World
World Bank, IMF and Africa’s Development
By Professor Maurice Okoli
Amid heightened criticisms and intense debates over several significant global issues including new financial architecture, economic diversification, growing debts and reforms, the International Monetary
Fund (IMF) and the World Bank, on October 15 wrapped up their week-long annual meetings held under the theme “Global Action, Global Impact” in Marrakesh, Morocco in North Africa.
With the rapid geopolitical changes, it featured prominently finance ministers and central bank governors from 190 countries in desperate search of comprehensive mechanisms and suitable approaches to address the prevailing economic crisis across the globe. The coordinated annual meetings also reviewed its scope of geographical operations with particular emphasis on Africa.
Fundamentally Africa’s key drawbacks mostly mentioned in all the discussions are related to the system of governance, official policies and strategies, and persistent conflicts. Due to the severity of threatening conflicts combined with worsening insecurity and ineffective policies, speakers at the annual meetings reviewed with circumspection the economic performance in Africa.
The importance of this annual meeting particularly for Africa need not be over-emphasized. Of course, the popular paradox is that Africa has huge untapped resources including rich deposits of strategic minerals, the population is growing and now stands at 1.4 billion providing the human capital and yet that region is engulfed with abject poverty, lack of industrial infrastructure and technology, while agriculture largely remains at the rudimentary stage. It is impossible not to notice on the political map of the world – it is located roughly in the centre of the globe just on the equator and its huge expanse of territory.
Economic Picture
The global financial system “is now outdated, dysfunctional and unjust,” said a New York Times opinion column jointly written by Kenyan President William Ruto, African Development Bank President Akinwumi Adesina, African Union Commission chairman Moussa Faki and Patrick Verkooijen, chief executive of the Global Commission on
Adaptation.
It’s outdated because international financial institutions “are too small and limited to fulfil their mandate. Dysfunctional because the system as a whole is too slow to respond to new challenges, such as climate change. And unjust because it discriminates against poor countries,” the leaders wrote.
Often lenders of last resort, the IMF and the World Bank use billions in loans and assistance to buoy struggling economies and encourage countries operating in deficit to implement reforms they say promote stability and economic growth.
During a panel session in Marrakech second week of October 2023, African Ministers of Finance, Planning and Economic Development called for key reforms during a meeting of the Africa High-Level Working Group on the Global Financial Architecture, coordinated by the Economic Commission for Africa (ECA). The ECA has the mandate
to promote the economic and social development of its member states, foster intra-regional integration, and promote international cooperation for Africa’s development.
Their position, among others, was to strengthen the African voice on the global stage. This resounding call emphasized the need for a quota formula to increase the number share for Africa. The meeting expressed support for the establishment of an additional chair to represent African countries at the IMF Executive Board to amplify the region’s voice and representation.
The meeting further underscored the importance of scaling up both concessional and non-concessional financing priorities of African countries, including regional integration, infrastructure development and structural transformation. Also, there was the proposal for temporal suspension of debt service and to pause debt service payments in the event of climate-related disasters.
At the opening ceremony, IMF Chief Kristalina Georgieva in a speech stated that since 2020, successive economic shocks have led to the loss of $3.6 trillion of the global output, and that have pushed the IMF and the World Bank in hollowing for an enduring role in addressing the socio-economic challenges.
Fifty-seven per cent of the world’s poorest countries, home to about 30 per cent of the world’s population, will have to cut their public spending by $229 billion by 2029. Low and lower-middle-income countries will be forced to pay almost $500 million every day in interest and debt repayments from now until that year, according to her suggestion.
Role of the Financial Institutions
The African Development Bank, the Asian Development Bank, the Asian Infrastructure Investment Bank, the Council of Europe Development Bank, the European Bank for Reconstruction and Development, the European Investment Bank, the Inter-American Development Bank, the Islamic Development Bank, and the New Development Bank joined the World Bank in the collaboration agreement.
World Bank together with other nine multilateral development banks jointly seek to boost lending power to developing countries. These banks pledged to bolster collaboration in accelerating an appreciable, liveable world free of poverty. Under consideration is estimated $300 billion to $400 billion of additional lending capacity to help developing countries confront “a perfect storm of intertwined crises — from climate shocks and conflicts to pandemics and surging debt.”
