World
Some Reflections on Russia’s Economic Policy with Africa
By Kestér Kenn Klomegâh
During the September ceremony to receive foreign ambassadors, Russian leader Vladimir Putin offered spiteful goal-setting policy outlines and some aspects of lofty Russia’s economic policy directions for Africa. Most of these directions considered significant have, over these years, featured prominently in all his previous speeches on Russia’s relations with Africa.
On September 20, in the St Alexander Hall of the Grand Kremlin Palace, Putin received letters of credence from 24 newly-arrived ambassadors, including nine from Africa (Algeria, Egypt, DR Congo, Libya, Mali, Senegal, Sudan, Tanzania and Uganda). By tradition, Putin briefly characterised the relations between Russia and countries whose envoys came to the Kremlin ceremony.
In a grandiose style, Putin gave a line-up of cheerful-looking ambassadors a step-by-step account of the global situation, the necessity for Russia’s “special military operation” in neighbouring Ukraine, questions relating to regional security, and economic instability due to rising prices for energy and commodities. He underscored the development of multipolar and more democratic and fair world order had entered its active phase.
“Regrettably, the objective movement towards multipolarity has come up against resistance from those trying to preserve their dominant role in international affairs and to control everything – Latin America, Europe, Asia and Africa,” Putin said.
Referencing the current international situation with an emphasis on the critical regional problems of the African continent and the bilateral relations of African countries whose ambassadors were accredited to the Russian Federation, Putin stressed “the importance of the upcoming second Russia-Africa summit in St. Petersburg in 2023 for strengthening diverse relations between Russia and African countries.”
Putin further touched on Moscow’s efforts to restore its geopolitical foothold on the continent after the historical collapse of the Soviet era. While the summit is considered a significant development for Russia’s power-wielding ambitions, Putin strongly reminded African ambassadors that the second Russia-Africa summit is scheduled to be held in St Petersburg in 2023. “We hope that together we will be able to give a new impetus to the comprehensive development of mutually beneficial cooperation between Russia and the African states,” he said.
Significant to note here that at the far end of the first summit, Russia and Africa issued a joint declaration; among the questions was to hold the summit every three years. Both Russia and Africa could not hold the summit during its third year, and both Russia and Africa failed to choose the summit venue. While reasons were not assigned for this sharp inconsistency, policy experts suggested either the Central African Republic (CAR) or the Republic of Mali could hold the summit. CAR and Mali are “reliable Russia’s partners,” and holding the summit would have resonating effects.
During his speech, Putin invited the President of Algeria Abdelmadjid Tebboune, to visit Russia. Understandably, Algeria is Russia’s second-largest trading partner in Africa regarding trade volume. And trade and economic cooperation continue to develop actively, as well as ties in other areas, including military-technical and cultural ties. Reports say Russia supports Algeria’s balanced regional and international affairs policy and continues to work together towards strengthening stability in the Middle East, North Africa and the Sahara-Sahel region.
“We consistently build friendly relations with Egypt under the fundamental Agreement on Comprehensive Partnership and Strategic Cooperation signed in 2018. We view Egypt as one of our most important partners in Africa and the Arab world. We are in constant contact with President Sisi,” according to Putin.
The intergovernmental commission has been working, promoting trade growth, which increased by more than 40 per cent in the first six months of this year. Large joint projects are being implemented, such as constructing the El Dabaa nuclear power plant and creating a Russian industrial zone near the Suez Canal. There is a regular political dialogue and close foreign policy coordination. Within the general policy framework, Russia does not grant concessionary loans and has not publicly allocated a budget for Africa.
But in this exceptional case, Russia and Egypt signed an agreement, and the total cost of construction is fixed at $30 billion. Russia provides Egypt with a loan of $25 billion, which will cover 85% of the work. The Egyptian side will cover the remaining expenses by attracting private investors. Under the agreement, Egypt is to start payments on the loan, which was provided at 3% per annum, in October 2029.
Ambassador Harouna Samake (Republic of Mali) was among the envoys in the Kremlin and listened attentively as Putin welcomed the intention of the leadership of the Republic of Mali to form a long-term strategic partnership with Russia and develop mutually beneficial ties.
