The Nigerian Talk about $80 Billion Nuclear Power

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

“A joint coordination committee is in place and negotiations are ongoing for financing and contracting,” Nigeria Atomic Energy Commission Chairman and Chief Executive Officer Franklin Erepamo Osaisai said at a conference in Kenya’s Kwale coastal region on Monday. “We are meticulously implementing our plans.”

The West African nation 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.

Rosatom and Nigerian officials met last month within the framework of a 2009 intergovernmental agreement to discuss cooperation.

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, Osaisai said. “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 is marketing its reactors with generous financing offers as Moscow seeks new markets for its technology amid a looming recession. Over the last year, its international portfolio of orders has grown to more than $100 billion, including deals to build new reactors in Iran, Hungary, India and Jordan.