Russia-Africa summit, held amid the ongoing geopolitical crisis between Russia and Ukraine, concluded last week with promises of debt forgiveness and food supplies aimed at bolstering economic ties between Moscow and African nations.
While Western nations continue to isolate Russia, several African leaders have opted for a path of diplomatic neutrality, maintaining closer links with Moscow.
The highlight of this year’s summit was President Vladimir Putin’s announcement of debt forgiveness for African countries. However, experts express skepticism about whether this alone will significantly sway African nations towards turning to Russia for economic partnerships.
In this latest episode of Business Africa with Nadia Colombe, Ovigwe Eguegu, a policy analyst, shared his perspective on the matter, stating that debt forgiveness, while appreciated by some countries, may not be enough to alter the perception of Russia on the continent.
Despite the crisis in Ukraine and Russia’s exit from the Black Sea grain deal, the Libyan grain market has so far remained relatively unaffected. Cereal dealers in Libya report that the soaring global grain prices and fertilizers have not had a significant impact on the country’s grain trade.
Experts in the region encourage African countries to seize this crisis as an opportunity to invest in resilient food systems and agriculture. By bolstering domestic agricultural production and reducing reliance on external sources, African nations can enhance food security and mitigate the potential impact of global price fluctuations.