During a detailed telephone conversation in August with Interim President Assimi Goïta, Putin agreed to continue joint efforts in countering international terrorism and religious extremism. He further pledged that Russia would continue to provide the Malian people with comprehensive assistance and support in various ways.
The same diplomatic rhetoric praised Russia’s relations with Uganda, one of Russia’s reliable partners in Africa. The United Republic of Tanzania has listed promising spheres such as peaceful nuclear research, transport, energy and tourism. These spheres have been on Russia’s list for many other African countries.
Over the years, Russia has performed dismally in Africa’s transport and energy sector. In theory, it has expressed heightened interest in exploring and producing oil and gas in Africa. But so far, its investment efforts are not seen in the region. Russia claims the leading position as an energy supplier and is now rapidly diversifying its products at discounted prices to the Asian market. Therefore, it is logical that African leaders should not expect much from the Russian Federation in this oil and gas (energy) sector.
Currently, all African countries have a serious energy crisis. Over 620 million in Sub-Saharan Africa do not have electricity out of 1.3 billion people. In this context, several African countries are exploring nuclear energy as part of the solution. Three decades after the Soviet collapse, not a single nuclear plant has been completed in Africa.
Some still advocate for alternative energy supply. Gabby Asare Otchere-Darko, Founder and Executive Director of Danquah Institute, a non-profit organization that promotes policy initiatives and advocates for Africa’s development, wrote in an email that “Africa needs expertise and knowledge transfer that can assist Africa to develop its physical infrastructure, add value to two of its key resources: natural resources and human capital.”
Russia has respectable expertise in one key area for Africa: energy development. “But, has Russia the courage, for instance, to take on the stalled $8-$10 billion Inga-3 hydropower project on the Congo river? This is the kind of development project that can vividly send out a clear signal to African leaders and governments that Russia is, indeed, ready for business,” he said in an interview discussion.
The renewable energy potential is enormous in Africa, citing the Democratic Republic of Congo Grand Inga Dam. Grand Inga is the world’s largest proposed hydropower scheme. It is a grand vision to develop a continent-wide power system. Grand Inga-3 is expected to have an electricity-generating capacity of about 40,000 megawatts – nearly twice as much as the 20 largest nuclear power stations. The cost of building nuclear power does not make sense when compared to the cost of building renewables or other energy sources to solve energy shortages in Africa.
With high optimism and a high desire to strengthen its geopolitical influence, Russia has engaged in sloganism, and many of its signed agreements have not been implemented. The joint declaration adopted at the first summit is intended to raise the African agenda of Russia’s foreign policy to a new level and remains the main document determining the conceptual framework of Russian-African cooperation. Many remain as submit paperwork. China, Japan, India, the United States, the European Union and other players are progressively implementing their African strategies.
Over the years, Russia has shown high interest in Libya, whose ambassador, Emhemed Almaghrawi (State of Libya), was part of the Kremlin ceremony in September. Over the years, Russia has struggled to improve its bilateral political and economic dialogue and cooperation with that North African country. It has faced many pitfalls and obstacles, though.
“We attach great importance to relations with Libya and are interested in a fair and lasting settlement of the protracted internal conflict in that country. Russia will continue to support Libya’s sovereignty and territorial integrity and help the friendly Libyan people defend their right to a decent life, peace and security. As the internal situation in Libya stabilises, we look forward to resuming bilateral cooperation in various fields,” Putin said.
Russian Foreign Minister Sergey Lavrov condemned the Atlantic alliance when he spoke to students at the Moscow State Institute of International Relations in Moscow on September 1. Russia claims it lost billions of dollars in energy, defence, and infrastructure contracts it had negotiated with the removal of Col. Qaddafi. Russia’s state arms exporter lost an estimated $4 billion in Libyan contracts after the UN Security Council imposed an arms embargo on Libya.
Russian Railways had secured a $3 billion contract to build a high-speed rail link from Sirt to Benghazi. Many of these contracts were either signed in Qaddafi’s presence or were organized by him. Russia’s state news agency ITAR-TASS estimates that the country could lose as much as $10 billion in business if Libya’s new leadership challenges the legality of the existing contracts.
As Anna Borshchevskaya, an Ira Weiner Fellow at the Washington Institute for Near East Policy, observes that military has been part of the foreign policy of the Russian Federation, and Russian authorities have been strengthening military-technical cooperation with some African countries.
