Nigeria negotiates with Rosatom to develop $20bn nuclear power plants

The Nigerian Government is negotiating with Russia's state-owned Rosatom for the construction of four nuclear power plants, with an investment of approximately $20bn.

Bloomberg quoted Nigeria Atomic Energy Commission chairman and chief executive officer Franklin Osaisai as saying: "A joint coordination committee is in place and negotiations are ongoing for financing and contracting.

"We are meticulously implementing our plans."

Earlier in 2012, Rosatom signed an agreement to design, construct, operate and decommission a nuclear power plant for Nigeria. The facility is due to enter service in 2015.

The country later planned to expand the facility with three more nuclear plants, bringing the total power generation capacity to 4,800MW, each with an investment of $5bn, by 2025.

Rosatom spokesperson Sergei Novikov told Bloomberg that the company's officials and the Nigerian counterparts met in February this year to discuss the areas of cooperation within the intergovernmental framework agreement signed in 2009 on power development in Africa.

However, no memorandums have yet been signed for the development of a nuclear plant, Novikov said.

Majority stake in Nigeria's nuclear facilities will be reportedly owned by Rosatom, which will also finance the construction ofplants on a build, own, operate and transfer terms. The remaining stake in the facilities will be owned by the Nigerian government.

Image: Nigeria negotiates with Russia's Rosatom for the development of nuclear power plants. Photo: courtesy of sxedos4/Freedigitalphotos.net.