World
Sochi to Host African Leaders at Russia-Africa Summit
By Kester Kenn Klomegah
In a February decree posted to the portal of legal information, Russian President Vladimir Putin has appointed his aide Yuri Ushakov to chair the organizing committee paving the way for the first Russia-Africa summit that Moscow plans to host in Sochi.
The Russian government is to ensure financing of the expenditures related to hosting the summit and the decree has further assigned Rosscongress, a major organizer of international conventions, exhibitions and public events, the task performer.
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 relationship and significantly to roll-out ways to increase effectiveness of cooperation between Russia and Africa.
Policy experts have suggested, however, that Kremlin has to substantiate its future African policy agenda with consistency, activeness and support, and enhance its participation in the economic development of Africa.
“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,” Dr. Kelvin Dewey Stubborn, South African based Senior Analyst on BRICS and African policy, 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 all and sundry. In reality and effective practical terms, how Russia wants to reposition itself in relation with Africa. With business relationship, 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 also 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 NGO, 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 in Africa. 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 as well 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 the 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 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 discussions 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.”
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 Ambassadors, mostly from 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 (SDGs) 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 foreign players on the continent, according to a summarized separate media interviews with the 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.
Quite recently, Vyacheslav Volodin, the Chairman of the State Duma, 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 earlier that arranging an event on such a large-scale with the participation of over fifty heads of state and government required most careful preparation, including in terms of its substantive content and equally important was African businesspeople who have been looking to work on the Russian market.
“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 (Brazil, Russia, India, China and South Africa).
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 attributed to lack of a system of financing policy projects.
While Russia 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 $60 billion, Japan $32 billion, and India $25 billion, while large investment funds have also come from the United States and European Union, all towards realizing the Sustainable Development Goals (SDGs) in Africa.
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.
By Kestér Kenn Klomegâh
With heightening of geopolitical interest in building a new Global South architecture, Ghana’s administration has to consider joining the ‘partner states category’ of BRICS+, an association of five major emerging economies (Brazil, Russia, India, China and South Africa). The National Democratic Party (NDC) and the elected President John Mahama, while crafting future pathways and renewing commitments over democracy and governance, designing a new economic recovery programme as top priority, could initiate discussions to put Ghana on higher stage by ascending unto BRICS+ platform.
Certainly, ascending unto BRICS+ platform would become a historical landmark for Ghana which has attained prestigious status in multilateral institutions and organizations such as the Economic Community of West Africa States (ECOWAS), the African Union (AU), the United Nations and also from Jan. 2025 has become the head of the Commonwealth Secretariat.
Unlike South Africa, which has acquired a full-fledged membership status in 2011, and Ethiopia, Nigeria and Uganda were taken into the ‘partner states’ category, Ghana has all the fundamental requirements to become part of BRICS+ alliance. It is necessary to understand the basic definition and meaning of BRICS+ in the context of the geopolitical changing world. The BRICS alliance operates on the basis of non-interference. As an anti-Western association, it stays open to mutual cooperation from countries with ‘like-minded’ political philosophy.
BRICS members have the freedom to engage their bilateral relations any external country of their choice. In addition to that, BRICS+ strategic partnership has explicitly showed that it is not a confrontation association, but rather that of cooperation designed to address global challenges, and is based on respect for the right of each country to determine its own future.
South Africa and other African countries associated with BRICS+
South Africa is strongly committed to its engagement in the BRICS+. It has, so far, hosted two of its summits. In future, Egypt and Ethiopia would have the chance to host BRICS+ summit. Egypt and Ethiopia have excellent relations with members, and simultaneously transact business and trade with other non-BRICS+, external countries.
The New Development Bank (BRICS) was established in 2015, has financed more than 100 projects, with total loans reaching approximately $35 billion, and it is great that the branch of this bank operates from Johannesburg in South Africa. Understandably, South Africa can be an investment gateway to the rest of Africa. In 2021, Bangladesh, Egypt, the United Arab Emirates and Uruguay joined the NDB.
The BRICS Bank works independently without any political strings, and has further pledged financial support for development initiatives in non-BRICS+ countries in the Global South. Its tasks include investing in the economy through concessional loans, alleviating poverty and working towards sustainable economic growth. According to President of the BRICS New Development Bank, Dilma Rousseff, “The bank should play a major role in the development of a multipolar, polycentric world.”
Ethiopia and Egypt are the latest addition to BRICS+ association from January 2024. South Africa and Egypt being the economic power houses, while Ethiopia ranks 8th position in the continent. In terms of demography, Nigeria is the populous, with an estimated 220 million people while Uganda has a population of 46 million. South Africa, Ethiopia and Egypt are full members, Algeria, Nigeria and Uganda were offered ‘partner states’ category, but have the chance to pursue multi-dimensional cooperation with external countries. BRICS+ has absolutely no restrictions with whom to strike bilateral relationship.
From the above premise, Ghana’s new administration, within the framework of BRICS+, could work out a strategic plan to establish full coordination with and request support from African members, including South Africa, Egypt and Ethiopia. Worth noting that membership benefits can not be underestimated in this era of shifting economic architecture and geopolitical situation.
Queuing for BRICS+ Membership
Burkina Faso, Mali and Niger which historically sharing the cross-border region of West Africa, are in the queue to ascend into the BRICS+ association. The trio has formed their own regional economic and defense pact, the Alliance of Sahel States (AES) in Sept. 2023, and aspiring for leveraging unto BRICS+, most likely to address their development and security questions. Brazil, as BRICS 2025 chairmanship, has set its priority on expansion of BRICS+, the enlargement wave began by Russia. More than 30 countries are the line join, hoping for equitable participation in bloc’s unique activities uniting the Global South.
