Business

Nigeria and Africa get nuclear technology boost from Rosatom

Published

1 year ago

August 30, 2024

Nigeria and Africa get nuclear technology boost from Rosatom

Russia, through its state nuclear corporation Rosatom, is expanding its strategic engagement with Nigeria and Africa in the field of nuclear technology.

Rosatom’s involvement in Africa, and specifically in Nigeria, reflects a strategic partnership aimed at addressing the continent’s growing energy needs and fostering technological advancement. As Russia continues to deepen its engagement, it is crucial to explore the positive contributions and tangible benefits of these collaborations.

In recent years, Rosatom has significantly expanded its presence in Africa. While being present through its regional office in South Africa for over 10 years, in 2024 alone, the Russian state nuclear corporation signed memorandums of understanding (MoUs) with several African countries, including the Republic of Congo, Mali, Guinea, Burkina Faso, and Rwanda, with agreements with Burundi made the previous year.

These agreements cover a broad spectrum of cooperation, including the use of nuclear power in civil applications, development of nuclear infrastructure, personnel training, the advancement of floating power units, and public outreach on nuclear energy, among others. The memorandums aim to assist these nations in developing their nuclear energy capabilities, ensuring safe and sustainable energy solutions.

In addition to these agreements, Rosatom is actively involved in uranium mining projects across Africa. In Tanzania, Rosatom has partnered with the government to explore and develop uranium resources, which will contribute to local energy needs and global uranium supply.

In Namibia, Rosatom is engaged in several significant projects, including the exploration and potential development of uranium deposits. Notably, Rosatom’s uranium exploration initiative in Namibia focuses on the promising Wings project, located in the Omaheke region, approximately 300 kilometers from Windhoek.

This project, which has captured considerable attention at expos, is anticipated to create approximately 600 new jobs in the Omaheke region and an additional 4,000 jobs in related industries across Namibia.

With an estimated $500 million investment and an anticipated $3.5 billion in additional tax revenue, the Wings project is poised to become the cornerstone of Namibia’s mining future.

Rosatom’s expertise on the continent is further demonstrated through its involvement in constructing the El Dabaa nuclear power plant (NPP) in Egypt. This project, Egypt’s first nuclear plant, features four VVER-1200 reactors and is set to significantly enhance Egypt’s energy capacity.

Rosatom’s relationship with Nigeria exemplifies its strategic partnership approach. Since 2017, Nigeria and Rosatom have been working together on various projects, including the development of a nuclear power plant.

Nigerian officials participate in events organised by Rosatom. For instance, they took part in international nuclear forum Atomexpo in 2022 and 2024 where they once again confirmed their interest in the cooperation on the large-scale NPP project in Nigeria. Discussions are also ongoing about the potential deployment of a floating Small Modular Reactor (SMR) NPP.

Floating NPPs offer several advantages that make them particularly suitable for diverse applications. These reactors can be relocated as needed, providing flexibility in energy deployment. Their construction time is notably reduced since they are built in factories and then floated to their operational sites, streamlining the development process.

Additionally, floating NPPs are equipped with advanced safety systems that can be monitored and maintained remotely, ensuring high levels of safety and operational efficiency.

These smaller plants, already tested in Russia, offer a flexible and secure energy solution. Floating Power Units (FPUs) are particularly advantageous for coastal nations as they can be positioned offshore, minimizing land use impact and local community disturbances. They provide a reliable source of electricity directly to the grid, reducing the need for extensive and costly transmission infrastructure. Offshore locations also mitigate risks associated with traditional nuclear plants, such as cooling challenges and land-based safety concerns.

Adopting nuclear power through innovative solutions like FPUs would not only ensure a stable energy supply but also position Nigeria as a leader in modern energy technology, potentially attracting international investments and partnerships.

Unlike other companies that promise future floating nuclear power plants, Rosatom has been operating its floating power plant, the Akademik Lomonosov, since late 2019. This project showcases Rosatom’s technical expertise and dedication to sustainable energy solutions. The knowledge gained from this project has laid a strong foundation for future advancements in floating nuclear power technology.

Rosatom’s optimised floating nuclear power plants offer mobility, enabling strategic power generation along coastlines and near major ports, with the flexibility to scale up as needed. This innovation allows for efficient power distribution from the nearest port to the end user, reducing transmission losses and enhancing the reliability of electricity supply to industrialised and densely populated regions.

