World
Russia’s Gazprom to Support Africa Despite Financial Losses
By Kestér Kenn Klomegâh
At least, the foreign media broke the news in early May. And it may be understandable why local Russian media was quiet over the impact of Western and European stringent sanctions on Russia’s state-run gas corporation Gazprom, often described as the eternal life-wire of Russia’s economy. While Russian officials vehemently maintain that the government can withstand all negative steps being taken to cripple the economy, the latest reports detailing the net financial losses of Gazprom could also have desperate implications for Russia-African economic cooperation.
Bloomberg, Reuters, Agence France Press, British Broadcasting Corporation, Al-Jazeera and many other mainstream media wrote right after the report was released that Kremlin-owned gas giant Gazprom plunged to a net loss of 629 billion rubles ($6.9 billion) in 2023, its first annual loss in more than 20 years, as sales to Europe plummeted in the wake of Russia’s ‘special military operation’ in Ukraine. As a result of its actions in the neighbouring Ukraine, Russia has come under serious sanctions since then.
According to this author’s monitoring and analysis, Russia’s Gazprom has signed several bilateral agreements to leverage the various sectors, including energy and infrastructure and to engage in economic transformations across Africa. There has been that long-held resonating perception about Gazprom’s preparedness to support development trajectories, attempt the prompt realization of African energy dreams, and ensure sufficient energy to drive industrialization and in the process add immense value to the agricultural production in the continent whose population estimated at over 1.4 billion.
During the first and second Russia-Africa summits, Gazprom renewed its agreements with many African countries. The official pronouncements and discussions pushed the resonating message that Gazprom’s cooperation would promote energy stability, and share experience and technology with African countries it had signed bilateral agreements.
The chairman of the Russia-Sudan Business Council of the Russian Chamber of Commerce and Industry, Viktor Chemodanov, in an interview with Interfax Information News Agency in August 2023, stressed that Russian companies have become increasingly interested in energy and industrial projects in African countries over the past year. Gazprom, for example, has huge opportunities to address an acute shortage of electricity in Africa.
“There is oil there, but they don’t know what to do with it. In the exploration and extraction of oil and gas, colossal investments are needed in creating clusters. Gazprom and Gazprom Neft have projects, Lukoil is interested…both have oil extraction technology, and oil and gas equipment and we’re prepared to offer them,” Chemodanov underscored in the published interview.
In a similar argument, Russian ambassador Ilya Rogachev was quoted as saying in July 2023 that Gazprom’s experience in implementing liquefied natural gas and gas pipeline construction projects could be of interest to South African partners, and many others across Africa. Then an official media release listed potential beneficiary countries as Algeria, Angola, Ghana, Egypt, Equatorial Guinea, Kenya, Mozambique, Namibia, Nigeria, Tanzania and South Africa.
“Greater use of natural gas will help Africa solve a whole range of problems, from economic to social and environmental. We believe that Africa should fully discover the advantages of this fuel for itself,” the head of Gazprom’s foreign economic activities department, Dmitry Khandoga said during discussions. “We see potential in cooperation with African countries and can offer our unique experience and technological know-how. Gazprom is open to discussing constructive and mutually beneficial proposals that would facilitate economic development and improve the lives of people in African countries.”
The Russian-Angolan intergovernmental commission, for instance, also highlighted the Russian Ministry of Natural Resources and Environment in collaboration with Gazprom Neft has expressed high intention of developing joint projects with Angola.
The chairman of the African Energy Chamber, NJ Ayuk has reiterated that more than 600 million people in sub-Saharan Africa lack electricity. Meanwhile, experts estimate that Africa will account for more than 60% of global population growth by 2050. Along with urbanization in the region, there is expected to be substantial economic growth, which will be accompanied by a twofold increase in energy consumption. Demand for natural gas is expected to grow by 150%. In Africa, which needs industrialization, affordable and abundant natural gas will help create many new jobs and opportunities for capacity building, economic diversification and growth, according to NJ Ayuk.
Long before the two Russia-Africa summits, the above narratives abound in reports on collaboration in the energy sector. Speeches and statements pointed to the fact that Russia stands for a steadfast genuine economic partnership with Africa. But now, reliable information emerging indicates Gazprom is likely to defer potential projects in many African countries. According to the latest report from the Russian Ministry of Energy acknowledges the inextricable steps in addressing the unprecedented magnitude of energy challenges facing African countries in the continent.
