World
Under New Leadership, Mali Opens Doors to Russia

By Kester Kenn Klomegah
With strict pressure from the African Union (AU) and the Economic Community of West African States (ECOWAS), the August coup leaders have installed an interim government that will run state affairs until next elections.
Plucked from obscurity, the former Defense Minister Bah Ndaw (here) became the transitional President, while Colonel Assimi Goita serves as Vice President.
The transitional committee made up of representatives of political parties, civil and religious groups agreed on both positions.
According to their biographical reports, both had part of their professional military training in the Soviet Union and Russia respectively – read & watch this video – indicating that the new Malian leadership could be more Russia-friendly.
The transitional civilian government, swearing-in ceremony and inauguration into office took place on Sept 25, completely closed the political chapter on the political administration of Ibrahim Boubacar Keita.
The military takeover, Mali’s fourth since gaining independence from France in 1960, came after months of protests, stoked by Keita’s failure to roll back a bloody jihadist insurgency and fix the country’s many economic woes.
Over the years, reform policies have had little impact on the living standards, the majority highly impoverished in the country. As a developing country, it ranks at the bottom of the United Nations Development Index (2018 report). The country, however, is home to approximately 20 million people. The primary task, right now, is to draw up “a comprehensive road map” for economic recovery.
Earlier before the September 25 ceremony, Assimi Goita had issued a public statement at a media-covered conference to the Malian population, saying “We make a commitment before you to spare no effort in the implementation of all these resolutions in the exclusive interest of the Malian people.
“We request and hope for the understanding, support and accompaniment of the international community in this diligent and correct implementation of the Charter and the transition roadmap. The results you have achieved allow me to hope for the advent of a new, democratic, secular and prosperous Mali.”
While West African leaders would likely remove the economic sanctions imposed in the wake of last month’s coup, following the installation of a civilian interim president, a number of foreign countries including Russia have already recognized these new developments taken toward stability.
Russia, apparently, is exploring all possibilities to regain a part of its Soviet-era influence as Mali begins to restructure and systematize its state administration.
In an official statement to mark Mali’s 60th anniversary of its independence from France, Russian Ministry of Foreign Affairs (MFA) hoped that Mali would fix in place civilian form of government and, focus on holding free and democratic elections following a short transitional period with the assistance of the Economic Community of the West African States and the African Union.
It is noteworthy to recall here that Russia and Mali are linked by friendship and cooperation. In 1960, Mali attained independence following a prolonged struggle and opted for a socialist orientation. There were major projects implemented with Soviet assistance. These include a cement factory, the Kalana gold-mining company, a stadium in Bamako, the Gabriel Toure Hospital, an airfield in Gao and a number of national education facilities. Large-scale prospecting operations were conducted, and 9,000 hectares converted into rice paddies.
Thousands of Soviet educators, doctors and other specialists worked in Mali. Over 10,000 Mali citizens received higher education in Russia.
“We hope that the time-tested Russia-Mali ties will continue to develop steadily in the interests of both states. We would like to congratulate the friendly people of Mali on their national holiday and to wish them every success in achieving nationwide reconciliation, reviving their country as soon as possible, and we wish them peace, prosperity and well-being,” the statement particularly stressed.
As Russia pushes to strengthen its overall profile in the G5 Sahel region, Mali could become a gateway into the region. Russia has made military-technical cooperation as part of its diplomacy and keen on fighting growing terrorism in Africa.
Experts suspected that the regime change in Mali could see Russia-friendly new leaders taking over the country from the French-friendly Ibrahim Boubacar Keita and his government, thereby dealing a severe blow to French influence and interests not just in Mali but throughout the Sahel zone that includes Burkina Faso, Chad, Mali, Mauritania and Niger.
Research Professor Irina Filatova at the Higher School of Economics in Moscow explained recently in an emailed “Russia’s influence in the Sahel has been growing just as French influence and assistance has been dwindling, particularly in the military sphere. It is for the African countries to choose their friends and people who are now in power will be friendlier with Russia.”
