The African continent stands at the threshold of significant development, rich in natural resources and holding a crucial geopolitical position on the world stage. With 9.7 percent of the world's proven oil reserves, 7.8 percent of its natural gas, and approximately 30 percent of global mineral resources, Africa is a region ripe with potential. Nations like Nigeria, South Africa, and Egypt already wield influence as regional powers, leveraging their strategic positions.
In recent years, Africa's international standing has been bolstered by a combination of internal developments: the cessation or reduction of brutal civil wars, sweeping national and regional reforms, and the establishment of new institutions like the Pan-African Parliament and the African Court of Human Rights. These advancements, coupled with an upward trend in economic growth across many African nations, have strengthened the continent's middle class and enhanced its global image.
Freed from the shackles of colonialism, Africa has become a competitive arena for global investments. Companies such as the Carlyle Group and Emerging Capital Partners have poured significant capital into the continent, drawn by projections that Africa will boast 130 million new consumers by 2030--a stark contrast to the 25 million expected in the United States during the same period.
Africa's economy is already home to several major multinational companies across various sectors--Equity Bank and Ecobank in financial services, Dangote in industry, METL in wholesale, Soprite and Nakumatt in retail, and MTN in telecommunications. These companies have successfully tapped into African stock markets, raising significant capital.
Looking ahead, Africa's urban population is expected to swell by 500 million by 2040, leading to a profound shift in the economy from agriculture and mineral extraction to service industries. By 2050, the continent's population is projected to reach 2.5 billion, doubling its current size.
Russia, having reestablished itself as a major global power following the dissolution of the Soviet Union, has set its sights on Africa. According to its Foreign Policy Doctrine, released in March 2023, Russia aims to "increase trade and investment" on the continent.
However, the relationship between Russia and Africa has historically been limited, due largely to the absence of the cultural, linguistic, and historical ties that connect Africa with Western European nations. Moreover, Russian businesses had long overlooked Africa as a viable market. But this is changing. Russia now sees opportunities in sectors like energy, food production, and construction--a sector where Russian companies could thrive given Africa's underdeveloped infrastructure.
The first Russia-Africa economic summit, held in Sochi in October 2019, marked a significant step forward. With 42 African leaders in attendance, and co-chaired by Russian President Vladimir Putin and Egyptian President Abdel Fatah al-Sisi, the summit resulted in the signing of numerous agreements and memoranda of cooperation.
While Russia's trade with Africa amounted to just USD 15.6 billion in 2021--a modest figure compared to the European Union's USD 300 billion, the United States' USD 65 billion, and China's USD 254 billion--its influence is growing. Putin's anti-colonial rhetoric resonates deeply in Africa, where mistrust of former colonial powers remains strong. This sentiment was evident when, in March 2022, 25 African countries either abstained or refrained from voting on a UN resolution condemning Russia's invasion of Ukraine.
Russia's presence in Africa extends beyond trade. It has a significant military footprint, supplying 50 percent of the continent's arms by early 2022, with top customers including Algeria, Egypt, Sudan, Angola, Nigeria, and Mali. Although Russia lost its position as Africa's top arms supplier to China in 2022, it remains a key player in the continent's defense sector.
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Additionally, Russia has launched a network of Russian language schools and university branches across Africa, with institutions in Egypt, Zambia, Congo-Kinshasa, Tanzania, Tunisia, Algeria, and Sierra Leone. Russian media outlets like Russia Today and Sputnik broadcast in English, French, and Arabic across Africa, and a special agreement with the Cameroonian TV network Afrique Media extends their reach.
In conclusion, Russia is emerging as a formidable player in Africa, recognizing the continent's growing importance on the global stage. Its involvement should be seen as a potential balancing force against Western and Asian powers, offering Africa an alternative partner in its pursuit of development. Africa is simply too important to be overlooked by a global power like Russia.
(Isidoros Karderinis is a journalist, novelist and poet. He studied economics and completed postgraduate studies in tourism economics.)
Contributed by Isidoros Karderinis
