With over 600 million people without access to electricity (80 per cent share of the global population without access to electricity), Africa stands at a crossroads of industrialization, energy sustainability, and climate change mitigation. Grappling this challenge, Rwanda has emerged as the helm of Africa's nuclear energy transition.

At the recent Ministerial Roundtable Conference geared around Financing Africa’s Nuclear Energy Future, held in Kigali on December 16-17, global nuclear energy leaders convened and reckoned nuclear as the dual solution to drive industrialization, bridge Africa’s energy needs (dispatchable clean energy source) and climate change mitigation.

ALSO READ: Rwanda strengthens commitment to nuclear energy development

At the Ministerial Roundtable Conference, which I was privileged to attend, alongside other fellow youth, the key focus was on how to finance Africa's nuclear buildout. In a typical nuclear project, interest payments account for more than half of the price of the power it produces. This stems from nuclear low operating costs and the long construction schedules during which interest accumulates before power revenues start paying down the debt.

This is why governments around the world have developed vehicles to provide low-interest debt for their nuclear projects. For example, the United States provides long-term loans at only slightly above its own borrowing cost for up to 80 per cent of a nuclear project’s cost through the Loan Programs Office. For Africa, tackling this finance question is even more important since interest rates are typically far above those of nuclear countries.

ALSO READ: Inside Rwanda's Rwf90 billion nuclear energy deal

At the Ministerial Roundtable Conference, several viable blended financing mechanisms, such as green bonds, public financing, and Public-Private Partnerships (PPPs), were discussed. Rwanda Atomic Energy Board Chair Dr. Lassina Zerbo, a nuclear enthusiast, emphasized the critical role of regional cooperation through mechanisms such as regional power pools and multilateral financing, calling for Africa’s agency to take an active role in shaping the global nuclear energy agenda rather than passive markers of external technologies.

The ministerial roundtable also stressed the critical role of capacity building, calling for African youth to embrace the nuclear energy future and be equipped through technical training and peer-to-peer mentorship to lead Africa’s nuclear energy transition. With a limited number of regional training centres, countries such as Ghana and South Africa, being the pioneers, need to create a robust open pipeline to accommodate junior African nuclear experts in the discipline.

Another focus at the Roundtable was on the promising future of Small Modular Reactors (SMRs) in African countries like Rwanda, Ghana, Kenya, Nigeria, South Africa, Egypt, and Morocco, among other 12 African countries that have already shown strong interest in the technology.

ALSO READ: All you need to know about small modular reactors

ALSO READ: Rwanda’s nuclear technology plans: benefits vs challenges

With electricity grids being smaller and less robust than those of industrialized nations, SMRs’ small size better positions them for localized integration into grids for reliability and reducing the transmission distance.

The modular part of a Small Modular Reactor is also advantageous for regional demands. Modular refers to the construction technique used, where instead of building them completely on-site, large parts are prefabricated into modules and then assembled together. This allows for a faster construction schedule, which cuts down on the often-substantial interest accrued during construction.

ALSO READ: Global atomic energy body commends Rwanda’s nuclear security

Public misconceptions about nuclear energy also emerged as a vital consideration, especially about nuclear safety and waste management, highlighting the need for a continuum of transparent communication, nuclear public awareness, and community engagement.

Another key point is a predictable regulatory framework that gives investors the necessary confidence and allows for the harmonization of regulations across countries, enabling the same design to be utilized in different markets. This is particularly important for small modular reactors, as it allows modules to be fabricated at scale, thereby driving down costs.

ALSO READ: Rwanda to host first demo Dual Fluid nuclear reactor

As the Ministerial Roundtable concluded, one resounding takeaway emerged: Africa’s and Rwanda’s nuclear energy future will depend not merely on words and ambitions but action. Blended mechanisms that entail iterative strategic nuclear investment, innovative financing pathways, and regional, interre and multilateral support mechanisms are the catalysts of unlocking the duality of Africa’s industrialization aspiration while bridging climate change mitigation.

Rwanda at the helm of Africa's bold nuclear energy transition will be a story of three pragmatic choices: regional collaboration, being accountable to one another, and thinking big to align with the evolving nuclear energy technology that looks up to small modular reactors. As Dr. Zerbo aptly stated, "It is Africa’s time to lead, not just in adopting technology, but in shaping it.”

Julius Kalisa is a PhD student at Harvard University