No. 41: Three Things in African Markets You Need to Know This Week – October 28

President Zuma Skips Monday’s innovaBRICS & Beyond Conferencelink

South Africa’s President Jacob Zuma cancelled his scheduled Monday appearance in London at the innovaBRICS conference, hosted by Deloitte. South African publication City Press reported that President Zuma cancelled his appearance due to not being able to secure a meeting with Prime Minister David Cameron, a claim the Presidency denies. Apparently, this is his second time canceling an appearance in London in the past year. I do not know how these things go in diplomatic circles, but I am sure a few folks involved in the planning for this let out a few curses. I also wonder if President Zuma’s inability to land a meeting with Prime Minister Cameron had some connection to South Africa’s refusal of the Dalai Lama’s visa application to the attend the Nobel Peace conference in Cape Town that was scheduled for October 13, but postponed due to protests from other Nobel laureates.

Nigerian Stock Exchange Keeps Moving On Up linkThe Nigerian Stock Exchange (NSE) announced this morning that it secured full membership to the World Federation of Exchanges. The NSE has been going through the process of securing membership for the past three years, pretty much the entire time that its CEO, Oscar Onyema, has been leading the company. Other notable members include Intercontinental Exchange, the owner of the New York Stock Exchange (NYSE) and four other African exchanges – the Egyptian Exchange, Bourse de Casablanca, Stock Exchange of Mauritius, and Johannesburg Stock Exchange. This membership serves as another notch in the belt as the NSE strengthens its operations and positions itself as a ideal platform for global investors to place their funds.

East African Countries Continue Exploration of Geothermal Energylink

The 5th African Rift Geothermal Conference takes place this Wednesday through Friday in Tanzania. For the past several years East African countries have been working to tap into the region’s geothermal energy potential. Kenya plans to have geothermal energy make up about 5,000MW of its energy portfolio by 2030. The country currently has capacity of 210MW, according to KenInvest, the country’s investment promotion arm. The rest of the region is still in exploration mode, excluding Ethiopia which has about 7MW of capacity.

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