Nigeria To Sign $80billion Nuclear Pact With Russia

Nigeria To Sign $80billion Nuclear Pact With Russia

According to the latest information provided by Bloomberg, Nigeria is in talks with Russia’s Rosatom to build as many as four nuclear power plants costing about $80 billion as Africa’s biggest economy seeks to add 1,200 megawatts of capacity by the end of the decade.

Nigeria Atomic Energy Commission Chairman and Chief Executive Officer Franklin Erepamo Osaisai said that a joint coordination committee is in place and negotiations are ongoing for financing and contracting.

Osaisai announced that Nigeria signed an agreement with Rosatom to cooperate on the design, construction, operation and decommissioning of a facility in 2012.

A further three nuclear plants are planned, taking total capacity to 4,800 megawatts by 2035, with each facility costing $20 billion. The first Nigerian plant will be operational in 2025.

The source noted that peak electricity output of Africa’s biggest economy is about 3,800 megawatts, with a further 1,500 megawatts unavailable because of gas shortages.

It added that South Africa, with a third of Nigeria’s population yet eight times more installed capacity, has also signed an agreement with Rosatom as the nation looks to add 9,600 megawatts of atomic power to its strained grid.

South Africa’s agreement with Rosatom gave the company the right to veto the nation doing business with any other nuclear vendor, Johannesburg-based Mail & Guardian reported in February.

Chief Executive Officer said: "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.

Rosatom State Atomic Energy Corporation is a state corporation  in Russia, established in 2007. It is headquartered in Moscow. Rosatom is the only vendor in the world able to offer the nuclear industry’s entire range of products and services. It runs all nuclear assets of the Russian Federation, both civil and weapons. Along with commercial activities which move forward nuclear power and nuclear fuel cycle facilities, it acts as a governmental agent, primarily in the field of national security (nuclear deterrence), nuclear and radiation safety, basic and applied science.

Source: Legit.ng

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