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Pathways Towards Africa’s Energy Security

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Africa's Energy Security

By Kestér Kenn Klomegâh

Today, African countries face major challenges in ensuring energy security. Several reports indicate Africa is experiencing rapid population growth, rising unemployment, persistent ethnic conflicts and a lack of good governance. Research further shows worsening energy crisis combined with the factors mentioned are seriously constraining economic growth on the continent.

It is clear that to solve these problems a large-scale development programme is required, including a strategy based on achieving the UN sustainable development goals. Experts believe that nuclear technologies can become a driver for socio-economic development and a comprehensive solution to systemic continent-wide problems. Others trust and argue that ‘energy mix’ as a more sustainable way out in creating the energy base for domestic utilization and for industrialization.

Energy is highly essential for aspects of large-scale development. The energy deficit is severely hampering Africa’s efforts to improve the quality of life, hindering effective industrial production. World Bank President, Ajay Banga, and his AfDB counterpart, Dr Akinwumi Adesina, have stated approximately 600 million Africans lack access to electricity (energy) and this unfortunate situation is creating significant barriers to health care, education, productivity, digital inclusivity, and ultimately job creation.

On their part, the World Bank and the African Development Bank (AfDB) are partnering to provide electricity access to, at least, 300 million people in Africa by 2030. According to Banga and Adesina, it would require an additional policy action from African governments, financing from multilateral development banks, and private sector investment to see this through. This also depends on the kind of energy provided in Africa.

That however, leaders of African governments are keenly interested in adopting nuclear energy to end chronic power deficit but some maybe forced either to keep on postponing or completely abandon the project primarily due to lack of finance or credit guarantees.

Within the framework of the 2018 BRICS (Brazil, Russia, India, China and South Africa) summit held in Johannesburg, South African President Cyril Ramaphosa told his counterpart, Vladimir Putin, at a bilateral meeting that South Africa was not ready to renew the agreement on the construction of nuclear power plants in South Africa.

Putin raised the subject of a nuclear deal at a private meeting with Ramaphosa, but his host said Pretoria could not sign such a deal for now. Ramaphosa has put nuclear expansion on the back burner since taking office as president, saying “it is too expensive” and has focused instead on election campaign pledges to revive the economy and crackdown on corruption.

Ramaphosa said “We have to look at where the economy is – we have excess power and we have no money to go for a major nuclear plant building. The nuclear process has to be looked at in the broad context of affordability.”

Under Jacob Zuma, South Africa championed plans to build as many as eight reactors that would generate 9,600 megawatts of energy starting from 2023 and cost as much as $84 billion – a programme critics say the country can’t simply afford and doesn’t absolutely need.

There is only one nuclear power plant on the entire African continent, namely, the Koeberg nuclear power station in South Africa. Commissioned in 1984, Koeberg provides nearly 2,000 megawatts which is about 5% of installed electricity generation in South Africa.

Russian Foreign Minister Sergey Lavrov reiterated, as always, in an interview with the Hommes d’Afrique magazine posted to the ministry’s official website, that Russia and African countries were cooperating on high technology and Russia is highly committed to contributing towards sustainable development in Africa.

According to him, “Rosatom is considering several projects that are of interest to Africans, for instance, the creation of a nuclear research and technology centre in Zambia. Nigeria has a similar project. There are good prospects for cooperation with Ghana, Tanzania and Ethiopia. Talks are underway on the construction of a nuclear power plant in South Africa.”

Foreign and local Russian media further reported that Russia wanted to turn nuclear energy into a major export industry. It has signed several agreements with as many as 14 African countries with no nuclear tradition, including Rwanda and Zambia, and is set to build a large nuclear plant in Egypt.

“Indeed, Rwanda has just joined the chorus by signing an MOU with the Russians to build a nuclear power plant. This is something of a joke. How will this be financed? Rwanda’s annual budget is US$3 billion. A nuclear power plant will cost not less than $9 billion which is equivalent to Rwanda’s entire Gross Domestic Product,” David Himbara, Rwandan-Canadian Professor of International Development at Canada’s Centennial College, wrote me in an emailed interview query.