Perhaps, the most crucial moment for Ghana which shares border with Burkina Faso. Its military leader, Capt. Ibrahim Traoré was heartily applauded for attending the inauguration of the new President John Dramani Mahama on January 7th. Burkina Faso, without International Monetary Fund (IMF) and World Bank, is transforming its agricultural sector to ensure food security, building educational and health facilities and sports complex which turns a new chapter in its political history.
In early January 2025, the National Democratic Congress (NDC) took over political power from the New Patriotic Party (NPP). Historically, the political transition has been quite smooth and admirable down the years. Ghana was ranked seventh in Africa out of 53 countries in the Ibrahim Index of African Governance. The Ibrahim Index is a comprehensive measure of African governments, and methods of power transfer based on constitutional principles, rules and regulations.
Ghana produces high-quality cocoa. It has huge mineral deposits including gold, diamonds and bauxites. it has approx. 10 billion barrels of petroleum in reserves, the fifth-largest in Africa. President John Dramani Mahama, has reiterated to unlock the potentials, creating a resilient and inclusive economic model that would empower citizens and ultimately attracts foreign investments. Ghana reduced size of government, a required condition to secure funds from the IMF for development and resuscitating the economy. Ghana’s involvement in BRICS+ will steadily enhance the dynamics of its traditional governance in multipolar world.
Outlining Ghana’s potential benefits
Currently, Ghana has myriad of economic tasks to implement, aims at recovering from the previous gross mismanagement. It could take advantage of BRICS+ diverse partnership opportunities. Closing related to this, Ghana’s headquarter of the African Continental Free Trade Area (AfCFTA) further offers an appropriate collaboration in boosting further both intra-BRICS trade and intra-Africa trade. With Egypt, Ethiopia, Uganda, South Africa, Nigeria and Ghana, these put together paints an African geographical representation in BRICS+, and presents their collective African voice on the international stage.
After studying the article report titled “Ghana Should Consider Joining the BRICS Organization” (Source: http://infobrics.org), the author Natogmah Issahaku, explained, in the first place, that Ghana’s relations with other external nations, particularly, those in the West, will not, and should not be affected by its BRICS membership. According to the expert, Ghana needs infrastructural development and sustainable economic growth in order to raise the living standard of Ghanaians to middle-income status, which could be achieved through participation in BRICS+. In return, Ghana can offer BRICS+ members export of finished and semi-finished industrial and agricultural products as well as minerals in a win-win partnership framework.
As an Applied Economist at the University of Lincoln, United Kingdom, Natogmah Issahaku emphasized the importance of the BRICS New Development Bank (NDB), that could play roles by financing Ghana’s development agenda. BRICS development cooperation model is based on equality and fairness, Ghana can leverage its relations to optimize potential benefits. Given the colossal scale of economic problems confronting the country, President Mahama should take strategic steps to lead Ghana into the BRICS+ without hesitation.
Notwithstanding world-wide criticisms, BRICS+ countries have advanced manufacturing and vast markets as well as technological advantages. As often argued, BRICS+ is another avenue to explore for long-term investment possibilities and work closely with its stakeholders.
These above-mentioned arguable factors are attractive for advancing Ghana in the Global South. Based on this, it is time to grab the emerging opportunity to drive increasingly high-quality cooperation, focus on hope rather than despair and step up broadly for more constructive parameters in building beneficial relations into the future! Over to the new government of President John Mahama, the estimated 35 million people and the Republic of Ghana.
By Adedapo Adesanya
The Organisation of the Petroleum Exporting Countries (OPEC) has noted that the increased production of petroleum products by the Dangote Petroleum Refinery has reduced the importation of refined products from Europe.
In its latest Monthly Oil Market Report, the cartel said the refining efforts of the Lagos-based 650,000-barrel-per-day refinery have changed the narrative.
Business Post reports that Dangote Refinery commenced European distribution this month, as it aims for 100 per cent production.
“The ongoing operational ramp-up efforts at Nigeria’s new Dangote refinery and its gasoline exports to the international market will likely weigh further on the European gasoline market.
“Continued gasoline production in Nigeria, a country that has relied heavily on imports to meet its domestic fuel needs in the past, will most likely continue to free up gasoline volumes in international markets which will call for new destinations and flow adjustments for the extra volumes going forward,” the report partly read.
OPEC added that European light distillates continue to lose ground on the back of increasingly lighter and sweeter refinery crude diets in Europe and sanctioned Russian crude imports, leading to stronger naphtha production.
“The resulting naphtha surplus coupled with the declining petrochemical cracking capacity in Europe has weighed on the regional naphtha market.”
The 650,000 barrels per day Dangote oil refinery built by Nigerian billionaire, Mr Aliko Dangote, in Lagos, had affirmed to compete with European refiners when operating at full capacity.
Although, when it started operations last year, it struggled to secure sufficient crude locally — as production remains below target and tied to contracts with other players by the Nigerian National Petroleum Company (NNPC) Limited.
“We have gone up to 550,000 barrels per day, that is 85 per cent capacity in crude distillation,” Mr Devakumar said in December.
The refinery was forced to source crude from international markets following a dispute with the Nigerian state oil firm, the NNPC, over a crude supply deal under which Dangote Group had agreed to sell a 20 per cent stake in the refinery to NNPC for $2.76 billion.
In December 2024, on the back of the crude-for-Naira scheme, the volume of black gold supplied to the Lagos-based facility went 40 per cent higher to 395,000 barrels per day than the 280,000 barrels per day delivered in November.
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