By
Kester Kenn Klomegah
Africa-Press – Eritrea. Without arguments, Russia plans to boost appreciable economic ties in Africa after holding two Russia-Africa summits and the Ministerial Conference in November 2024. Prior to these powerful gatherings, Russian President Vladimir Putin, in an extraordinary, resonating speech, pledged to increase bilateral trade with Africa, at least to hit US$40 billion. Putin was targeting this figure to mark the distinctive opening of the Russia-Africa summit in 2026. The African Union (AU) conference facilities, financed uniquely by China in Addis Ababa, capital of Ethiopia, have been quietly slated as the venue for the Russia-Africa summit.
In all the joint declarations, the main tasks are centered around developing Russia-Africa cooperation in all areas, most significantly sustaining Africa’s economic sovereignty. Africa has attained political independence, and the leaders have to protect and think of escaping threats of tricks of falling into neo-colonialism. With a view to expanding trade and cooperation, a memorandum of understanding was signed, and President Putin mentioned raising the trade figure, at least, to $40 billion from the level of US$20 billion in 2019. Against this backdrop, Egyptian President Abdel Fattah el-Sisi, together with Putin as chairmen of the October summit, jointly expressed the fact that “a new page in the history of Russia’s relations with Africa” was opened.
With a staggering current trade figure of US$24 billion, which falls short of the targeted US$40 billion, Russia has intensified exports of agricultural produce, mainly wheat and chicken meat, to about 15 African countries. The increased exports are an endorsement to ensure food security for Africa and to earn pretty revenue from Africa. Such a deep dive into the geography: Africa has a huge land and 65% agricultural labor force, and yet, by its leaders’ common policy, it spends an estimated total of US$75 billion on imports continent-wide, according to reports by the African Development Bank (AfDB) and the African Export–Import Bank, often referred to as Afreximbank, both of which are highly reputable multilateral development finance institutions in Africa.
Over half a decade ahead and preparing for the next 2026 summit, the Kremlin’s ambition appears to be on track. We are witnesses to many high-powered African delegations frequently invited to Moscow and St. Petersburg during the past couple of years. In fact, this noticeable trend signals that Russia is working to enhance its economic and corporate investment ties in Africa, Moscow has outlined. Kremlin spokesman Dmitry Peskov declared in mid-June 2025 that Russia’s presence in Africa is “growing” and there has been significant progress with implementing a number of bilateral agreements across Africa. “We really intend to comprehensively develop interaction with African countries, focusing primarily on economic and investment interaction,” Peskov told local Russian media reporters.
During one arranged videoconference, questions including the issues of developing a system of state support for Russian enterprises exporting products to the African market, as well as the participation of Russian regions in the development of exports to African countries, were thoroughly discussed. Russian Senator Igor Morozov, a member of the Federation Council Committee on Economic Policy and also the Chairman of the Coordinating Committee on Economic Cooperation with Africa, held the videoconference meeting on “Improving State Support for Export in African Countries.”
Senator Igor Morozov noted that in conditions of sanctions pressure, new markets, new partners, and allies are important for Russia. “This predetermines the return of Russia to Africa, making this direction a priority both from the point of view of geopolitical influence and in the trade and economic context. It is important for us to expand and improve competitive government support instruments for business. There are foreign players such as China, India, the United States, and the European Union that have significantly increased their investment opportunities in the continent.”
He, however, suggested creating a new structure within the Russian Export Center—an investment fund, which he explained further, saying, “Such a fund could evaluate and accumulate concessions as a tangible asset for the Russian raw materials and innovation business.”
Deputy Chairman of the Federation Council Committee on Economic Policy, Konstantin Dolgov, touched upon the topic of using political ties with African countries to build up economic and investment cooperation. He also pointed out the need to connect Russian regions to maximize their export potential.
Alexey Pushkov noted that with the right strategy, such a large state as Russia has a chance to take strong positions in interaction, in particular, economic, with other continents, including Africa. “The competition will certainly grow,” the senator said, noting that the situation is constantly changing.
