced his resignation on Monday.
The Minister said he is stepping down as leader of the governing Labour Party and will leave office within weeks, scarcely two years after being elected in a landslide.
Mr Starmer says he will remain caretaker prime minister until a new Labour leader is chosen by the party.
Mr Starmer made the announcement after facing growing pressure to hand over to a new leader who can try to revive the government’s flagging fortunes.
He led Labour to a landslide election victory in July 2024, but since then, his popularity and that of the party have plummeted.
His departure was triggered by the victory of Mr Andy Burnham in a special election last week. The popular ex-mayor of Greater Manchester planned to challenge the existing PM for the Labour leadership.
Mr Starmer made the announcement outside the prime minister’s 10 Downing St. residence with a brief statement on Monday.
“The question my party is asking now is whether I am best placed to lead us into the next general election,” Mr Starmer said. “I have heard the answer of my parliamentary party to that question, and I accept that answer with good grace.
Mr Starmer is the sixth prime minister in a decade to stand outside 10 Downing Street and announce a premature departure.
It comes the day before Britain marks the 10th anniversary of its vote to leave the European Union, a decision that still affects the country’s economy and politics.
Over the past decade, 10 Downing Street has had six occupants, including Mr David Cameron, who left office in 2016 after the Brexit referendum and was succeeded by Ms Theresa May. She was followed by Mr Boris Johnson, whose tenure covered Brexit and the COVID-19 pandemic. After Mr Johnson came Ms Liz Truss, whose 49-day premiership was the shortest in British history. Mr Rishi Sunak then took office before being succeeded by Mr Starmer, the outgoing occupant of Number 10.
By Aduragbemi Omiyale
A financing facility of up to $60 million has been secured by AXIAN Energy, the energy division of the AXIAN Group.
The funding package was provided by MCB, one of the leading financial institutions in the Indian Ocean region.
It comprises a $40 million revolving credit facility with a three-year tenor and extension option, and $20 million in unfunded instruments, providing AXIAN Energy with enhanced financial flexibility, enabling the company to rapidly mobilise resources and seize development opportunities across its target markets.
The energy firm is expected to use the capital to deliver large-scale energy infrastructure projects across Africa.
Over the past two years, AXIAN Energy has significantly accelerated its growth by expanding its renewable energy project pipeline, with solar projects currently under development in Senegal, Benin, Zambia, Côte d’Ivoire, Madagascar, and Burkina Faso.
Building on this momentum, AXIAN Energy now operates a portfolio comprising 350 MW of installed renewable energy capacity, supported by 77 MWh of energy storage capacity, positioning the AXIAN Group as a major contributor to Africa’s energy transition.
The chief executive of AXIAN Energy, Mr Benjamin Memmi, said, “This transaction marks a key milestone in AXIAN Energy’s growth trajectory. It provides us with the financial capacity to sustain the momentum we have built over the past two years, further strengthening our renewable energy portfolio and expanding our presence across new African markets.”
Also commenting, the Global Head of Structured Finance at MCB, Mr Mathieu Delteil, said, “We are proud to support AXIAN Energy in structuring this facility, reaffirming our commitment to enabling transformative projects across Africa.
“By leveraging our sector expertise and deep understanding of regional markets, we have delivered a tailored financing solution that aligns with AXIAN’s long-term renewable energy ambitions.
“This partnership highlights our role as a strategic financial partner, mobilising capital towards investments that drive sustainable growth and accelerate the energy transition across the continent.”
The financing agreement between the two organisations strengthens their long-standing relationship because it is driven by a shared commitment to supporting infrastructure development and economic growth across Africa.
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