The Federal Government will commence the construction of a nuclear plant worth $80 billion.
The plant will be constructed and at the point of completion, it will be operated by a Russian energy firm, Rosatom and later transferred to government.
According to reports, a shared document between the Nigeria Atomic Energy Commission and the Ministry of Power was sighted by a source, the document shows that the sites have been approved, while the design for the financing had commenced.
The source further explained that pilot project, which is the first of the four plants, is to add 1,200 megawatts of capacity by the end of 2020.
Though the siting of the power plant is yet unknown, our source believes that the nuclear plants would be in Akwa Ibom and Kogi states, with each state hosting two plants each.
According to the source, “The agreement with Rosatom gives the company the right to veto the nation doing business with any other nuclear vendor,”
“The Russian company 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, according to the document, would be “financed by Rosatom, which will then build, own, operate and transfer them to the government.”
According to the Chairman and Chief Executive Officer, Nigeria Atomic Energy Commission, Franklin Erepamo Osaisai, the three other nuclear plants are being planned, it would take total capacity to 4,800 megawatts by 2035, with each facility costing $20 billion.
Expectedly, Nigeria’s first nuclear plant will be operational in 2025.
Rosatom State Atomic Energy Corporation is a state-owned corporation established in Russia in 2007.
It is the regulatory body of the Russian nuclear complex.
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. The company also represents Russia in the world in the field of peaceful use of nuclear energy and protection of the non-proliferation regime.
Rosatom is currently doing business with these countries as it affects power generation, Iran, Belarus, India, China, Slovakia, Vietnam, South Africa, Ukraine, Hungary, Egypt, Argentina and Jordan.
The head of Rosatom is Sergei Kiriyenko.