 has approved the sum of ₦35 billion for the building of power station by the Nigerian Export Processing){kind=link}
The Federal Executive Council (FEC) has approved the sum of ₦35 billion for the building of power station by the Nigerian Export Processing Zone Authority (NEPZA), in Akamkpa, Cross River State.
In a statement issued after the weekly meeting, the Minister of Industry Trade and Investment, Niyi Adebayo, disclosed that the contract was awarded to Messers Mutual Commitment Nigeria Limited.
Adebayo while briefing Journalists at the end of the weekly cabinet meeting chaired by president muhammadu buhari at the Presidential villa Abuja said the power station is to power the Calabar Export Processing Zone.
He said the extract contract sum is ₦35,411,119,159.47 and the contractor will finance 75 per cent of the project, which is in the sum of ₦26,558,339,337.10 while NEPZA would finance 25 per cent which translates to ₦8,852,779,792.37.
The minister explained that council approved a payback period of 10 years of the contractor’s portion adding that on completion after 11 months, the plant will be operated by the contractor for five years during which they will build local capacity that will take over the running of the plant.
He said: “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 are 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 foreign investors to come and set up manufacturing concerns here in Nigeria.
Mines and Steel Development, Olamilekan Adegbite, said council approved for the categorization of Aluminum Smelting Company of Nigeria that is in Ikot Abasi, Akwa Ibom State, as a power producing and strategic company.
With the approval, Adegbite said the production of aluminum will start in Nigeria.
Council also approved the sum of ₦783,521,275 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 Mohammed, who briefed on behalf of his colleague, Rotimi Amaechi, said the contract has six months completion period.
Mohammed said the council also approved for the ministry of Aviation, the contract for the design, supply and installation of PTZ long-range tarmac camera surveillance system at the Murtala Mohammed International Airport, Lagos and Nnamdi Azikiwe International Airport, