NAN – Nigeria has commenced moves to build four nuclear power plants costing some $80 billion (£54.7bn, €75.7bn) in partnership with Russia’s Rosatom Corporation.
Speaking at a conference in Kenya’s Kwale coastal region, the Chairman and CEO of the Nigeria Atomic Energy Commission, Franklin Erepamo Osaisai, disclosed that the country has signed an agreement with Rosatom to cooperate on the design, construction, operation, and decommissioning of an atomic power facility.
The nuclear power plant is part of efforts to add 1,200 megawatts capacity by the end of the decade.
While the first nuclear plant will be operational in 2025, it will be increased to four plants with a total capacity of 4,800 megawatts by 2035, with each facility costing $20 billion, Osaisai reportedly stated.
He added that Rosatom will hold a majority stake in the nuclear facilities while the rest will be owned by the country, with roles to be defined in contractual agreements.
Osaisai also said that the plants will be financed by the vendor, which will then build, own, operate and transfer them to the government. The Nigerian government, “will enter a power-purchasing agreement for the nuclear plant,” he said.
He said that, “A joint coordination committee is in place and negotiations are ongoing for financing and contracting. We are meticulously implementing our plans.”
Nigeria’s peak electricity output is about 3,800 megawatts, with another 1,500 megawatts unavailable because of gas shortages.