They would also work to catalyze private-sector engagement. In addition, and as incorporated in the official document after the summit, the World Bank will be strengthening efforts to partner with the private sector, civil society, other multilateral institutions, and charitable organizations.
Some experts are of the view that the banks should also release emerging market data so private investors can better understand the actual risks and opportunities of investing in such markets. According to economic experts, exploring ways to directly increase the voice of emerging markets and developing countries in the IMF by adding another deputy managing director to represent emerging markets and low-income countries, and a third executive board chair representing sub-Saharan Africa.
“Working together for a common cause, we can bring more experience, expertise, knowledge, and, especially, more funding to the massive challenges facing the world today,” World Bank President Ajay Banga said. “Together, we are greater than the sum of our parts.”
In addition to improved analytical and diagnostic tools, including country climate and development reports, the multilateral banks have to work on principles for using concessional finance to target support for projects that address the challenges. Concessional finance involves loans at more generous terms than the market provides. The socio-cultural conditions should also form part of the decision-making process for extending these loans to accelerate private sector mobilization.
African States Struggling with Debts
International Monetary Fund chief Kristalina Georgieva called for wealthy nations to provide more support to debt-saddled developing countries, and to better help vulnerable nations deal with poverty and climate change, as she opened the first IMF-World Bank meetings on African soil in 50 years. The global lenders traditionally hold their annual gathering of finance ministers and central bank governors outside their Washington headquarters every three years.
The IMF and World Bank last held their meetings in Africa in 1973, when Kenya hosted the event and some nations were still under colonial rule. Half a century later, the continent faces various challenges ranging from conflict to a series of military coups to unrelenting poverty to natural disasters.
“Bringing the meetings to Africa, again, is symbolically and substantively very important,” Georgieva said at a meeting with members of civil society organizations. She noted that the continent is wrestling with “remarkably similar” problems as 50 years ago, including high inflation and “political upheaval in many places”.
“Many countries are under a burden of debt that can crush them and we very, very much hope that the meetings would be a place to build more trust among nations. We all need each other,” she said and added that the IMF and World Bank need “more capacity” to support African countries that need help, including providing zero-interest loans on a larger scale.
In the final analysis, China has to be considered for an increase in a quota within the institutions and given more representation if it played an active role in debt relief for low-income countries. China has already considered some African countries for addressing issues of debt restructuring deals, for instance, Angola, Egypt, Nigeria, Zambia and a few others.
It was also the result of several direct consultations by the US Treasury Secretary Janet Louise Yellen and other officials, trying to pressure and coax China — the largest creditor to the developing world — into participating more readily in such agreements. There are also proposals to seriously look at ways to revive the effectiveness and monitoring of funds utilization on the continent. Expectations are high for a breakthrough.
President Abdel-Fattah El-Sisi is looking to extend his rule until 2030. And Egypt seeks to boost IMF loan to over $5 billion amid currency woes, according to the discussions made available on the government’s website. A mission from the IMF may visit Egypt to start the two reviews around the end of October. Egypt owes nearly $22 billion to
the IMF, according to Egypt’s central bank which I found during my research for this article.
With regards to Africa, the IMF and World Bank need to take into serious account the ‘cultural change’ to better mobilize private capital. The process of reforming its operations to better address climate change and other numerous challenges requires an endorsement of a new vision “to end poverty on a livable planet” and that is what its new president, Ajay Banga, was working to turn into reality.
Under the auspices of the African Union, African leaders have to collectively within the framework of “African Problems, African Solutions” in this changing world. While calling for reforms in international organizations, the African Union also needs an urgent overhaul to effectively and rationally address the continent’s security and development issues. Africa does not need any “global coalition of democracies” to fight violent extremist groups, especially in West Africa that have been spreading south from the Sahel region. It requires African continental and/or regional forces with external support rather than bilateral mechanisms.
Fresh Hopes for a Better Future
A new tool developed by the Center for Global Development (CGD), and launched to track reforms by the World Bank and the five biggest multilateral development banks (MDBs), shows that broad changes are “firmly in play” but progress in implementing them has been limited thus far. The new platform assesses progress being made on reforms, but at the same time, concludes progress in implementing the changes was “quite limited.”
