World
Pathways Towards 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.
World
Nigeria Leads Africa in Equity Funding as Startup Investment Hits $254m in H1 2026
By Adedapo Adesanya
Nigeria regained its position as Africa’s leading destination for equity startup investment in the first half of 2026, raising $214 million in equity financing and a total of $254 million across equity and debt, according to the latest Africa: The Big Deal report.
The report, titled H1 2026: Mapping the Money, showed that Nigeria ranked second on the continent in total funding, behind Egypt, which attracted $327 million, while Kenya and South Africa followed with $126 million and $83 million, respectively.
However, the report noted that Egypt’s top position was largely driven by a single fundraising by electric mobility company Spiro, which secured $327 million, including $270 million in equity and $57 million in debt. Excluding debt financing, Nigeria emerged as Africa’s largest equity funding market in the first six months of the year.
According to the breakdown by Africa: The Big Deal, Nigeria’s equity funding of $214 million was higher than Egypt’s $183 million, while South Africa and Kenya attracted $66 million and $46 million, respectively.
Beyond funding value, Nigeria also led the continent in the number of startups that raised at least $100,000 during the review period, reclaiming the top spot after what the report described as an “underwhelming” second half of 2025.
The publication observed that Nigeria’s fundraising performance has remained relatively stable over the past few years and exceeded the $250 million mark for the first time since 2022, pointing to renewed investor confidence in the country’s startup ecosystem.
It also found that while the Big Four startup markets—Nigeria, Egypt, Kenya and South Africa—continued to dominate Africa’s investment landscape, their combined share of total funding stood at 58 per cent in the first half of 2026.
“Zooming back on the Big Four (110 out of 190 $100k+ deals, i.e. 58%), Nigeria is head and shoulders above its peers, with Egypt and Kenya almost tying, and South Africa in fourth position again,” the report noted.
The report highlighted contrasting performances among the continent’s largest startup ecosystems. While Nigeria and Egypt maintained strong funding momentum, Kenya recorded its weakest funding performance since early 2021 after a strong second half of 2025, and South Africa failed to attract $100 million in funding during the period despite leading the continent a year earlier.
Africa: The Big Deal also noted a broader shift in investor behaviour, with funding increasingly concentrated in larger transactions while early-stage investments continued to decline. According to the publication, the drop in smaller funding rounds reflects growing concerns about limited capital available for early-stage startups across Africa.
World
SCRYPT Expands Stablecoin Settlement Infrastructure to East Africa
By Aduragbemi Omiyale
Accessing the US Dollar in the East Africa region has now been made easier with the expansion of the stablecoin settlement infrastructure of SCRYPT.
This development enables banks, payment providers and corporate treasury teams to move value into and out of the continent in real time.
Businesses paying international suppliers frequently have to convert local currency into USD before purchasing stablecoins for settlement, incurring FX conversions and spreads before any payment is made.
But SCRYPT is eliminating this intermediate conversion by enabling direct settlement corridors for local African currencies into stablecoins.
This development allows businesses to move from local currency to stablecoin settlement in a single licensed transaction, without first sourcing rationed bank dollars, as stablecoins are increasingly becoming settlement infrastructure rather than an investment product.
The expansion adds settlement support across four African currencies: the Kenyan shilling (KES), Tanzanian shilling (TZS), Rwandan franc (RWF) and Ugandan shilling (UGX). Each corridor is delivered through the same full-stack infrastructure our clients already use for trading, custody and treasury operations.
Speaking on this, the chief executive of SCRYPT, Norman Wooding, said, “Across Africa, stablecoin adoption is driven by economic need, not speculation.
“Businesses here are not chasing yield; they are trying to pay suppliers and manage treasury without losing margin to a banking system that rations dollars. Licensed, fair-rate dollar access is the clearest proof of what this infrastructure is for.”
Also commenting, the Managing Director of Markets & Trading at SCRYPT, Mr Gabriel Titopoulos, said, “Until now, reaching stablecoins from local African currencies meant buying scarce dollars and incurring several layers of conversion costs.
“SCRYPT removes this friction. Firms and payment providers can now settle straight from local currencies through live corridors, with local partners.”
World
African Graduates Association Promoting Multifaceted Initiatives With Russian Educational Institutions
By Kestér Kenn Klomegâh
In preparations for the third Russia-Africa Summit, scheduled for late October 2026, Dr Francois Ngan, deputy chairman of the Union of Associations of African Graduates of Soviet and Russian Universities, during an official working visit, has held a consultative meeting with Professor Vladimir Filippov, the President of the Russian University of Peoples’ Friendship (RUDN), and former Minister of Higher Education of Russia, Chairman of the National Commission for Accreditation of Higher Education.
RUDN is an educational institution established in 1960, primarily to provide higher education to Third World students. It has now become a popular multidisciplinary spot for many students, especially from developing countries. The university offers various academic programmes and has research infrastructure that comprises laboratories and interdisciplinary centres. The university is named after the former Congolese leader, Patrice Lumumba.
Dr Francois Ngan and Professor Filippov discussed the importance of the Graduates Association as a continental platform dedicated to strengthening unity, cooperation, and promoting shared progress among African graduates who studied in the former Soviet Union and in the Russian Federation. They also reviewed multifaceted initiatives that could bring together alumni associations from across Africa, whose members obtained education and professional training, and cultural experiences in Soviet and Russian institutions of higher learning.
Professor Filippov expressed optimism in addressing emerging challenges as a result of shifting geopolitical changes, emphasised strategic cooperation in the educational sphere with Africa, in general, and with the Republic of Cameroon, in particular, and further about the integration of African students during their studies in the Russian Federation.
The meeting also touched on academic and scientific work, the possibility of rewriting a scientific thesis, and the official organisation of transferring versions translated into six languages for the library of RUDN. Significant questions relating to Russia’s educational opportunities, collaborations and partnerships involving African countries were thoroughly discussed.
The Union of Associations of African Graduates of Soviet and Russian Universities was created under one continental umbrella to promote friendship, for professional networking, to engage in cultural exchange, and with particular emphasis on forging strategic cooperation between Africa and Russia.


