POSCO Engineering and Construction Co. (POSCO E&C), South Korea's third-largest builder, said Sunday it has secured a US$1.14 billion order to build a thermal power plant in Nigeria.

The comprehensive engineering, procurement and construction deal includes a 2,500 megawatt gas-fired power plant that marks the first project won by POSCO E&C in Africa.

The Ebonyi Independent Power Plant will be located some 300 kilometers south of the capital Abuja, with the builder expecting the work to be completed in 28 months.

"The power plant is one of the largest of its kind in Africa,"

the company said. It added that securing the order will allow POSCO E&C to expand its market presence on the continent, which has great growth potential.

Nigeria with a population of 174.5 million people currently has the capacity to generate just 6,500 megawatts of electricity, a far cry from its power needs. The country's government has already announced a plan to push up power output to 40,000 MW by 2020. (Yonhap)