The CGD researchers however lauded some steps taken – including the World Bank’s inclusion of the phrase “livable planet” in its mission statement, but said the development banks were still largely debating how to integrate global challenges into their operations and how to pay for them.
Anna Bjerde, the World Bank’s managing director for operations, said she had been at the bank for 27 years and had never felt such energy and momentum for changing course. “To make a change in the work we’re in will, of course, take time,” Bjerde said, noting decisions already made at the spring meetings of the IMF and World Bank would boost financing and further steps were expected at the meeting in Morocco.
Critics have argued for years that MDBs manage their balance sheets too conservatively and could unlock significantly more capital without losing their AAA credit rating status. They said the reform discussion was also largely dominated by Northern Hemisphere voices and major emerging markets like China, India and Brazil, and it was crucial to include more MDB borrowing countries and address their goals and concerns.
“We have already seen notable progress in areas like raising lending limits and launching innovative finance programs,” former senior Treasury official Nancy Lee and other researchers wrote in a blog unveiling the tool. “Many reforms are still in the aspiration phase rather than the implementation phase.”
Axel Van Trostsenburg, Senior Managing Director, Development Policy and Partnership, World Bank, made known, during panel discussions, that the International Development Association (IDA), a World Bank subsidiary, is making available $70 billion of its $93 billion replenishing to Africa to support digital infrastructure and other developments.
In his idealistic view, physical-digital infrastructure needs to be developed and linked to the acceleration of the implementation and realization of the objectives of the African Continental Free Trade Area (AfCFTA). The AfCFTA is purposefully created as a single borderless market for free movement of goods products, people and services across Africa.
And it is only through digital development that we see an incredible increase in economic growth under AfCFTA. In this case, there is the necessity to engage the African leadership. This also requires the adoption of a multi-set of approaches in helping countries with regulatory frameworks, setting up infrastructure and mobilising private sector finance for digital development.
Perhaps, this is the appropriate moment for Africa to be very objective while asking for feverish reforms, such steps must begin also at home. African leaders can hardly escape some responsibility for the present state of affairs, the level of economic development and existing social welfare for the people in Africa. The African Union and the Regional Economic blocs or associations have to watch their reflections in the mirror if their platforms have undergone valuable and effective reforms necessary to achieve their fundamental development goals across the continent, at least over the past decade.
Reading through reports, the African Union’s assessment of the multinational financial banks notes the possibility of scaling up adequate funds to grease commitments, as many African countries now face the reality of growing debts that in some cases threaten to destabilize their economies. That, however, financing development objectives would have to noticeably change the expected economic progress and the landscape of bad infrastructure across Africa.
In a symbolic move, the IMF and World Bank are poised to give Africa a third seat on their executive boards. The summit’s final report has offered irreversible practical hopes for Africa. That would be a testament to the resilience on the part of the African community. But still, the African Union and Regional Economic blocs and associations have to engage in discussing and reviewing the ultimate work of international financial institutions to stand ready to support Sustainable Development Goals (SDGs).
Professor Maurice Okoli is a fellow at the Institute for African Studies and the Institute of World Economy and International Relations, Russian Academy of Sciences. He is also a fellow at the North-Eastern Federal University of Russia. He is an expert at the Roscongress Foundation and the Valdai Discussion Club.
As an academic researcher and economist with a keen interest in current geopolitical changes and the emerging world order, Maurice Okoli frequently contributes articles for publication in reputable media portals on different aspects of the interconnection between developing and developed countries, particularly in Asia, Africa and Europe. With comments and suggestions, he can be reached via email: markolconsult (at) gmail (dot) com
World
Africa Squeezed between Import Substitution and Dependency Syndrome
By Kestér Kenn Klomegâh
Squeezed between import substitution and dependency syndrome, a condition characterized by a set of associated economic symptoms—that is rules and regulations—majority of African countries are shifting from United States and Europe to an incoherent alternative bilateral partnerships with Russia, China and the Global South.
