Transcorp Energy Plans Nigeria’s First Nuclear Power Plants

(Bloomberg) -- Transcorp Energy Ltd, a unit of Transnational Corp. of Nigeria Plc plans to develop nuclear power plants in the West African nation as an alternative energy source to improve access to electricity.

The plants will offer a “less expensive and less complicated solution” for stable and reliable power generation in the country, using so-called OPEN100 model technology, the company said in an emailed statement Thursday.

Just over 55% of Africa’s largest economy’s population has access to electricity, according to World Bank data.

The plan has been presented to government.

Science and Technology Minister Ogbonnaya Onu has set up a committee comprising representatives of Transcorp and government to manage the execution of the project, according to the statement.

©2021 Bloomberg L.P.