Professor Himbara said that Rwandan President Paul Kagame always believed that he must validate his supposedly visionary and innovative leadership by pronouncing grand projects that rarely materialized.

Nonetheless, Ghana has also signed a Memorandum of Agreement with the State Atomic Energy Corporation of the Federation of Russia for the construction of a nuclear power plant. The plant will produce up to 1,200 megawatts. The Russian reactor will cost a minimum of $4.2 billion. The financing scheme has not been finalized. It will take about eight to ten years from site feasibility studies to the commissioning of the first unit.

The International Atomic Energy Agency’s 2017 Report concluded that Ghana is still in an early phase of developing nuclear energy. So far, Ghana has enacted a comprehensive nuclear law and established an independent Nuclear Regulatory Authority.

In June 2024, Dr Robert Sogbadji, deputy director in charge of nuclear and alternative energy, explained to this article author that Ghana would select, by December 2024, a foreign company to build its first nuclear power plants. Ghana is working steadily with its vendor partners with serious considerations on favourable financial terms and technology. Currently, Ghana has identified two sites to accommodate its first nuclear power plant and is ready to identify a vendor country and technology by the end of 2024. Russia, China, France, the United States and Korea are the leading contenders for vendor identification.

In accordance the Ghana Energy Transition Framework, Ghana seeks to provide energy security and address energy poverty as well as reduce the cost of electricity by further diversifying the energy mix with gas thermal, hydro power, nuclear power, solar, wind and other modern renewables. Since Ghana has exhausted all its large hydro potentials, Ghana seeks to nuclear and gas thermal power as the base-load to support the intermittent renewables.

In the case of Zambia, under the agreement that was concluded in December 2016 to build a nuclear deal worth $10 billion. Shadreck Luwita, Zambian Ambassador to the Russian Federation, informed that the processes of design, feasibility study and approvals regarding the project have almost been concluded.

The Zambian Government hopes that upon commissioning of this project, excess power generated from this plant could be made available for export to neighbouring countries under the Southern African Development Community Power Pool framework arrangement, he said.

In late February 2020, Chairperson of the Federation Council (the Upper House or the Senate), Valentina Matviyenko, headed a Russian delegation on a three-day working visit aimed at strengthening parliamentary diplomacy with Namibia and Zambia.

According to an official release from the Federation Council, the visit was within the broad framework mechanism of parliamentary consultations between Russia and African countries. The key focus are on political dialogue, economic partnership and humanitarian spheres with Namibia and Zambia.

The delegation held talks with President Edgar Lungu at the State House in Lusaka, Zambia. The delegation referred to their visit “as a reciprocal visit” and emphasized unreserved commitment to strengthen political dialogue and then re-affirmed interests in broadening economic cooperation with Zambia.

There was an in-depth discussion construction of the nuclear plant. Under the agreement that was concluded in December 2016 the construction of the nuclear plant was estimated at $10 billion. The processes of design, feasibility study and approvals regarding the project concluded. Russia was unprepared to make a financial commitment, and Zambia lacked adequate funds to finance the project.

Matviyenko said: “Now the start of the construction of a center for nuclear science and technology has been suspended due to financial issues. I would like to say that the request submitted to the Russian president is being carefully considered by the ministries and departments. I’m confident that we will jointly find options to promote funding to roll out the construction of a centre for nuclear science and technology.”

Of course, the construction of the nuclear plants will qualitatively change the economy of Zambia, not only to fully meet its electricity needs, but also to export it to other southern African countries. The Zambian government refers to it as revenue generation tool using the phrase – “this plant could make available for export to neighbouring countries under the Southern African Development Community Power Pool framework arrangement.”

In his discussion, Dr. Scott Firsing, a Research Fellow at Monash University South Africa, says Africa and the world needs nuclear, along with solar, wind, hydro, and geothermal, for cleaner energy. Africa can leapfrog outdated technology and help lead a new clean energy revolution.

