Scholarly record

ECONOMIC COOPERATION OF RUSSIA WITH SUB-SAHARA AFRICA

Kafilat M. Adebayo, E. M. Briggs, M. A. Tijjani

Abstract

The paper highlights RussiaВ’s economic cooperation with sub-Sahara Africa; it posits that RussiaВ’s present relationship with sub-Sahara African countries is focused on economy rather than ideology as witnessed during the Soviet era. Analyzing secondary data collection, this paper examines the expanding economic ties between Russia and sub-Sahara Africa. The study reveals that there has been a significant increase in trade, foreign direct investment and economic cooperation from emerging economies with sub-Sahara Africa since the end of the Cold War and the collapse of the Soviet Union. Leading the pack is China, Brazil, India, Turkey, Republic of Korea and Russia, these emerging development partners have in the last two decades expanded their economic ties with sub-Sahara Africa countries within the context of different initiatives, with the view of having new strategic economic partnership. Sub-SaharaВ’s economic tectonic plate is currently leaning towards these emerging economic powers to stimulate the much needed socio-economic growth in the sub-continent. Most countries in Africa are in search for new economic partners as a result of the changes in the international system. RussiaВ’s trade volume with Africa still remains largely insignificant when compared to other emerging and developed economies, but the aspiration of doing business with Africa is increasing. Russia has increased economic ties with a number of African countries; this is evident in the scope of the mutual official visits by Russia and African officials to Moscow and various capitals in Africa. In March 2018, Russian officials led by Foreign Minister Sergey Lavrov had a five-day visit to Africa to further spread, deepen and strengthen economic ties with their African partners.

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