Nigeria and Russian Firm Agreed Construction of $800bn Worth of Nuclear Plant

Russia’s state-run nuclear group, Rosatom Corp, has signed a deal with Nigerian authorities to build power plants in the country. Up to four nuclear facilities costing $20 billion each would be designed and constructed by the Russian corporation.

The agreement aims to add 1,200 megawatts (mws) of capacity to the country’s electrical grid by 2020, and a further 4,800mws by 2035 as the nation seeks to boost generation and end daily blackouts

The Nigeria Atomic Energy Commission chairman and chief executive officer, Franklin Erepamo Osaisai, told Bloomberg in an interview yesterday in Kenya’s Kwale coastal region that a joint committee has been established in order to facilitate the process with advanced negotiations, financing and planning still underway. According to him, the roles of each stakeholder would be assigned contractually as owners of the majority share, Rosatom, would take the lead in terms of operations.

“Rosatom will hold a majority, controlling stake in Nigeria’s nuclear facility while the rest will be owned by the country, with roles to be specified in contracts. The government will enter a power-purchasing agreement for the nuclear plant.”

The plants will be financed by Rosatom, which will then build, own, operate and transfer them to the government,” he said.

Fossil fuels dominate the current energy mix in Nigeria, although oil production and supply is frequently disrupted, while a lack of infrastructure hinders the monetisation of natural gas. (Leadership)