That said, the transitional government could continue to leverage with Russia. Reports indicate that Russia has established cordial relations with the transitional government.
On August 21, Russian Ambassador to Mali and Niger Igor Gromyko met with representatives from the National Committee for the Salvation of the People (CNSP). The CNSP is an umbrella organization of military personnel involved in the coup, which wishes to oversee an 18-month transition before returning power to civilian authorities. Russia signed a military cooperation agreement with Mali in June 2019.
In November 2019, demonstrators in Bamako urged Moscow to repel Islamist attacks in Mali as it did in Syria. At the Independence Square demonstrations in Bamako that followed the coup, protesters were spotted waving Russian flags and holding posters praising Russia for its solidarity with Mali.
Samuel Ramani, DPhil candidate at the Department of Politics and International Relations at St. Antony’s College, University of Oxford, wrote in the Journal of the Foreign Policy Research Institute that “Since Russia possesses a diverse array of partnerships in Mali and Sahel countries are frustrated with the counterterrorism policies of Western powers. Moscow could leverage the Mali coup to secure economic deals and bolster its geopolitical standing in West Africa.”
According to the expert, Kremlin-aligned research institutes and media outlets have consistently framed France’s counterterrorism operations in Niger and Mali as a façade for the extraction of the Sahel’s uranium resources. Russian nuclear energy giant Rosatom, which directly competes with its French counterpart Avenda for contracts in the Sahel, could benefit from favourable relations with Mali’s new political authorities. Nordgold, a Russian gold company that has investments in Guinea and Burkina Faso, could also expand its extraction initiatives in Mali’s gold reserves.
As one of the largest on the continent, Mali is a landlocked country located in West Africa. For centuries, its northern city of Timbuktu was a key regional trading post and centre of Islamic culture. Mali is renowned worldwide for having produced some of the stars of African music, most notably Salif Keita. But, this cultural prominence has long since faded.
After independence from France in 1960, Mali suffered droughts, rebellions, and 23 years of military dictatorship until democratic elections in 1992. Mali has struggled with mass protests over corruption, electoral probity, and a jihadist insurgency that has made much of the north and east ungovernable. President Ibrahim Keita, who took office in September 2013, proved unable to unify the country. With time and commitment to sustainable development and good governance, there is still hope for Mali.
Kester Kenn Klomegah writes frequently about Russia, Africa and BRICS.
World
Trump’s Tariffs, Russia and Africa Trade Cooperation in Emerging Multipolar World

By Kestér Kenn Klomegâh
With geopolitical situation heightening, trade wars are also becoming increasingly prominent. The 47th United States President Donald Trump has introduced trade tariffs, splashed it over the world. China, an Asian trade giant and an emerging economic superpower, has its highest shared.
South Africa, struggling with its fragile foreign alliances, is seriously navigating the new United States economic policy and trade measures, at least to maintain its membership in the African Growth and Opportunities Act (AGOA) which is going to expire in September 2025.
It is a well-known fact that AGOA waived duties on most commodities from Africa in order to boost trade in American market. The AGOA also offers many African countries trade preferences in the American market, earning huge revenues for their budgets. Financial remittances back to Africa also play mighty roles across the continent from the United States.
That however, the shifting geopolitical situation combined with Trump’s new trade policies and Russia’s rising interest in Africa, the overarching message for African leaders and business corporate executives is to review the level of degree how to appreciably approach and strengthen trade partnership between Africa and Russia.
The notion of a new global order and frequently phrased multipolar world, indicating the construction of a fairer architecture of interaction, in practical terms, has become like a relic and just as a monumental pillar. Even as we watch the full-blown recalibration of power, the geopolitical reshuffling undoubtedly creates the conditions for new forms of cooperation.