Russian Foreign Ministry officials, however, declined questions about whether Russia will be ready to continue within the framework of the agreements. But at this same time, several separate interviews show that African leaders are wary of the likely impact and consequences of Gazprom’s financial status, the company was declared as making losses since 2023. Undoubtedly, such significant huge losses “clearly have both political and economic implications” for Africa. Due to its large projects, Africa is likely to hold (suspended) until the situation improves in future.
Gazprom has a long chequered history. President Vladimir Putin, to a large degree, controls the Gazprom. Putin fired Viktor Chernomyrdin from his position as the Chairman of the Gazprom board. In his place are Viktor Zubkov and Alexei Miller. Following Russia’s ‘special military operation’ in Ukraine since late February 2022, the threat by Russia of reducing the supply of gas to Europe risked the Gazprom export market. It has diverted supplies to the Asian region, especially to China and India.
The revenue of Gazprom, whilst initially supported by high prices collapsed in 2023 resulting in a trading loss and the need to increase the price in the domestic market by 34% over 3 years. Gazprom has also opened itself up to compensation claims for failure to supply gas under long-term contracts. On 31st March, Putin signed a decree − decree 172, requiring payment to be made by alternate means.
By Kestér Kenn Klomegâh
One year after launching a continental initiative designed to make excellence in public governance the foundation of a new drive to transform Africa, LEAD, the Africa CEO Forum’s pan-African leadership programme, takes stock of its first cohort and announces the launch of its second class. Built around a community of senior public decision-makers committed to modernising the state and to the continent’s digital transformation, this new cohort gathers for three days, from 28 to 30 August 2026, on the campus of Mohammed VI Polytechnic University (UM6P) in Rabat, Morocco.
A second cohort that confirms the programme’s durability
For its second class, LEAD brings together 50 fellows, senior public decision-makers engaged in the design and implementation of the continent’s economic and social policies. Over three days, participants take part in collective and collaborative working sessions, peer exchanges and meetings with figures from the public, business and academic spheres, in order to compare their practices and build shared responses to the major challenges of governance.
Speakers include Mehdi Jomaa, former Head of Government of Tunisia, Donald Kaberuka, Managing Partner & Founder, SouthBridge Group, and former President of the African Development Bank, Serge Ekue, President of the West African Development Bank (BOAD), Sanjay Jain, co-creator of India Stack and Director of Digital Public Infrastructure, Gates Foundation, and Mauricio Cardenas, Professor of Professional Practice in Global Leadership, Columbia SIPA, and former Finance Minister of Colombia (2012-2018).
They share their reform experience, their public policy trade-offs and their view of continental priorities. Throughout the programme, the cohort benefits from the dedicated support of Mohammed VI Polytechnic University, Asafo & Co, BOAD, BCG and the African Development Bank, LEAD partners that have chosen to invest in the transformation of African public action.
LEAD, a pan-African community serving public action
Created by the AFRICA CEO FORUM, LEAD is a leadership programme whose ambition is to reposition Africa’s administrative elite as a driver of reform, of performance and of dialogue with all the continent’s stakeholders.
Designed for senior African public decision-makers, LEAD sets out to build a lasting community of public officials able to share their experience, compare their practices and build common solutions to the major economic, technological and institutional transformations under way in Africa. That community is structured around three pillars: modernizing the state, improving public services, and strengthening cooperation between governments, development institutions and private-sector players.
From fellows to alumni: a long-term initiative
Made up of 36 fellows drawn from a range of administrations and institutions and representing 24 countries across the continent, LEAD’s first cohort demonstrated the quality and the potential of this community from its very first year. In less than twelve months, six of its members have taken a significant step forward: two have been appointed ministers, two have moved into strategic positions at the highest level of the state and two have been promoted to chief executive roles. These moves, which account for 16.7% of the first class, show the role LEAD plays as an accelerator of impact within African administrations.
By bringing together a new cohort of fellows every year, each of them joining the LEAD alumni community, the initiative follows a long-term trajectory: in time, to unite several hundred African public decision-makers around a shared culture of transparency, performance and regional cooperation.
A first year devoted to public service and digital public infrastructure
Throughout the year, the fellows devoted their work to strengthening African public action, to make excellence in public governance a central lever of transformation. An awareness campaign, run as part of Africa Public Service Day, brought to light those who, within the continent’s administrations and institutions, are concretely transforming public policy and improving the services offered to citizens.