“A major driver for Moscow’s push into Africa is military cooperation more broadly. These often include officer training and the sale of military equipment, though the details are rarely publicly available,” she acknowledges, “and it will continue so in Russia’s relations with Africa.
Russia has made significant arms deals with Angola and Algeria. Reports show that Egypt, Uganda, Tanzania, Somalia, Mali, Sudan and Libya have also bought arms from Russia. Small countries such as Burundi, Botswana, and Rwanda, with distinctively impoverished populations and budgetary limitations, have signed agreements. Russia also provides military training and support; it has defence orders worth $14 billion from African countries.
According to Nezavisimaya Gazeta, quoting military experts, Russia has much to gain by promoting and attempting to dispose of its Soviet-era military equipment in Africa. After all, Russia is self-sufficient and has economic independence, so with enthusiasm, convincing African leaders to purchase fertilizers and grains, thereby pushing them towards depleting their hard-earned revenues. Without a doubt, African leaders endlessly boast of vast uncultivated lands.
During these months of the Russia-Ukraine crisis and sanctions from the United States, Europe and Pacific allies, Russian diplomacy has repeatedly stressed that Moscow is ready to export 30 million tons of grain and over 20 million tons of fertilizer by the end of 2022.
According to local Russian media reports, the Russian Agriculture Ministry’s Agroexport Federal Centre for Development of Agribusiness Exports, in close partnership collaboration with Trust Technologies and the business expert community, drew up a business plan for the development of exports for agricultural products (grain, dairy, meat and confectionery products) to promising markets of African countries.
The project’s goal is to prepare a practice-oriented model for increasing supplies and enhancing the competitiveness of Russian agricultural goods in the African market. The report says nine African countries have been chosen as target markets for the delivery of agricultural products. These are Angola, Cameroon, Ethiopia, Ghana, Kenya, Mauritius, Nigeria, Tunisia and South Africa.
That report explicitly notes African leaders’ readiness to spend state budgets on food imports; without a doubt, “food security” is the central theme for the 2023 Russia-Africa summit. These countries account for 40% of the continent’s population and one-third of all African imports of agricultural products; Russia estimates to earn some $33 billion from Africa.
In practical terms, a microscopic analysis of Russia’s economic presence gives many interpretations and contradictions. While currently, Russia seems to be soliciting the support of Africa to lead the emerging new world order, Russia still does not recognize that it needs to adopt more public outreach policies to win the minds and hearts of Africans. Its economic footprint on the continent is comparatively weak. Instead of addressing its own investment agenda, it has consistently criticised other foreign players, especially the United States and European countries, that are active in Africa.
Many Russian companies have abandoned their projects in Africa. The latest is the lucrative platinum project contract that was signed for $3 billion in September 2014, the platinum mine is located about 50 km northwest of Harare, the Zimbabwean capital. The Darwendale project involves a consortium of the Rostekhnologii State Corporation, Vneshekonombank and Vi Holding in a joint venture with some private Zimbabwe investors and the Zimbabwean government.
After widely campaigning for the construction of what was referred to as the “Southern Oil&Gas Pipelines” that was supposed to connect three or four southern African countries, Russia’s Rosneft finally abandoned the project. And similarly, State Nuclear Enterprise Rosatom never mentioned again the proposed nuclear plant construction signed by Jacob Zuma of South Africa.
Russia’s Lukoil undertook exploratory feasibility studies in Sierra Leone, Nigeria, Cameroon and Ghana, only to abandon these projects. Nigeria’s Ajeokuta Steel Plant project remains a dream project for Russians. Norilsk Nickel (Nornickel), the Russian mining giant, ceased operations in Botswana. It owned a stake in the Tati Nickel in Botswana, where production was expected to reach its highest level. It has previously given a positive assessment of the possibilities for developing its production assets in South Africa and many African countries. There is a long list of Russian companies that under-performed or performed badly and finally exited Africa.
Just a few weeks before his departure from Moscow, the Zimbabwean ambassador to the Russian Federation, Brigadier General Nicholas Mike Sango, told me in an interview discussion that several issues could strengthen the relationship. One important direction is economic cooperation. African diplomats have consistently been persuading Russia’s businesses to take advantage of the Africa Continental Free Trade Area (ACFTA) as an opportunity for Russian businesses to establish footprints on the continent. This view has not found favour with them, and it is hoped over time, it will.