In this current era of contradictions and complexities we are witnessing today, we must rather reshape and redefine rules and regulations to facilitate bilateral and multilateral relations between African countries and Russia, if really Russia seeks to forge post-Soviet strategic economic cooperation with Africa.
In fact, post-Soviet in the sense that trade is not concentrate on state-to-state but also private – including, at least, medium scale businesses. The new policy dealing with realities of the geopolitical world, distinctively different from Soviet-era slogans and rhetorics of ‘international friendship and solidarity’ of those days.
Bridging Africa and Russia, at least in the literal sense of the word, necessitates partial departure from theoretical approach to implementing several bilateral and multilateral decisions, better still agreements reached at previous summits and conferences during the past decade.
Understandably Africa has a stage, Russia termed ‘the struggle against neo-colonial tendencies’ and mounting the metal walls against the ‘scrambling of resources’ across Africa. Some experts argued that Africa, at the current stage, has to develop its regions, modernize most the post-independence-era industries to produce exportable goods, not only for domestic consumption. Now the emphasis is on pushing for prospects of a single continental market, the African Continental Free Trade Agreement (AfCFTA).
This initiative, however, must be strategically and well-coordinated well, and here I suggest integration and cooperation starting at country-wide basis to regional level before it broadly goes to the entire continent, consisting 54 independent states.
These are coordinated together as African Union (AU), which in January 2021 initiated the African Continental Free Trade Agreement (AfCFTA). With this trading goals in mind, Africa as a continent has to integrate, promote trade and economic cooperation, engage in investment and development. In that direction, genuine foreign partners are indiscriminately required, foreign investment capital in essential for collaboration as well as their entrepreneurial skills and technical expertise.
For instance, developing relations with Asian giants such China and India, the European Union and the United States. A number of African countries are shifting to the BRICS orbit, in search for feasible alternative opportunities, for the theatrical trade drama. In the Eurasian region and the former Soviet space, Kazakhstan and Russia stand out, as potential partners, for Africa.
Foreign Affairs Minister Sergey Lavrov has said, at the podium before the staff and students at Moscow State Institute of International Affairs in September, that trade between Russia and Africa would grow further as more and more African partners continued to show interest in having Russians in the economic sectors in Africa. This provides greater competition between the companies from Western countries, China, and Russia. With competition for developing mineral resources in Africa, it is easier and cheaper for African colleagues to choose partners.
As far back in October 2010, Russian Foreign Affairs Ministry posted an official report on its website that traditional products from least developed countries (including Africa) would be exempted from import tariffs. The legislation stipulated that the traditional goods are eligible for preferential customs and tariffs treatment.
Thereafter, Minister Sergey Lavrov has reiterated, in speeches, trade preferences for African exporters, but terribly failed to honour these thunderous promises. Notwithstanding the above granting trade preferences, there prevailing multitude of questions relating to the pathways of improving trade transactions, and removing obstacles including those Soviet-era rules and regulations.
Logistics is another torny hurdle. Further to this, Russian financial institutions can offer credit support that will allow to localize Russian production in Africa’s industrial zones, especially southern and eastern African regions that show some stability and have good investment and business incentives.
In order to operate more effectively, Russians have to risk by investing, recognize the importance of cooperation on key investment issues and to work closely on the challenges and opportunities on the continent. On one hand, analyzing the present landscape of Africa, Russia can export its technology and compete on equal terms with China, India and other prominent players. On the other hand, Russia lacks the competitive advantage in terms of finished industrial (manufactured) products that African consumers obtain from Asian countries such as China, India, Japan and South Korea.
Compared to the United States and Europe, Russia did very little after the Cold War and it is doing little even today in Africa. On 27th–28th July 2023, St Petersburg hosted the second Russia-Africa summit. At the plenary session, President Vladimir Putin underscored the fact that there was, prior to the collapse of the Soviet, there were over 330 large infrastructure and industrial facilities in Africa, but most were lost. Regarding trade, Putin, regrettably, noted Russia’s trade turnover with the African countries increased in 2022 and reached almost US$18 billion, (of course, that was 2022).
