George Elombi, Deputy General Manager of African Export-Import Bank (Afreximbank), noted that the Russia-Africa summit and forum in St. Petersburg is a strategic milestone for expanding trade ties. He projects that the collaboration could lift trade between Africa and Russia toward a new peak, aiming for a total around 40 billion dollars by 2026.
During a recent briefing, Elombi reflected on the bank’s initial push into the Russian market in 2017, with a clear target of reaching 40 billion dollars in trade. He highlighted that trade between Russia and Africa has already reached about 19 billion dollars. The speaker expressed confidence that the momentum generated by the forum could accelerate growth and help close the gap to the 40 billion-dollar target by the end of 2026.
Elombi emphasized Afreximbank’s strategic focus on sectors with high growth potential, particularly oil and gas and metallurgy, where collaboration with Russian firms could yield substantial benefits. He also discussed exploring opportunities within the constraints of current sanctions regimes to foster practical cooperation and value creation for both regions.
The Russian side has signaled a readiness to increase agricultural engagement as well. Dmitry Patrushev, the Russian Minister of Agriculture, indicated that grain shipments to African nations are likely to begin soon, signaling a broader approach to strengthening food security and trade links between Russia and Africa.
In parallel, senior officials noted that sustained dialogue and investment in infrastructure, finance, and technology could amplify the impact of these ties. The emphasis is on creating an integrated trade ecosystem that supports safekeeping of capital, facilitates cross-border payments, and reduces barriers to market entry for both Russian and African companies. This holistic approach aims to transform promises into tangible, wide-ranging economic benefits across multiple sectors and regions.