Standup9ja: FG approves $5.7bn for construction of 3,050MW
Mambilla electricity project
The Federal Executive Council (FEC), presided over by
President Muhammadu Buhari, approved 5.792 billion dollars (about
N1.140trillion) for the construction of the 3,050 megawatts Mambilla
Hydro-Power project at Gembu in Taraba.
The Minister of Power, Works and Housing, Mr Babatunde
Fashola, disclosed this while addressing State House correspondents alongside
the ministers of labour and Employment as well as the Minister of Sports, on
the outcome of the Council’s meeting.
“The memorandum from the Ministry of Power, Works and
Housing was to the award of the Mambilla Hydro-Power plant. I believe that many
of you have heard of this project.
“Nigeria started talking about it since 1972; that is about
45 years ago.
“Several efforts had been made to bring it to reality but
I’m happy to announce that this government approved the contract today to joint
ventures of Chinese Civil and Engineering company for the engineering and
turn-key contract, including civil and electro-mechanical works for 5.792
billion dollars.
“The construction should take about 72 months (6 years),’’
he said.
According to him, the scope of works of the project will
include the construction of four dams and 700 kilometres of transmission lines.
The minister said the project, when completed, would boost
the nation’s economy as it would unleash the potential that had been reported
about Mambilla in the fields of agriculture, tourism and energy.
“It will also help Nigeria strike a very big blow on the
climate change issue and fulfill its commitment under the Paris Agreement,
because this is going to be renewable energy, coming also at a relatively
competitive cost.
Fashola said the project would be jointly financed by the
Federal Government and the China Export Import (EXIM) Bank.
EXIM bank will provide 85 per cent of the cost while the
Federal Government would provide 15 percent.
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