By forging new partnerships, for instance with Russia, these African countries rather create conspicuous economic dependency at the expense of strengthening their own local production, attainable by supporting local farmers under state budget. Import-centric partnership ties and lack of diversification make these African countries committed to import-dependent structures. It invariably compounds domestic production challenges. Needless to say that Africa has huge arable land and human resources to ensure food security.
A classical example that readily comes to mind is Ghana, and other West African countries. With rapidly accelerating economic policy, Ghana’s President John Dramani Mahama ordered the suspension of U.S. chicken and agricultural products, reaffirming swift measures for transforming local agriculture considered as grounds for ensuring sustainable food security and economic growth and, simultaneously, for driving job creation.
President John Dramani Mahama, in early December 2025, while observing Agricultural Day, urged Ghanaians to take up farming, highlighting the guarantee and state support needed for affordable credit and modern tools to boost food security. According to Mahama, Ghana spends $3bn yearly on basic food imports from abroad.
The government decision highlights the importance of leveraging unto local agriculture technology and innovation. Creating opportunities to unlock the full potential of depending on available resources within the new transformative policy strategy which aims at boosting local productivity. President John Dramani Mahama’s special initiatives are the 24-Hour Economy and the Big Push Agenda. One of the pillars focuses on Grow 24 – modernising agriculture.
Despite remarkable commendations for new set of economic recovery, Ghana’s demand for agricultural products is still high, and this time making a smooth shift to Russia whose poultry meat and wheat currently became the main driver of exports to African countries. And Ghana, noticeably, accepts large quantity (tonnes) of poultry from Russia’s Rostov region into the country, according to several media reports. The supplies include grains, but also vegetable oils, meat and dairy products, fish and finished food products have significant potential for Africa.
The Agriculture Ministry’s Agroexport Department acknowledges Russia exports chicken to Ghana, with Ghanaian importers sourcing Russian poultry products, especially frozen cuts, to meet significant local demand that far outstrips domestic production, even after Ghana lifted a temporary 2020 avian flu-related ban on Russian poultry.
Moreover, monitoring and basic research indicated Russian producers are actively increasing poultry exports to various African countries, thus boosting trade, although Ghana still struggles to balance imports with local industry needs.
A few details indicate the following:
Trade Resumed: Ghana has lifted its ban on Russian poultry imports since April 2021, allowing poultry trade to resume. Russian regions have, thus far, consistently exported these poultry meat and products into the country under regulatory but flexible import rules on a negotiated bilateral agreement.
Significant Market: In any case, Ghana is a key African market for Russian poultry, with exports seeing substantial growth in recent years, alongside Angola, Benin, Cote d’Voire, Nigeria and Sierra Leone.
Demand-Driven: Ghana’s large gap between domestic poultry production and national demand necessitates significant imports, creating opportunities for foreign suppliers like Russia.
Major Exporters: Russia poultry companies are focused on increasing generally their African exports, with Ghana being a major destination. The basic question: to remain as import dependency or strive at attaining food sufficiency?
Product Focus: Exports typically include frozen chicken cuts (legs and meat) very vital for supplementing local supply. But as the geopolitical dynamics shift, Ghana and other importing African countries have to review partnerships, particularly with Russia.
Despite the fact that challenges persist, Russia strongly remains as a notable supplier to Ghana, even under the supervision of John Mahama’s administration, dealing as a friendly ally, both have the vision for multipolar trade architecture, ultimately fulfilling a critical role in meeting majority of African countries’ large consumer demand for poultry products, and with Russia’s trade actively expanding and Ghana’s preparedness to spend on such imports from the state budget.
Following two high-profile Russia–Africa summits, cooperation in the area of food security emerged as a key theme. Moscow pledged to boost agricultural exports to the continent—especially grain, poultry, and fertilisers—while African leaders welcomed the prospect of improved food supplies.
Nevertheless, do these African governments think of prioritising agricultural self-sufficiency. At a May 2025 meeting in St. Petersburg, Russia’s Economic Development Minister, Maxim Reshetnikov, underlined the fact that more than 40 Russian companies were keen to export animal products and agricultural goods to the African region.
Russia, eager to expand its economic footprint, sees large-scale agricultural exports as a key revenue generator. Estimates suggest the Russian government could earn over $15 billion annually from these agricultural exports to African continent.
