THE Federal Executive Council (FEC), presided over by President Muhammadu Buhari has approved the sum of N35 billion for the building of a power station by the Nigerian Export Processing Zone Authority (NEPZA), in Akamkpa, Cross River State.
Minister of Industry Trade and Investment, Niyi Adebayo, said the contract awarded to Messers Mutual Commitment Nigeria Limited for the power station is to power the Calabar Export Processing Zone (EPZ).
HE gave the extract contract sum as N35,411,119,159 and said the contractor would finance 75 per cent of the project, which is in the sum of N26,558,339,337, while the NEPZA would finance 25 per cent of the project, which translates to N8,852,779,792.
He said council approved a payback period of 10 years of the contractor’s equity contribution.
Adebayo said on completion after 11 months, the plant would be operated by the contractor for five years during which they will build local capacity that would take over the running of the plant.
“The whole intention of the upgrade of the two zones is to create zones with world class standards. The Ministry of Industry, Trade and Investment is desirous of making Nigeria a manufacturing
hub, especially now that we have signed on to the Africa Continental free Trade Area (AFCTA) Agreement. So, by putting 24-hour power in the two processing zones, it will make it more attractive to for- eign investors to come and set up manufacturing concerns here in Nigeria,” he said.
Also, Mines and Steel Development, Olamilekan Adegbite, said council ap- proved for the categorisa-
tion of Aluminum Smelting Company of Nigeria in Ikot Abasi, Akwa Ibom State, as a power producing and strategic company. With the approval, Adeg- bite said the production of aluminum would start in Nigeria.
Council also approved the sum of N783,521,275 inclusive of 7.5 per cent VAT for the award of contract
for the procurement of two hydrographic survey boats for the National Inland Waterways Authority (NIWA) by Ministry of Transportation, in Favour of Messers First Index Project and Services Limited.
The Minister of Information and Culture, Lai Moham- med, who briefed on behalf of his colleague, Rotimi Amaechi, said the contract has six months completion period.
Source: The Sun