Arguably, Russia’s economic presence is invisible across Africa. It currently has insignificant trade statistics. Until the end of the first quarter of 2025, Russia still has a little over $20 billion trade volume with Africa. Statistics on Africa’s trade with foreign countries vary largely.
For example, the total United States two-way trade in Africa has actually fallen off in recent years, to about $60 billion, far eclipsed by the European Union with over $240 billion, and China more than $280 billion, according to a website post by the Brookings Institution.
According to the African Development Bank, Africa’s economy is growing faster than those of any other regions. Nearly half of Africa is now classified as middle income countries, the numbers of Africans living below the poverty line fell to 39 percent as compared to 51 percent in 2023, and around 380 million of Africa’s 1.4 billion people are now earning good incomes – rising consumerism – that makes trade profitable.
Nevertheless, there is great potential, as African leaders and entrepreneurial community are turing to Russia for multifaceted cooperation due to the imperialist approach of the United States and its hegemonic stand triggered over the years, and now with Trump new trade tariffs and Washington’s entire African policy.
China has done its part, Russia has to change and adopt new rules and regulations, pragmatic approach devoid of mere frequent rhetorics. It is important discussing these points, and to shamelessly repeat that both Russia and Africa have to make consistent efforts to look for new ways, practical efforts at removing existing obstacles that have impeded trade over the years.
Sprawling from the Baltic Sea to the Pacific Ocean, Russia is a major great power and has the potential to become a superpower. Russia can regain part of its Soviet-era economic power and political influence in present-day Africa.
Certainly, the expected superpower status has to be attained by practical multifaceted sustainable development and by maintaining an appreciably positive relations with Africa. We have come a long way, especially after the resonating first summit (2019 and high-praised second summit (2023), several bilateral agreements are yet to be implemented. The forthcoming Russia – Africa Partnership summit is slated for 2026, inside Africa and preferably in Addis Ababa, Ethiopia.
Kestér Kenn Klomegâh is a frequent and passionate contributor. During his professional career as a researcher specialising in Russia-Africa policy, which spans nearly two decades, he has been detained and questioned several times by Russian federal security services for reporting facts. Most of his well-resourced articles are reprinted in a number of reputable foreign media.
World
Tariff War Threatens Global Economy, US-China Goods Trade By 80%—WTO DG

By Adedapo Adesanya
The Director General of the World Trade Organization (WTO), Mrs Ngozi Okonjo-Iweala, has said the US-China tariff war could reduce trade in goods between the two economic giants by 80 per cent and hurt the rest of the world economy.
President Donald Trump raised tariffs on China to 125 per cent on Wednesday as the world’s two largest economies fought over retaliatory levies.
The American President earlier ramped up duties on Chinese goods to 104 per cent, only to hike them further when China retaliated by raising tariffs on US imports to 84 per cent.
In a social media post announcing the moves, President Trump said China had been singled out for special treatment because of “the lack of respect that China has shown to the world’s markets.”
In her reaction to the development, the WTO DG said in a statement that, “The escalating trade tensions between the United States and China pose a significant risk of a sharp contraction in bilateral trade. Our preliminary projections suggest that merchandise trade between these two economies could decrease by as much as 80 per cent.”
She said the United States and China account for three per cent of world trade and warned that the conflict could “severely damage the global economic outlook”.
Even as he slapped further tariffs on China, Mr Trump paused higher tariffs on the rest of the world for 90 days, claiming that dozens of countries reached out for negotiations.
Mrs Okonjo-Iweala warned that the world economy risked breaking into two blocs, one centred around the United States and the other China.
“Of particular concern is the potential fragmentation of global trade along geopolitical lines. A division of the global economy into two blocs could lead to a long-term reduction in global real GDP by nearly seven percent,” she said.