Rosatom’s commitment to nurturing future nuclear professionals is evidenced by initiatives like Atoms Empowering Africa. Since its inception in 2015, this program has been a driving force in empowering young individuals across Africa to explore the field of nuclear energy. The competition encourages African youth to present the benefits of nuclear energy, fostering scientific curiosity and paving the way for a sustainable energy future on the continent.

In the latest round of the Atoms Empowering Africa competition, twenty talented young individuals from South Africa, Nigeria, Kenya, Uganda, Egypt, and Sudan were selected as winners. These winners had the unique opportunity to delve into the latest advancements in nuclear technology while experiencing the rich cultural heritage of Russia.

Their itinerary included a visit Moscow, Saint Petersburg and the town of Obninsk, the birthplace of the nuclear industry and Russia’s premier nuclear technology hub, which celebrated the 70th anniversary of the world’s first nuclear power plant.

Munachimso Oguine, a young participant from Nigeria, expressed the impact of the program: “We toured the Rosatom Technical Academy and received a first-hand tour of Russia’s first Nuclear Power Plant (NPP). It was truly a privilege to witness the behind-the-scenes operation of an NPP and to see the amount of effort channeled into operational safety and security at the NPPs. But more than that, it was a lovely drive through the beautiful city of Moscow.”

“This trip has been nothing short of exciting, fascinating and eye-opening. I’m especially grateful for the warm and wonderful welcome we received from the Rosatom team. They’re amazing! I can’t wait to learn and explore more of Moscow with them,” Munachimso Oguine added.

Young Nigerians also benefit from educational opportunities in Russia, particularly at Tomsk Polytechnic University (TPU), a key partner of Rosatom.

TPU offers comprehensive programs in nuclear energy and nuclear medicine, which are crucial for building a skilled workforce for Nigeria’s nuclear sector. TPU’s international programs play a pivotal role in preparing students from Africa, including Nigeria, for careers in nuclear energy, safety, and medicine.

Many Nigerian students studying at TPU or having graduated from its programs are expected to contribute significantly to advancing Nigeria’s nuclear ambitions.

While there are valid concerns and complexities associated with nuclear energy development, Rosatom’s contributions to Africa, and particularly Nigeria, are substantial and impactful. From advancing nuclear infrastructure and promoting educational exchange to enhancing safety and technology,

Rosatom’s efforts reflect a deep commitment to supporting Africa’s energy and technological needs. A balanced view that acknowledges these contributions is crucial for a comprehensive understanding of Rosatom’s role in the region.

Business

Nigeria’s Inflation Drops to 15.10% as NBS Reports Deflationary Trend

Published

23 hours ago

February 19, 2026

Sahara Weekly

Nigeria’s Inflation Drops to 15.10% as NBS Reports Deflationary Trend

Nigeria’s headline inflation rate declined to 15.10 per cent in January 2026, marking a significant drop from 27.61 per cent recorded in January 2025, according to the latest Consumer Price Index (CPI) report released by the National Bureau of Statistics.

The report also showed that month-on-month inflation recorded a deflationary trend of –2.88 per cent, representing a 3.42 percentage-point decrease compared to December 2025. Analysts say the development signals easing price pressures across key sectors of the economy.

Food inflation stood at 8.89 per cent year-on-year, down from 29.63 per cent in January 2025. On a month-on-month basis, food prices declined by 6.02 per cent, reflecting lower costs in several staple commodities.

The data suggests a sustained downward trajectory in inflation over the past 12 months, pointing to improving macroeconomic stability.

The administration of President Bola Ahmed Tinubu has consistently attributed recent economic adjustments to ongoing fiscal and monetary reforms aimed at stabilising prices, boosting agricultural output, and strengthening domestic supply chains.

Economic analysts note that while the latest figures indicate progress, sustaining the downward trend will depend on continued policy discipline, exchange rate stability, and improvements in food production and distribution.

The January report provides one of the clearest indications yet that inflationary pressures, which surged in early 2025, may be moderating.

The data suggests a sustained downward trajectory in inflation over the past 12 months, pointing to improving macroeconomic stability.

The January report provides one of the clearest indications yet that inflationary pressures, which surged in early 2025, may be moderating.

