Nigeria: $5.8 billion deal for large power project

3/2/2018 11:19:16 AM

The government of Nigeria has awarded a $5.8 billion contract to build the largest power plant in the country. A consortium of Chinese state-owned construction firms will build the 3,050-megawatt Mambila hydroelectric power project in the state of Taraba in six years.

CNN reports that the project will consist of four dams between 50 and 150 meters tall. The megaproject will be financed by the Chinese Export-Import Bank (85%) and the Nigerian government (15%).

The hydroelectric power project is believed to have considerable positive impact on electricity supply nationwide, productivity, employment, tourism, technology transfer, rural development, irrigation, agriculture and food production.

The project is also expected to bring change to the people of Nigeria. Despite being one of the largest economies in Africa, over 40% of Nigerians live without access to electricity, according to World Bank figures.

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