Head of the Agroexport Federal Center, Ilya Ilyushin, speaking at the round table “Russia-Africa: A Strategic Partnership in Agriculture to Ensure Food Security,” which was held as part of the international conference on ensuring the food sovereignty of African countries in Addis Ababa (Ethiopia) on Nov. 21, 2025, said: “We see significant potential in expanding supplies of Russian agricultural products to Africa.”
Ilya Ilyushin, however, mentioned that the Agriculture Ministry’s Agroexport Department, and the Union of Grain Exporters and Producers, exported over 32,000 tonnes of wheat and barley to Egypt totaling nearly $8 million during the first half of 2025, Kenya totaling over $119 million.
Interfax media reports referred to African countries whose markets are of interest for Russian producers and exporters. Despite existing difficulties, supplies of livestock products are also growing, this includes poultry meat, Ilyushin said. Exports of agricultural products from Russia to African countries have more than doubled, and third quarter of 2025 reached almost $7 billion.
The key buyers of Russian grain on the continent are Egypt, Algeria, Kenya, Libya, Tunisia, Nigeria, Morocco, South Africa, Tanzania and Sudan, he said. According to him, Russia needs to expand the geography of supplies, increasing exports to other regions of the continent, increase supplies in West Africa to Benin, Cameroon, Ghana, Liberia and the French-speaking Sahelian States.
Nevertheless, Russian exporters have nothing to complain. Africa’s dependency dilemma still persists. Therefore, Russia to continue expanding food exports to Africa explicitly reflects a calculated economic and geopolitical strategy. In the end of the analysis, the debate plays out prominently and the primary message: Africa cannot and must not afford to sacrifice food sovereignty for colourful symbolism and geopolitical solidarity.
With the above analysis, Russian exporters show readiness to explore and shape actionable strategies for harnessing Africa’s consumer market, including that of Ghana, and further to strengthen economic and trade cooperation and support its dynamic vision for sustainable development in the context of multipolar friendship and solidarity.
World
Coup Leader Mamady Doumbouya Wins Guinea’s 2025 Presidential Election
By Adedapo Adesanya
Guinea’s military leader Mamady Doumbouya will fully transition to its democratic president after he was elected president of the West African nation.
The former special forces commander seized power in 2021, toppling then-President Alpha Conde, who had been in office since 2010.
Mr Doumbouya reportedly won 86.72 per cent of the election held on December 28, an absolute majority that allows him to avoid a runoff. He will hold the forte for the next seven years as law permits.
The Supreme Court has eight days to validate the results in the event of any challenge. However, this may not be so as ousted Conde and Mr Cellou Dalein Diallo, Guinea’s longtime opposition leader, are in exile.
The election saw Doumbouya face off a fragmented opposition of eight challengers.
One of the opposition candidates, Mr Faya Lansana Millimono claimed the election was marred by “systematic fraudulent practices” and that observers were prevented from monitoring the voting and counting processes.
Guinea is the world leader in bauxite and holds a very large gold reserve. The country is preparing to occupy a leading position in iron ore with the launch of the Simandou project in November, expected to become the world’s largest iron mine.
Mr Doumbouya has claimed credit for pushing the project forward and ensuring Guinea benefits from its output. He has also revoked the licence of Emirates Global Aluminium’s subsidiary Guinea Alumina Corporation following a refinery dispute, transferring the unit’s assets to a state-owned firm.
In September, rating agency, Standard & Poor’s (S&P), assigned an inaugural rating of “B+” with a “Stable” outlook to the Republic of Guinea.
This decision reflects the strength of the country’s economic fundamentals, strong growth prospects driven by the integrated mining and infrastructure Simandou project, and the rigor in public financial management.
As a result, Guinea is now above the continental average and makes it the third best-rated economy in West Africa.
According to S&P, between 2026 and 2028, Guinea could experience GDP growth of nearly 10 per cent per year, far exceeding the regional average.
