After a loan agreement with the Export-Import Bank of China, Nigeria plans to build a $ 5.8 billion hydropower plant this year in the eastern Mambila region.
Babatunde Fashola, Nigerian Minister of Electricity, said: "We hope this can begin this year if we can finish financing."
According to reports, the cost of up to 5.8 billion US dollars of hydropower stations will be provided by the Chinese side with 85% of the funds, the rest of the Nigerian government's commitment.
Nigeria is a country with a population of 180 million. As the domestic power crisis is worsening, Nigeria is seeking to expand its power generation to boost growth in order to promote local economic and social development.
In an interview, Fashola said the government expected domestic power generation to increase from the current 7,000 MW to 8,600 MW annually. In contrast, South Africa accounts for one-third of Nigeria's population, generating more than 40,000 MW.
In addition to generating more power, Nigeria also plans to improve its domestic transmission and distribution infrastructure. The current domestic transmission and distribution infrastructure capacity is only 5,000 MW. As for generating capacity increases, some of the generating facilities will remain unused if the supporting infrastructure fails to improve.
Fashola said the government is looking to work with private companies to invest in micro-grid projects and add another 3,000 MW of transmission and distribution capacity within five years.
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