Nigeria awards dam power plant contract to Chinese state firmStaff Writer | August 31, 2017
Nigeria has approved the construction of a $5.8 billion hydroelectric power plant by a Chinese state firm, the power minister said.
Africa The 3,050 megawatt (MW) Mambilla hydroelectric plant
Despite its wealth of crude oil, Africa's largest economy has long struggled with rickety power infrastructure, leaving many homes and businesses dependent on costly and inefficient fuel-powered generators.
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.
China'sExport-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. ■