He believes that “nuclear will always have a role in energy generation because it’s the best way of producing large amounts of carbon-free electricity. The key hindrance is the cost of producing nuclear energy and how best to deal with nuclear waste so as to maintain safe environment, the risk that it poses from poor handling and management.”

Professor Stephen Thomas, a Nuclear Economist from the University of Greenwich in the United Kingdom explains that African countries lack the nuclear expertise and infrastructure, Most important, they lack the financing capability. Russia claims to offer adequate finance, but that claim of preparedness to support construction of nuclear plants across Africa has not been demonstrated outside centrally planned economy.

“Nuclear power is an expensive diversion from policies that could meet the objectives of improving the reliability of electricity supplies in Africa, making power affordable for consumers and meeting environmental goals,” he wrote in an emailed interview.

Thomas added: “Nuclear is too high an economic risk for countries that cannot afford to make big mistakes. However, they must be guided by Chernobyl disaster in Ukraine and Fukushima in Japan, millions of people are still suffering from radiation and radiation related diseases till today.”

Currently, many African countries are facing an energy crisis, for both domestic and industrial use. Energy poverty affects millions of their citizens. Over 600 million in Sub-Saharan Africa out of more than one billion people still do not have electricity. The industrial sector needs power for its operations and production for the newly established single continental market.

It is in this context that several African countries are exploring nuclear energy as part of the solution. Russia is on a charm offensive across Africa signing and re-signing agreements with many governments to build nuclear power plants. After the first Russia-Africa summit, it has, as an exceptional case, granted a $29 billion loan for construction in Egypt based on its strategic bilateral relations.

The nuclear agreement was signed as far back as 2015. For now, it is difficult to say how other African countries would finance the construction of their plants compared with Francophone African leaders bartering their natural resources for Russia to provide security and undertake various infrastructure projects. Burkina Faso’s nuclear ambitions went viral after signing a memorandum of understanding, not yet an agreement, over nuclear power with Russia in 2023.

For more than 30 years, Russia has been pushing for post-Soviet relations, but with nuclear energy diplomacy Africans have to wait for another generation. The dreams of building nuclear plants are, in other words, far from reality, and will hold back the full realization of the African Continental Free Trade Area (AfCFTA) and sustainable development goals under AU Agenda 2063.

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S&P Restores Afreximbank to Investment-Grade Status After 12 Years

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Afreximbank

By Adedapo Adesanya

Credit ratings agency, S&P Global Ratings, has restored the African Export-Import Bank (Afreximbank) ​to investment grade, nearly 12 years after its last assessment, citing the entity’s countercyclical lending record and ‌strong shareholder support.

The BBB+ rating with a stable outlook is one notch above Moody’s Baa2 and comes months after Afreximbank severed ties with Fitch Ratings.

The lender accused the agency of misjudging its mission, following a downgrade to junk status amid disagreements over the bank’s role in debt ​restructurings for Ghana and Zambia. Fitch subsequently withdrew its ratings entirely and flagged governance concerns.

S&P said in ​a statement on Thursday that Afreximbank’s record as a countercyclical lender and its substantial shareholder ⁠support served as rationale for its rating. Credit ratings often guide the costs of capital for a borrower.

The lender’s total assets, S&P noted, had expanded to $42.3 billion by the end of 2025, up ​from $7.1 billion in 2015.

S&P said it did not incorporate preferred creditor status into its assessment because Afreximbank ​provides almost 80 per cent of its loans to private-sector entities.

However, it acknowledged that Afreximbank, alongside other institutions, had experienced prolonged payment arrears in ‌recent ⁠years, notably following the defaults and debt restructurings in Ghana and Zambia.

S&P noted that Afreximbank said in December that it had come to an agreement with Ghana on its $750 million loan, but that the lender had not announced a resolution with Zambia.

The agency warned that further sovereign restructurings could weigh on Afreximbank’s asset quality.

