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

Peak electricity output of Africa’s biggest economy is about 3 800 MW, with a further 1 500 MW unavailable due to gas shortages. 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 MW of atomic power to its strained grid.

Rosatom would hold a majority, controlling stake in Nigeria’s nuclear facility, while the rest would be owned by the country, with roles to be specified in contracts.

The plants would be financed by Rosatom, which would than build, own, operate and transfer them to the government.

Nigeria, with a population of around 170 million, broke up its monopoly on power generation and distribution by privatizing the sector two years ago, hoping to attract foreign investors.

Source, Business Report International, 15th April 2015, Daily News, 15th April 2015