World
Lack of Financial Support Holding Back Russia’s Economic Influence in Africa: A Case Study of Missed Opportunities in Nigeria
By Kestér Kenn Klomegâh
For decades, Russia has spoken loudly about its intentions in Africa but acted softly when it comes to real financial commitments. Unlike China, the United States, and even India, Russia has consistently failed to back its diplomatic gestures with the credit lines, concessionary loans, and financing guarantees that drive actual development projects.
Nigeria, Africa’s largest economy and most populous country, provides perhaps the clearest example of Russia’s economic inertia. Despite more than 60 years of diplomatic relations and repeated declarations of “strategic partnership,” Moscow’s presence in Abuja’s economic landscape remains marginal. The absence of real financing has left most Russian-Nigerian agreements as empty communiqués, in sharp contrast to the railways, roads, and ports China has built across the country, or the oil trade and financial services integration offered by the United States.
The Obasanjo Era: A Case Study in Missed Opportunities
When President Olusegun Obasanjo returned to power in 1999, Nigeria was repositioning itself after years of military dictatorship. Abuja sought new economic partnerships beyond its traditional ties with the West. Russia—still recovering from the collapse of the Soviet Union—saw an opportunity to reassert itself in Africa.
During Obasanjo’s tenure (1999–2007), Moscow pledged sweeping cooperation with Nigeria in energy, steel, and defense. The crown jewel of this diplomatic push was the proposed revival of the Ajaokuta Steel Complex, Nigeria’s most ambitious industrial project, which had stalled for decades despite billions of dollars in investments. Russia, through its state-owned firms and technical experts, promised to provide financing, technology, and training to bring Ajaokuta back to life.
Yet two decades later, Ajaokuta remains in ruins. The Russian commitment never translated into cash, and Abuja was left to restart talks with new partners. Similarly, plans for joint oil exploration ventures and expanded defense cooperation fizzled out after initial memoranda of understanding.
Obasanjo’s government signed a number of documents with Moscow, but few projects ever moved beyond the paper stage. Nigerian officials who participated in those negotiations later admitted that Russia’s biggest weakness was its lack of financing. Unlike China, which came armed with Exim Bank loans and turnkey contractors, Russia offered expertise but no capital.
The lesson was clear: without structured financial support, Russian promises could not compete with the billions China was already pouring into Nigerian infrastructure.
Nigeria’s Trade Reality: Russia as a Minor Player
The absence of financing is not just anecdotal—it shows in the numbers.
Nigeria’s Trade with Russia vs. China and the US
Partner Nigeria’s Exports (USD) Nigeria’s Imports (USD) Balance / Impact
Russia ~$1.5 million (2024) ~$2.09 billion (2024) Negligible exports; deficit, no capital inflows
China ~$2.03 billion (2024) ~$17 billion+ annually Infrastructure-backed deficit (rail, power, ports)
United States ~$4.4 billion (2022) Balanced imports & services More stable, diversified cooperation
Russia accounts for less than 1% of Nigeria’s trade, and the structure of that trade is unbalanced. Nigeria imports wheat, fertilizers, and some machinery from Russia, but exports almost nothing back. By contrast, China has become Nigeria’s largest trading partner, financing and building railways, power plants, and free trade zones. The U.S., though less visible in physical infrastructure, remains Nigeria’s biggest crude oil buyer while providing access to financial services and technology.
Despite Russia’s frequent declarations of friendship, Abuja does not see Moscow among its top ten trading partners.
Why Russia Keeps Missing the Mark
Several factors explain why Russia’s Africa strategy remains symbolic rather than substantive:
- No financial institutions to support deals
- China’s Exim Bank and policy lenders ensure African projects come with credit lines.
- The U.S. offers development financing through agencies like OPIC (now DFC).
- Russia, by contrast, has no institutional mechanism to provide African governments with the capital needed to implement deals.
- Global sanctions and liquidity crunch
- Since 2014, and especially after the 2022 invasion of Ukraine, Russia has faced severe financial sanctions.
- Its banks are largely cut off from the international system, making it difficult to provide long-term credit abroad.
- Legacy of distrust
- The failure to deliver on projects like Ajaokuta has left Nigerian policymakers skeptical.
- Moscow’s record of unfulfilled promises weakens its credibility compared to Beijing or Washington.
- Strong competition
- China and India bring financing, technology, and workers.
