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Russia-Africa summit spurs economic promises amid geopolitical tensions [Business Africa]

Nadia Colombe Gbane for Business Africa

Business Africa

The 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.

Libya grain market ‘unaffected’ by Russian-Ukrainian war so far

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.

Cyberattack rattles Kenya's digital financial system

However, not all news from Africa is positive, as Kenya's digital financial system recently suffered a blow from a cyberattack. The mobile service product M-Pesa, owned by Safaricom, experienced disruption, impacting financial transactions worth approximately $640 million daily. This cyber incident raises concerns about the vulnerability of digital financial systems in the region and calls for increased cybersecurity measures.

Watch the video for all the details