S&P’s assessment described Afreximbank’s governance and management as “adequate”, saying the ⁠inclusion of ​two independent directors and the African Development Bank (AfDB) as a permanent board ​member provided institutional oversight.

It noted that while increasing participation of private-sector investors through Class D shares could influence the bank’s risk appetite, Class A ​shareholders retained veto rights over big institutional changes, balancing potential risk.

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Elon Musk Becomes World’s First Trillionaire as SpaceX Soars in Nasdaq Debut

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elon musk spacex

By Adedapo Adesanya

Mr Elon Musk, the world’s richest man, is now a trillionaire as his SpaceX rose 11 per cent in its Nasdaq debut on Friday, lifting its valuation to about $1.96 trillion as investors piled into the world’s largest initial public offering (IPO).

The stock opened for trading at $150 compared with the IPO price of $135 per share.

The landmark listing cemented Mr Musk’s status as the first trillionaire ever and propelled SpaceX into the ranks of the ⁠world’s most valuable companies

The listing is being used as a benchmark of what is to come for the market ahead of forthcoming IPOs for AI heavyweights Anthropic and OpenAI.

The record IPO is a culmination of Mr Musk’s long-held ambitions in space and technology.

Most of Musk’s wealth now rests with SpaceX, where ⁠he holds a stake worth roughly $866 billion. Along with Tesla and the rest of his properties, his net worth will exceed $1.1 trillion when the stock begins trading on Friday.

At a quoted $75 billion, the deal’s proceeds were more than double those of Saudi Aramco’s record-setting 2019 IPO.

The valuation could rise further should underwriters exercise their right to sell additional shares, a decision typically made within 30 days after the offering.

Although SpaceX may have to wait for entry into the S&P 500, its expected fast-track inclusion in the Nasdaq 100 will soon make it a major holding for passive funds and ETFs that track the index, creating a fresh source of demand for its shares.

It will take about a month before it gets added to that index under Nasdaq’s new fast-entry rules, as opposed to a typical wait of as much as a year.

SpaceX said its market opportunity spans $28.5 trillion, a figure it called the largest in human history.

Mr Musk, 54, was born in Pretoria, South Africa, to a Canadian mother and South African father. He attended the University of Pennsylvania, graduating in 1997.

He took over as Tesla’s CEO in 2008. Beyond Tesla and SpaceX, Mr Musk ‌has co-founded ⁠five other companies, including tunnelling startup The Boring Company and brain implant maker Neuralink.

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Bridge Awards Symbolize a Definitive Choice of Life in Russia—Sammy Kotwani

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Sammy Kotwani

By Kestér Kenn Klomegâh

Under the presidential decree, authorising an initiative to tap the best brains and professionals from abroad to integrate into Russian society, the Agency for Strategic Development plans to hold its first Bridge Awards, which honour the contributions of foreign citizens and repatriates who have made a definitive life choice in favour of Russia. The Bridge Awards was founded by entrepreneur Philip Hutchinson and public figure Guy Eames.

Launched in February 2026, the competition for the awards has attracted a lot of potential candidates from more than 40 countries competing for victory across 12 categories. The highest number of applications came from the United States, totalling 18. There are also a number of candidates from Europe, Asia, and Africa. The “Business” category proved to be the most geographically diverse, drawing applicants from 12 countries.

The Bridge Awards recognise the valuable contributions of foreign citizens and repatriates to the Russian society. It is also dedicated to raising awareness, recognising achievements, and building strong connections with the international community.

According to the official reports made available, among the winning applicants and world-renowned celebrities for the Business Category were Sammy Manoj Kotwani, President, Indian Business Alliance; President, SITA/Indian National Cultural Centre; President, Overseas Friends of BJP Russia; and Founder, Imperial Tailoring Company.

In this conversation, Sammy Kotwani talks about how he has lived and worked in Russia for more than three decades, his entrepreneurial achievements, and his contributions to Russian society. Here are the interview excerpts:

What really motivates you to participate in the first competition for Bridge Awards?

