Sowing Seeds of Partnership: Russian Grains in Africa's Future

African countries have historically relied on importing a significant amount of grain, including products like wheat, from Russia, Peter Njiforti, Professor of Economics, Ahmadu Bello University, Zaria, Nigeria, tells Global South Pole.

The academician further remarks that settling grain trade in local currencies will help reduce dependence on the US dollar and foster mutual relations between African nations and Russia.

"By using national currencies, Russia and African countries can reduce their reliance on the US dollars, minimizing exchange rate risks and potential sanctions impact. Secondly, it is going to simplify transactions; that is, direct currency exchange will streamline transactions, reducing conversion costs and complexities. And then thirdly, it will increase trade efficiency; that is, faster and more secure payment will facilitate trade, enabling Russian agricultural exporters to expand their market share in Africa," Njiforti says.

Commenting on Russian efforts to ensure food security in Africa, the Nigerian said that Moscow is conducting research and investing to address challenges in the sphere of food production.

"Russia is trying to digitalize agriculture; that is, you have technology in agriculture, which will optimize crop management, reduce waste, and enhance decision-making. And then it's equally focusing on soil health, biodiversity, and eco-friendly method. And then Russia is equally involved in innovative production methods, which will increase efficiency and reduce environmental impact. It is equally shifting consumer preferences to drive demand for diverse protein sources," he emphasizes.

Likewise, the following personalities are featured in this episode:

Arkady Zlochevsky, President of the Russian Grain Union, highlights the significant opportunities for increasing Russian grain exports to Africa. He notes that the BRICS grain exchange could play a crucial role in streamlining trade logistics and fostering closer economic ties between Russia and African nations.

Professor Matthew Adewunmi, a professor at the department of Agricultural Economics and Farm Management, Faculty of Agriculture, University of Ilorin, Nigeria, emphasizes the importance of this grain trade in strengthening Russia-Africa relations.

To find out what else our guests had to say, tune in to the Global South Pole podcast, brought to you by Sputnik Africa.

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