Bank

Alpha Morgan to Host 19th Economic Review Webinar

Published

3 days ago

February 18, 2026

Sahara Weekly

Alpha Morgan to Host 19th Economic Review Webinar

In an economy shaped by constant shifts, the edge often belongs to those with the right information.

On Wednesday, February 25, 2026, Alpha Morgan Bank will host the 19th edition of its Economic Review Webinar, a high-level thought leadership session designed to equip businesses, investors, and individuals with timely financial and economic insight.

The session, which will hold live on Zoom at 10:00am WAT and will feature economist Bismarck Rewane, who will examine the key signals influencing Nigeria’s economic direction in 2026, including policy trends, market movements, and global developments shaping the local landscape.

With a consistent track record of delivering clarity in uncertain times, the Alpha Morgan Economic Review continues to provide practical context for decision-making in a dynamic environment.

Registration for the 19th Alpha Morgan Economic Review is free and can be completed via https://bit.ly/registeramerseries19

It is a bi-monthly platform that is open to the public and is held virtually.

Visit www.alphamorganbank to know more.

Business

GTBank Launches Quick Airtime Loan at 2.95%

Published

3 days ago

February 17, 2026

Sahara Weekly

GTCO increases GTBank’s Paid-Up Capital to ₦504 Billion

GTBank Launches Quick Airtime Loan at 2.95%

Guaranty Trust Bank Ltd (GTBank), the flagship banking franchise of GTCO Plc, Africa’s leading financial services group, today announced the launch of Quick Airtime Loan, an innovative digital solution that gives customers instant access to airtime when they run out of call credit and have limited funds in their bank accounts, ensuring customers can stay connected when it matters most.

In today’s always-on world, running out of airtime is more than a minor inconvenience. It can mean missed opportunities, disrupted plans, and lost connections, often at the very moment when funds are tight, and options are limited. Quick Airtime Loan was created to solve this problem, offering customers instant access to airtime on credit, directly from their bank. With Quick Airtime Loan, eligible GTBank customers can access from ₦100 and up to ₦10,000 by dialing *737*90#. Available across all major mobile networks in Nigeria, the service will soon expand to include data loans, further strengthening its proposition as a reliable on-demand platform.

For years, the airtime credit market has been dominated by Telcos, where charges for this service are at 15%. GTBank is now changing the narrative by offering a customer-centric, bank-led digital alternative priced at 2.95%. Built on transparency, convenience and affordability, Quick Airtime Loan has the potential to broaden access to airtime, deliver meaningful cost savings for millions of Nigerians, and redefine how financial services show up in everyday life, not just in banking moments.

Commenting on the product launch, Miriam Olusanya, Managing Director of Guaranty Trust Bank Ltd, said: “Quick Airtime Loan reflects GTBank’s continued focus on delivering digital solutions that are relevant, accessible, and built around real customer needs. The solution underscores the power of a connected financial ecosystem, combining GTBank’s digital reach and lending expertise with the capabilities of HabariPay to deliver a smooth, end-to-end experience. By leveraging unique strengths across the Group, we are able to accelerate innovation, strengthen execution, and deliver a more integrated customer experience across all our service channels.”

Importantly, Quick Airtime Loan highlights GTCO’s evolution as a fully diversified financial services group. Leveraging HabariPay’s Squad, the solution reinforces the Group’s ecosystem proposition by bringing together banking, payment technology, and digital channels to deliver intuitive, one-stop experiences for customers.

With this new product launch, Guaranty Trust Bank is extending its legacy of pioneering digital-first solutions that have redefined customer access to financial services across the industry, building on the proven strength of its widely adopted QuickCredit offering and the convenience of the Bank’s iconic *737# USSD Banking platform.
About Guaranty Trust Bank

Guaranty Trust Bank (GTBank) is the flagship banking franchise of GTCO Plc, a leading financial services group with a strong presence across Africa and the United Kingdom. The Bank is widely recognized for its leadership in digital banking, customer experience, and innovative financial solutions that deliver value to individuals, businesses, and communities.

About HabariPay

HabariPay is the payments fintech subsidiary of GTCO Plc, focused on enabling fast, secure, and accessible digital payments for individuals and businesses. By integrating payments and digital technology, HabariPay supports innovative services that make everyday financial interactions simpler and more seamless.
Enquiries:

GTCO
Group Corporate Communication
[email protected]
+234-1-2715227
www.gtcoplc.com