Nigeria has approved the construction of a $5.8 billion hydroelectric power plant by a Chinese state firm, the power minister said on Wednesday, the latest in a series of Chinese deals since the project was first envisioned decades ago, Reuters reports.
The project, if completed, could provide a much needed source of energy for Nigeria. The 3,050 megawatt (MW) Mambilla hydroelectric plant has been planned for over three decades. Various administrations have pledged to begin work, signing contracts and memoranda of understanding but next to nothing has been done.
Nigeria’s cabinet signed off on the award of the contract to build Mambilla to the China Civil Engineering Construction Corporation (CCECC), Babatunde Fashola, the minister of power, works and housing, told reporters in Abuja.
China’s Export-Import Bank will provide 85 percent of the funding and Nigeria’s government will supply the remaining 15 percent for the joint venture, Fashola said, adding that construction should take around six years.