🔅 Uganda's Nuclear Power Play
Plus: Where is Chadwick Bosman’s Wakanda costume going to be displayed?, The South African that lived through three centuries, South Sudan’s firing spree, And much more... ☕
Photo of the day: Ouagadougou Cathedral, Mali
Markets — Year to Date:
🔺 Nigerian SE: 55,794.51 (+8.87%)
🔺 Johannesburg SE: 76,454.36 (+4.66%)
🔺 Ghana SE: 2,479.53 (+1.46%)
🔻 Nairobi SE: 117.89 (-7.52%)
🔻 US S&P 500: 3,861.59 (-1.45%)
🔻 Shanghai Composite: 3,230.08 (-1.40%)
Silicon Valley Bank's Failure: Is This the Start of a Banking Crisis? Last week, Silicon Valley Bank (SVB) became the biggest US bank to fail since 2008, causing panic among tech companies, investors, and customers. The government swooped in and took control of SVB’s $175bn in deposits, but the company had already been struggling to keep up with rising interest rates and an investor flight. SVB is a crucial lender to early-stage businesses, meaning that this could spell disaster for startups already struggling to survive the pandemic. The situation left many companies with their money tied up at the bank, scrambling to transfer their funds. The news also sparked a massive sell-off of banking shares globally, leading US Treasury Secretary Janet Yellen to express her “full confidence in banking regulators to take appropriate actions in response.”
*Data accurate as of the close of markets across the continent
ENERGY
Uganda's Nuclear Power Play
Looks like Africa is about to get a new nuclear power plant: Uganda is looking to increase its electricity generating capacity and move to a more diversified energy mix.
The East African country is keen to exploit its uranium deposits, and the first nuclear project - the Buyende Nuclear Power Plant - is expected to generate 2,000 MW, with the first 1,000 MW to be connected to the national grid by 2031.
But why nuclear energy?
Uganda is looking to integrate nuclear energy into its electricity generation mix in order to ensure energy security and provide sufficient electricity for industrialisation.
Plus, it’s doing this with the help of China, which has signed a deal with Uganda to build capacity for using atomic energy for peaceful reasons.
So what's the situation in Uganda?
It looks like President Yoweri Museveni's government is looking to get ahead of the game and ensure that the country isn't reliant only on oil money.
The hope is that nuclear energy will provide the security and industrial energy goals Uganda is looking for.
If you’re a regular here, hit that share button. Tell your friends and colleagues about how Baobab will get them smarter on African business, money and current affairs in less than 5 minutes a day, for free!
OTHER HEADLINES
Across the Continent
🎟️ Smithsonian to Launch Exhibition on Afrofuturism | Get ready to explore the universe of Afrofuturism. The Smithsonian’s National Museum of African American History and Culture is launching an exhibition called “Afrofuturism: A History of Black Futures” on March 24th. The exhibition will feature over 100 artefacts from music (like OutKast’s), film, television, comic books, fashion, theatre, literature, and more, and explore the impact and influence of Afrofuturism on American culture. The exhibit will be divided into three sections: “The History of Black Futures,” “New Black Futures,” and “Infinite Possibilities.” Museum director Kevin Young said Afrofuturism is about celebrating Black people’s resilience and looking forward to a brighter future. He added that Afrofuturism is about “mix-making and myth-making” and has been expressed through music from Negro spirituals to jazz, gospel, funk, and hip-hop.
🇿🇦 South African Grandma's Incredible 128-Year Run | We’ve all heard the expression “living life to the fullest”, but it’s hard to imagine anyone living life to the fullest more than Johanna Mazibuko. This South African grandmother has lived through three centuries, and has now passed away at the age of 128. Mazibuko was born on a maise farm and grew up eating wild spinach and drinking fresh milk. She was alive for Queen Victoria’s reign, the Wright brothers’ first flight, the first Russian revolution, and two global pandemics. Mazibuko survived World Wars I and II, and is survived by seven children, 50 grandchildren, and 13 great-grandchildren.
🇸🇸 South Sudan President Fires Close Ally | South Sudan President Salva Kiir is on a firing spree! He’s just sacked the foreign minister, Mayiik Ayii—who is a close ally—less than a week after dismissing the ministers of defence and interior. It’s unclear if this is linked to the peace agreement with opposition leader First Vice President Riek Machar. Kiir and Machar signed a peace agreement in 2018 that ended five years of civil war, and they’re meeting on Thursday to try and resolve their differences. Machar was not pleased with Kiir’s move to hand the defence ministry to his own party, which goes against the terms of the agreement. Kiir’s spokesperson just said it was “normal business” and that people can be “relieved and replaced”. So far, there have been no threats to walk away from the peace agreement, but it looks like tensions are high in South Sudan.
🇬🇭 Finally, take a look at this exchange, where Ghanian ministerial appointee, Dr Acheampong, calls out to his "friend" Dr Ato - during confirmation hearings. "Ato, you are my friend"...
FOOD FOR THOUGHT
Proverb of the Day
“Do not call to a dog with a whip in your hand.”
— Zulu Proverb.