- The U.S. leverages its markets and financial systems.
- Russia lacks the same competitive edge, leaving it with little more than symbolic gestures.
Nigeria’s Perspective: Choosing Real Partners Over Rhetoric
From Abuja’s standpoint, the comparison is stark. China may saddle Nigeria with debt, but it also delivers tangible assets: modern railways, airport terminals, and industrial parks. The U.S. offers not just oil trade but also investment in services, banking, and security.
Russia, by contrast, offers friendship, rhetoric, and occasional defense hardware sales. While these may have symbolic value, they do little to advance Nigeria’s long-term development goals.
A Nigerian economist summarized the dilemma bluntly: “Russia brings words; China builds rails; America buys oil. We can’t run an economy on words.”
For policymakers in Abuja, the choice is not ideological but practical. Nigeria needs financing, infrastructure, and technology transfer. Any partner unable to provide those tools risks being sidelined.
Lessons from the Past Two Decades
Looking back, Nigeria’s engagement with Russia since the Obasanjo era highlights three major lessons:
- Agreements must be tied to financing. Without money, MoUs are meaningless.
- Geopolitics without economics is hollow. Russia may seek allies against Western sanctions, but Nigeria’s priority is development.
- Partnerships must deliver measurable outcomes. China’s rail projects may be debt-heavy, but at least they exist. Russia’s projects remain in the realm of rhetoric.
The Broader African Picture
Nigeria is not alone in this experience. Across Africa, Russia has announced major investments in mining, energy, and defense. Yet very few projects have been completed. The exceptions—such as nuclear power cooperation with Egypt or arms deals with Algeria—are driven more by geopolitics than development financing.
In 2023, Russia hosted its second Russia-Africa Summit in St. Petersburg, promising billions in investment. But African leaders quietly noted the absence of clear financing mechanisms. The pledges, like those made to Nigeria, remain aspirational.
By contrast, the U.S.-Africa Leaders Summit and China-Africa Cooperation Forum both provide detailed financing frameworks that African governments can rely on.
Can Russia Still Catch Up?
Despite its current weakness, Russia still has avenues to remain relevant:
- Agriculture: Russia is a key wheat supplier to Nigeria and could expand into broader agribusiness cooperation.
- Energy: With Nigeria seeking to monetize gas reserves, Russia’s expertise in LNG could be valuable—if backed by financing.
- Technology: Russia’s defense and space industries could offer niche partnerships if they include funding.
But without addressing its financing gap, these opportunities will remain out of reach.
Final Thoughts: What Nigeria Must Do
For Nigeria, the key lesson is simple: measure diplomacy by delivery. Symbolic alliances may have value in global forums, but they cannot replace capital, infrastructure, and trade. Abuja must continue to diversify its partners, but prioritize those who provide tangible results.
Two decades after Obasanjo sought to revive Ajaokuta with Russian help, Nigeria must accept a sobering reality: Russia, for now, is more of a rhetorical ally than a financial partner. Unless Moscow restructures its economic diplomacy with real financing instruments, it will remain a marginal player in Africa’s transformation.
As Africa’s largest economy, Nigeria cannot afford another decade of promises without projects. The future of its development lies with partners who not only shake hands and group photographs but also ability to write the checks. Nigeria and many other African States are desirous to partner with potential foreign investors with adequate funds for investment in the continent. The second ‘re-awakening’ must feature noticeable improvement in the living standards of the estimated 1.4 billion people.
-
Feature/OPED6 years agoDavos was Different this year
-
Travel/Tourism9 years ago
Lagos Seals Western Lodge Hotel In Ikorodu
-
Showbiz3 years agoEstranged Lover Releases Videos of Empress Njamah Bathing
-
Banking8 years agoSort Codes of GTBank Branches in Nigeria
-
Economy3 years agoSubsidy Removal: CNG at N130 Per Litre Cheaper Than Petrol—IPMAN
-
Banking3 years agoFirst Bank Announces Planned Downtime
-
Banking3 years agoSort Codes of UBA Branches in Nigeria
-
Sports3 years agoHighest Paid Nigerian Footballer – How Much Do Nigerian Footballers Earn