The Russian Export Center (REC) has various projects that are being implemented or planned in the African market, including the supply of passenger cars to Egypt, wheat supplies, REC business missions, and participation in exporters’ exhibitions. Furthermore, the REC offers a wide range of financial and non-financial support tools to benefit the Russian exporters, explore the foreign markets, and build capacity in the global trade. Generally, the African market is of particular interest to potential Russian exporters, and negotiations with government, trade agencies, and the business community allow establishing effective ways of entry to the huge continental market. With an estimated population of 1.4 billion, Africa constitutes a huge consumer market for all kinds of products and a wide range of services.
According to Professor Irina Abramova, Director of the Institute for African Studies under the Russian Academy of Sciences, financial instruments are the main issue of Russian interaction with the continent. She touched upon such topics as Russian investments in African countries and the prospects for establishing direct contacts on the supply of agricultural products with African countries.
The Ministry of Foreign Affairs created the Secretariat for the Russia-Africa Partnership Forum. The Secretariat further established an Association for Economic Cooperation with African States. The Russian Chamber of Commerce and Industry has also restructured its Coordinating Committee for Economic Cooperation with African States that was established as far back as 2009.
According to historical documents, the Coordinating Committee for Economic Cooperation with African States was created on the initiative of the Chamber of Commerce and Industry of the Russian Federation and Vnesheconombank with the support of the Federation Council and the State Duma of the Federal Assembly of the Russian Federation. It has had support from the Ministry of Foreign Affairs, the Ministry of Economy and Trade, the Ministry of Natural Resources, as well as the Ministry of Higher Education and Science.
For obvious reasons these past few years, Russia has been struggling to survive both the United States and European sanctions. Notwithstanding that, after the first Russia-Africa Summit in the Black Sea city of Sochi in October 2019, Russia and Africa have resolved to move from mere intentions to concrete actions in raising the bilateral trade and investment to appreciably higher levels in the coming years. As a first step, Russia plans to offer trade subsidies and investment guarantees as emergency support for Russian companies to penetrate the African market, part of the strategy for strengthening economic ties between Russia and Africa, according to an earlier report by the Ministry of Foreign Affairs. In addition to this report, Foreign Minister Sergey Lavrov underlined the reciprocity of Russian businesses and their readiness to show initiative and ingenuity. Without mincing words, Lavrov suggested that, perhaps, there is a need to pay attention to the experience of China, which provides its enterprises with state guarantees and subsidies, thus ensuring the ability of companies to work on a systematic and long-term basis across Africa.
According to Lavrov, the Russian Foreign Ministry would continue to provide all-round support for initiatives aimed at strengthening relations between Russia and Africa. “Our African friends have spoken up for closer interaction with Russia and would welcome our companies on their markets. But much depends on the reciprocity of Russian businesses and their readiness to show initiative and ingenuity, as well as to offer quality goods and services,” he stressed.
Amid these years of European and Western sanctions, Moscow is looking for both allies and an opportunity to boost growth in trade and investment in Africa. Currently, Russia’s trade with Africa is less than half that of France with the continent and 10 times less than that of China. Comparatively, Asian countries are doing brisk business with Africa. As a result of the shortfall, Moscow still has a long way to catch up with many other foreign players there. And to remind you that at the Sochi summit, Russian President Vladimir Putin said he would like to bring the figure from US$20 billion, over the next few years at least, to US$40 billion.
For the period ahead, Russia needs a concrete model template of economic policy for Africa. With the emerging new world order, which invariably incorporates in its fold economic transformation and concrete investment in employment-generating sectors for the teeming youth and young graduates, Russia has to adapt to changing economic realities across the continent. African countries, at the current period, obviously are expecting large-scale investment and therefore embrace cooperation, which ultimately guarantees economic security and stability. Africa’s fast-growing population, in spite of the changing dynamics and challenges, has to reverse the rising unemployment, food insecurity, and dependency, and above all, ensure long-term economic stability.
Russia and Africa have enjoyed a growing relationship, which appears to be broadening, as evidenced by several bilateral agreements spearheaded by President Vladimir Putin. An Action Plan (2023-2026) was approved as a working document by the Kremlin, reflecting excellent dynamics in resetting its economic influence in Africa. In June 2025, a meeting of the Collegium of the Ministry of Foreign Affairs of the Russian Federation was held and underscored the priority status of comprehensive relations with the African continent in line with the Concept of the Foreign Policy of the Russian Federation approved by President Vladimir Putin in 2023.
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