Although the government has not pronounced incentives for businesses to set sights and venture into Africa, Russian businesses generally view Africa as too risky for their investment. He said that Russia needs to set footprints on the continent by exporting its competitive advantages in engineering and technological advancement to bridge the gap that is retarding Africa’s industrialization and development.
“Worse is that there are too many initiatives by too many quasi-state institutions promoting economic cooperation with Africa saying the same things in different ways, but doing nothing tangible,” he told me during the lengthy pre-departure interview. He served the Republic of Zimbabwe in the Russian Federation from July 2015 to August 2022. He previously held various high-level posts, such as military adviser in Zimbabwe’s Permanent Mission to the United Nations and as an international instructor in the Southern African Development Community (SADC).
There are several similar criticisms from former ambassadors. According to Mandisi Mpahlwa, former South African Ambassador, Sub-Saharan Africa has understandably been low on post-Soviet Russia’s list of priorities, given that Russia is not as dependent on Africa’s natural resources as other major economies. The reason: Soviet and African relations, anchored as they were on the fight to push back the frontiers of colonialism, did not necessarily translate into trade, investment and economic ties, which would have continued seamlessly with post-Soviet Russia.
“Russia’s objective of taking the bilateral relationship with Africa to the next level cannot be realized without a close partnership with the private sector. Africa and Russia are close politically but geographically distant, and the people-to-people ties are still underdeveloped. This translates into a low level of knowledge on both sides of what the other has to offer. There is perhaps also a fear of the unknown in both countries,” Mpahlawa said in an interview after completing his ambassadorial duty in the Russian Federation.
Russia has a lot of policy weaknesses in Africa. Reports indicated that more than 90 agreements were signed at the end of the first Russia-Africa summit. Thousands of bilateral agreements are still on the drawing board, and century-old promises and pledges for supporting sustainable development are authoritatively renewed with African countries. Like a polar deer waking up from its deep slumber, Russia is flashing its geopolitical headlights in all directions on Africa.
Russia’s Ministry of Foreign Affairs website indicates that there have been several top-level bilateral meetings, signing of MoUs and bilateral agreements during the past years. In November 2021, a policy document titled the ‘Situation Analytical Report’ presented at the premises of TASS News Agency was very critical of Russia’s current policy towards Africa.
While the number of high-level meetings has increased, the share of substantive issues and definitive results on the agenda remains small. It explicitly points out the inconsistent approach in dealing with Africa. Russia lacks public outreach policies for Africa. Apart from the absence of a public strategy for the continent, there is a lack of coordination among various state and para-state institutions working with Africa.
Ultimately, actions, not words, will determine if upcoming Russia -Africa Summit and the proposed Africa strategy will reset relations with the continent. The significant fact here is that little has been achieved since the first Russia-Africa summit held in October 2019. According to the Russian Foreign Ministry’s Ambassador-at-Large and head of the Secretariat of the Russia-Africa Partnership Forum, Oleg Ozerov, food security will be one of the top issues on the agenda of the second Russia-Africa Summit.
It is a fact that Russia’s ties with Africa declined with the collapse of the Soviet Union in 1991. In the aftermath of the Soviet Union, Russia continues efforts in search of possible collaboration and opportunities for cooperation in the past years. But most essentially, Russians must understand clearly that little has been achieved in Africa. Several bilateral agreements signed with individual countries are not implemented, while in the previous years, there has been an unprecedented huge number of “working visits” to Africa.
According to our research findings, in stark contrast to key global players, for instance, the United States, China, the European Union and many others, Russia’s policies have little impact on African development paradigms. Russia’s policies have often ignored Africa’s sustainable development questions. Experts have repeatedly suggested Russia adopt an Action Plan – a practical document that would fill cooperation with substance between summits. In conclusion, Russians must strongly remember that Africa’s roadmap is the African Union Agenda 2063.
World
Russia-Africa Dialogue: Untapped Prospects for Economic Cooperation
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.
World
CANAL+ Eyes MultiChoice Turnaround as Stocks Debut on JSE
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.
World
AfDB President Sees More African Nations Regaining Investment-Grade Ratings
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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