She urged all WTO members “to address this challenge through cooperation and dialogue.”
“It is critical for the global community to work together to preserve the openness of the international trading system.”
“WTO members have agency to protect the open, rules-based trading system. The WTO serves as a vital platform for dialogue. Resolving these issues within a cooperative framework is essential,” she added.
World
AFC Tops $1bn Revenue in 2024 Financial Year

By Adedapo Adesanya
Africa Finance Corporation (AFC), the continent’s top infrastructure solutions provider, has announced its strongest financial performance to date, with total revenue for the year ended December 31, 2024 surpassing $ 1 billion for the first time in its history.
This record performance marks a significant milestone in AFC’s mission to close Africa’s infrastructure gap through scalable, de-risked investments that attract global capital and deliver tangible development outcomes.
The corporation posted a 22.8 per cent increase in total revenue to US$1.1 billion and a 22.3 per cent rise in total comprehensive income to $400 million, up from $327 million in 2023.
AFC’s earnings growth was driven by improved asset yields, prudent cost-of-funds management and sustained traction in advisory mandates.
Further significant financial highlights include net interest income up 42.5 per cent to $ 613.6 million; fee and commission income rose to $109 million, the highest in over five years; operating income climbed 42.7 per cent to $709.7 million; total assets reached a record $14.4 billion, a 16.7 per cent year-on-year increase; liquidity coverage ratio strengthened to 194 per cent, providing over 34 months of cover; and cost-to-income ratio improved to 17.3 per cent from 19.6 per cent in 2023.
According to a statement, AFC said throughout 2024 it continued to scale its impact by mobilising capital for landmark projects across energy, transport, and natural resources.
These included the Lobito Corridor – a cross-border railway development spanning Angola, the Democratic Republic of Congo (DRC), and Zambia. AFC led the initiative to secure a concession agreement within one year of the initial Memorandum of Understanding (MoU), an unprecedented achievement for a project of its scale. In the DRC, AFC also invested $150 million in the Kamoa-Kakula Copper Complex, Africa’s largest copper producer and one of the most sustainable globally, thanks to its high-grade ore and renewable-powered smelter.
Other milestones transactions included financing support for the commissioning of the Dangote Refinery, the largest in Africa, and continued progress on AFC-backed Infinity Power Holding’s 10 GW clean energy ambition, with power purchase agreements secured in Egypt and South Africa.
AFC also invested in the 15GW Xlinks Morocco-UK Power Project, providing $14.1 million to support early-stage development of a transcontinental renewable energy pipeline between North Africa and Europe.
AFC strengthened its capital base and expanded its investor network through several landmark funding initiatives. These included a $ 1.16 billion syndicated loan – the largest in its history, a $500 million perpetual hybrid bond issue, and the successful execution of Nigeria’s first-ever domestic dollar bond, which raised $900 million at 180 per cent oversubscription.
AFC also returned to the Islamic finance market after eight years, closing a $400 million Shariah-compliant facility.
The year also saw strong momentum in equity mobilisation, with $181.8 million in new capital raised from ten institutional investors. These included Turk Eximbank – AFC’s first non-African sovereign shareholder – the Arab Bank for Economic Development in Africa (BADEA), and several major pension funds spanning Cameroon, Seychelles, Mauritius, and South Africa. Ratings agencies affirmed AFC’s robust credit profile, with AAA ratings from S&P Global (China) and China Chengxin International, and a stable A3 Outlook from Moody’s.
Speaking on the result, Ms Samaila Zubairu, President & CEO of AFC said, “These results send a clear message that strategic investment in African infrastructure creates lasting value for both beneficiaries and investors.”
“In 2024, we exceeded the billion-dollar revenue mark, delivered game-changing projects, and reinforced our financial resilience—demonstrating the scalability of our unique model that blends purpose with performance to accelerate Africa’s economic transformation,” she added.
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