Russia - Afrikan Heroes

AfCFTA holds the prospect of transforming African economies— Ekra

July 27, 2019

Jean-Louis Ekra, an Ivorian national, and former president of Afreximbank, in this interview, he spoke on Africa’s trade relations, especially on Russia-Africa relations and AfCFTA, Africa’s expected game changer. Excerpts:

What are the prospects of African Continental Free Trade Area agreement hold for Africa’s development?

You know that Africa is a continent that trades the least with itself. There are benefits trading with your neighbors, like reduced costs and so on. The first thing that African countries will benefit from this agreement is the opportunity to trade with their neighbors by just opening borders.

The second is that it will push countries to transform their usual commodities into manufactured goods. You need to have complementary products to trade effectively with your neighbors. So, it will be a good incentive for African economies to enter a process like AfCFTA that will help to transform their economies.

What is your view on the future of Africa-Russia relationship?

Africa needs to diversify its relationships for its own benefit. A diversified relationship protects one if one of many partners falls on bad times. So, it is important for Africa, from that perspective, to diversify its relationship. So the Russia-Africa relationship is welcomed in that context.

How best can Africa leverage on its relationship with Russia to bridge its infrastructural gap?

Russia, as you know, has advanced technology. In infrastructure, Russia is well known for power. It has capabilities in solar and hydropower energy that can be implemented in our continent. So, I think that it will be good for African and Russian private sectors to jointly develop those activities.

Some are canvassing that Africa countries should bring home some of their foreign reserves held abroad for investment in Africa. What is your view? There is an initiative that we launched in Afreximbank when I was there, which is ongoing. Yes, it is correct for Africa to try and use, as much as possible, its own resources, including external reserves. There is no reason the continent should be borrowing money when it has money in deposits in other places.

Won’t it have an adverse impact on foreign exchange markets on the continent? No. It won’t. These reserves are backed by strong ratings of an institution like Afreximbank. You have currency in America or in Europe. If you have it in Africa it is still your own, so it should not affect your exchange rate.

On the event that this becomes a reality, which institution will warehouse the foreign reserves?

Foreign exchange reserves have to be held in a strongly rated institution because they are important assets of a country. So, AfDB can hold those reserves likewise the Afreximbank. In my view, these are the two institutions that can hold such a reserve.

Kelechi Deca

Kelechi Deca has over two decades of media experience, he has traveled to over 77 countries reporting on multilateral development institutions, international business, trade, travels, culture, and diplomacy. He is also a petrol head with in-depth knowledge of automobiles and the auto industry.

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Lavrov Says that Russia-Africa partnership is built on mutual respect

July 5, 2019

Russia’s renewed engagement with Africa is built on a high level of trust and mutual respect, said Sergey Lavrov, Russia’s Foreign Minister, who assured participants that Africa is Russia’s important partner in the global struggle for truth and fairness.

According to the minister, both partners have increased high-level political and parliamentary dialogue to forge friendly and mutually beneficial ties. “We are moving towards broadening our relationship especially in our cooperation on security and peace-making,” he said while denouncing unilateral imposition of sanctions by the United States.

Lavrov pointed out that Russia’s relations with African countries are valuable in their own right and should not be subject to the shenanigans in the international arena. By relying on the accumulated experience of productive cooperation, Russian diplomats, he said, are pursuing a consistent policy of deepening Russia-Africa relations.
Lavrov also disclosed that Russia has over the years increased investments in Africa, reaching $20 billion in 2018. These include investments in mining, energy and railway construction. He specifically mentioned a nuclear power plant and an industrial park, both in Egypt.

The ongoing annual meeting of Afreximbank is positive momentum for the mutually beneficial cooperation between Russia and Africa. To further deepen the partnership, Lavrov informed participants that the first Russia-Africa Summit is scheduled to take place in Sochi, Russia in October, this year. It will be co-chaired by President Vladimir Putin of the Russian Federation and President Abdel Fattah Al-Sisi of Egypt, who, incidentally, is current chairman of the African Union (AU).

In his remarks, Gabriel Aduda, Permanent Secretary, Political and Economic Affairs, Office of the Secretary to the Government of the Federation of Nigeria, recalled Russia’s support for the decolonization of Africa, especially in ending the apartheid policy in South Africa. He projected that Russia’s renewed engagement with Africa will deepen the friendship between the two partners as well as boost bilateral trade.

Aduba commended Afreximbank for its innovative products and services such as the Counter-cyclical Trade Liquidity Facility which helped many countries weather the storm of the global financial crisis and the commodity super-cycle. Afreximbank, he says, has forged international partnerships to create a win-win situation which will lead to structural transformation in Africa.