Members of the cohort also took part in a special round table held in Kigali during the ACF 2026, in order to carry their thinking to a wider community of public and private leaders. That forum reinforced LEAD’s role as a platform for dialogue between the administrative elite and the continent’s economic players. Digital public infrastructure (DPI) formed the main thread of this first year of work.
Discussions covered issues at the heart of the digital sovereignty of African states: digital identity, payments, secure data exchange, interoperability, governance and the protection of citizens. This work examined the conditions under which African states are developing, in some cases, and can develop, in others, shared, open infrastructure robust enough to improve the quality of public services while supporting local innovation and preserving the capacity of public authorities to set the rules of the game.
A white paper to move from consuming technology to creating value
This year of work concludes with the publication, in collaboration with BCG, LEAD’s Knowledge Partner, of a white paper on Africa’s place in the digital economy and in artificial intelligence. With the digital economy still accounting for around 5% of African GDP, against close to 15% worldwide, the paper calls on the continent to shift from a logic of technology consumption to one of value creation.
The white paper identifies three structuring priorities for African public actors:
- Building shared digital infrastructure that serves as the backbone of public services and private innovation.
- Pooling investment in order to reach critical mass and avoid the fragmentation of efforts across the continent.
- Favouring open and interoperable architectures, with trust and governance built in by design, so as to protect citizens while stimulating the entrepreneurial ecosystem.
The white paper is available here to all public decision-makers, technical partners and institutions concerned.
“LEAD’s first cohort confirms a simple conviction: Africa already has the women and men capable of profoundly transforming public action. Our responsibility, either with our partners, is to give them, at pan-African level, a space in which to compare experience, build common solutions and bring forward a new generation of public policy. With this second cohort, we want to accelerate the move from ambition to execution, in particular on digital public infrastructure and artificial intelligence, two decisive issues for sovereignty, for the effectiveness of the state and for value creation across the continent,” says Amir Ben Yahmed, President of the Africa CEO Forum.
By Kestér Kenn Klomegâh
Africa is set to make history as it hosts the World Public Summit for the first time, with Addis Ababa, Ethiopia, welcoming global leaders and changemakers from July 29–30, 2026, for the landmark gathering under the theme “New World: Africa in Shaping a Shared Future.”
The inaugural African edition of the World Public Summit marks a significant milestone in the continent’s growing role in shaping international dialogue on governance, sustainable development, human-centred leadership and global cooperation.
Hosted by the World Peoples Assembly in partnership with African and international organisations, the summit will convene government officials, diplomats, business leaders, academics, journalists, youth representatives, civil society organisations and cultural leaders from across Africa and around the world.
According to Andrey Belyaninov, General Secretary of the World Peoples Assembly, “the Summit is not just a meeting—it is a space for unity. A space where the ‘values that unite us’ come to life: respect for people, openness to the world, responsibility for the future, and a commitment to creation.
“Today, we understand more clearly than ever: the future cannot be built alone. It is born in dialogue, in trust, in the ability to listen to one another and to act together.”
The programme begins on July 29 with a series of high-level roundtables and expert discussions covering Pan-African economic integration, civil society, education, scientific cooperation, cultural diplomacy and humanitarian partnerships.
The opening plenary, “Values, Development and Partnership as the Basis of a Sustainable and Just World,” will explore how African values—including Ubuntu—can help shape a more inclusive and sustainable global future. Discussions will also focus on youth leadership, innovation, civil society, ethical AI, public initiatives and international partnerships.
The summit will also showcase Africa’s creativity and innovation through the “Innovations for the Future” exhibition, the contemporary African art exhibition “Unity,” and the international exhibition “The World Paints Happiness.”
Another featured initiative is “The Zambezi River: Economy, Society, Soul,” an international interdisciplinary project exploring the river’s socioeconomic importance across Angola, Botswana, Mozambique, Namibia, Zambia and Zimbabwe, highlighting the shared heritage and development potential of one of Africa’s most important waterways.
The event will conclude with the adoption of the African Communiqué, reflecting the summit’s shared vision for stronger international cooperation, sustainable development and people-centred leadership.
Tsegaye Chama, General Secretary of the Global Black Centre, promised that, “The Summit will be delivered with exceptional distinction, reflecting the magnitude and spirit of the World Peoples Assembly. It embodies a unity that is not transactional, but purposeful and conscious, a unity that shapes new contours for a world that works for all peoples of the World.”
As delegates prepare to arrive in Addis Ababa, anticipation continues to build for what promises to be one of Africa’s most significant international gatherings of 2026—one that will place the continent firmly at the centre of global conversations about the future.
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.
