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Nigeria entering a $ 1.3 billion power plant deal with PRC China.

Africa Security News.- Electricity power is a big problem in Nigeria. Photo Credit AFP Pius Utomi Ekpei

Africa Security News.- Electricity power is a big problem in Nigeria. Photo Credit AFP Pius Utomi Ekpei

Nigeria has announced a major initiative aimed at improving its electricity supply, entering a $1.3 billion (960 million euros) power plant deal with China.

The deal with the Chinese government involves construction of a hydroelectric plant expected to add 700 megawatts to the national grid.

A loan from China’s Export-Import Bank will pay for 75 percent of the plant while the Nigerian government will cover 25 percent of the cost, a statement by the finance ministry said.

The new plant will remain in state hands. Nigeria will retain ownership of the national grid, but privatise its management. Canada’s Manitoba Hydro International was named its manager for three years in 2012.