Kelechi Deca

Kelechi Deca has over two decades of media experience, he has traveled to over 77 countries reporting on multilateral development institutions, international business, trade, travels, culture, and diplomacy. He is also a petrol head with in-depth knowledge of automobiles and the auto industry.

Facebook: https://web.facebook.com/Afrikanheroes/

Africa has a lot to benefit from Russia—Steve Davies Ugbah

July 4, 2019

—Steve Davies Ugbah

Professor Steve Ugbah is Nigeria’s Ambassador to Russia and also holds a concurrent accreditation to the Republic of Belarus. In this interview, he speaks on the importance of Russia’s renewed engagement with Africa; Nigeria’s place in East-West geopolitical rivalry and benefit of AfCFTA in deepening trade ties within Africa among other issues. Excerpts:

How would you describe Nigerian-Russian relationship?

Nigeria-Russia relationship has improved in recent times. We are strengthening the relationship because for a long time it grew cold as we had no substantive ambassador to Russia for four years prior to my appointment. We are now trying to rebuild confidence and trust in each other and take the relationship seriously. So, the relationship is cordial and we are strengthening our bilateral ties.

How is Russia responding to this renewed engagement?

The response has been positive and we have held high-level meetings which are intended to signal to Russia the extent to which we value this relationship. It is a gradual process of rebuilding confidence and I am sure that soon, we would have attained 80 percent of our goal of confidence-building and reaping strategic benefits in the process. Russia is a very important country not just for Nigeria but also for Africa. The extent to which Russia and Nigeria and to a larger extent, Africa can strengthen its relationship, it will be mutually beneficial.

So, I am optimistic this rapprochement will mature and be of benefit to Africa in all facet of our relationship whether economic, cultural, or educational. Russia has been generous to Nigerians especially in the areas of cultural exchanges and scholarships for students. So, my hope is that these activities that are mutually beneficial will continue.

Which other opportunities are there for Africans to tap from Russia?

Russia is a superpower and Africa can benefit most certainly from its firepower and its experience in security. Russia has an abundance of minerals just like most African countries and it has been able to exploit its natural resources more efficiently and I believe we can learn from them. It also has the largest landmass on earth and they have been able to manage their diversity very well and this is what Africa can also benefit from. Of course, Russia’s comparative advantage is in hydrocarbons and this is what we can benefit from. So, there is a lot we can benefit from Russia even in the areas of agriculture, space technology, ICT and many others. So, Russia is well endowed and I believe Nigeria and Africa have a lot to benefit from the country.

In this era of intense geopolitical rivalry and great power competition, how do you think Nigeria can juggle its relationships with these powers?

Nigeria is a non-aligned country and I don’t think that will change its political posture as far as international politics is concerned. So we are not aligned to any geopolitical bloc. We are strictly guided by our interests and we go where we see opportunities. Nigeria has done business with the West, it is doing business with China and we are hoping to increase our level of contact with Russia and the former Soviet states, the Commonwealth of Independent States (CIS). So it is not necessarily about aligning with any bloc but it is about pursuing your interests aggressively as you can and going wherever your interest can be protected. So my hope is that both the East and the West will woo Nigeria and that will place us at an advantageous position. So it is about going to where your interests are protected and taking advantage of opportunities.

Given Russia’s renewed engagement with Africa and the African Continental Free Trade Area (AfCFTA) that came into force recently, how can Africa maximize the opportunities to boost trade ties with Russia?

It is a good thing that Russia is now waking up to Africa and is interested in exploring opportunities in the continent. That is why the Afreximbank annual meeting here in Russia and the heads of government meeting between Russia and Africa in Sochi, Russia come October are auspicious moments to deepen trade ties. Given that Russia is a continent-sized country, deepening trade ties will improve two-way trade between Russia and Africa.

In fact, I just returned from Nigeria with a Russian trade delegation of 13 companies that are looking for opportunities. We have partnered with Chambers of commerce in Lagos and Abuja while also taking advantage of the Russia-Nigeria Business Council here in Moscow. So I see a bright future for Russia-Africa relationship especially now that Africa is better placed to reap benefits from trade relationships within and outside the continent given the AfCFTA that will take of soon. This, will no doubt, fast track integration within the continent while boosting intra-African trade. Although protectionism is rising the AfCFTA I believe if well leveraged is a framework that will help solve some perennial problems faced by Africa such as unemployment and poverty.

Kelechi Deca

Kelechi Deca has over two decades of media experience, he has traveled to over 77 countries reporting on multilateral development institutions, international business, trade, travels, culture, and diplomacy. He is also a petrol head with in-depth knowledge of automobiles and the auto industry.