For me, the Bridge Awards are not only a competition. They are a recognition of a life journey. I have lived and worked in Russia for more than three decades. Russia gave me the opportunity to build my business, serve the Indian community, promote Indian culture, and create real business connections between India and Russia.

My motivation is very simple: I want to show that a foreign citizen can love Russia, respect its people, contribute to its economy, and at the same time remain deeply connected to his own roots and motherland.

Through the Indian Business Alliance, through cultural activities, through India–Russia business forums, through meetings with governors and regional leaders, my work has always been to build bridges — not only between governments, but between people, entrepreneurs, regions, cultures, and families.

So, when I heard about the Bridge Awards, I felt that this platform represents exactly what I have tried to do for many years: turn friendship into action, and respect into real cooperation.

You were selected by the Jury for the business category. What are the implications of this category?

Being selected in the business category is a very meaningful honour because business is where friendship becomes practical.

India and Russia already have strong political trust, historic goodwill, and a strategic partnership. But the real question today is: how do we convert this goodwill into trade, investment, joint ventures, logistics solutions, industrial cooperation, and regional development?

That is why the business category is important. It recognises those who are not only speaking about cooperation, but actually working on the ground to make it happen.

For me personally, it reflects the work of the Indian Business Alliance in connecting Indian entrepreneurs with Russian regions, supporting business missions, encouraging investment, discussing opportunities with governors, and identifying practical sectors such as textiles, pharmaceuticals, logistics, food processing, energy, technology, education, tourism, and skilled manpower.

This category is not only about personal achievement. It is about responsibility. It means we must continue to create platforms where Indian and Russian businesses can meet, trust each other, and build long-term partnerships.

Do you think the “Time to Live in Russia” programme has good future prospects for foreign citizens who choose to relocate and live in Russia?

Yes, I believe the “Time to Live in Russia” programme has strong future potential, provided it remains practical, transparent, and welcoming.

Many foreign professionals, entrepreneurs, investors, teachers, doctors, engineers, cultural workers, and skilled specialists are looking for countries where they can build a meaningful life. Russia has space, resources, education, culture, business opportunities, and strong regional potential.

But relocation is not only about visas or documents. A person who comes to Russia needs guidance, integration, language support, business orientation, community support, and confidence that he or she can build a stable future.

This is where such a programme can become very powerful. If it helps talented foreigners understand Russia better, settle smoothly, respect Russian society, and contribute to the economy, then it can become a serious instrument of international cooperation.

From the Indian perspective, I see strong potential. Many Indians are skilled in technology, medicine, education, trade, textiles, pharmaceuticals, engineering, hospitality, and entrepreneurship. If the right mechanism is created, India and Russia can benefit greatly from this human bridge.

How would you characterise the International Bridge Awards by the Agency for Strategic Initiatives and decreed by President Vladimir Putin?

I would characterise the Bridge Award as a timely and visionary initiative. In today’s world, countries need more than formal diplomacy. They need people who understand both sides, who can translate culture into trust, and trust into practical cooperation.

The Bridge Award gives recognition to such people — foreign citizens and repatriates who have chosen Russia not only as a place to live, but as a place to contribute.

For me, this award carries a very important message: Russia values those who sincerely work for its development, its international friendships, and its multicultural society.

The involvement of the Agency for Strategic Initiatives gives the award a serious institutional direction. It shows that this is not just a symbolic gesture, but part of a larger vision — to make Russia a place where international talent, entrepreneurs, cultural leaders, and public figures can participate in national development.

I believe this award can become a powerful platform for public diplomacy. It can show the world that Russia is open to sincere partners, serious professionals, and people who are ready to build, not just observe.

For me, as an Indian who has lived in Russia for many years, the word “bridge” is very personal. A bridge connects two banks. It allows people to cross, meet, understand, and build together. That is exactly what India and Russia need today—more bridges, more trust, more implementation, and more human connection.

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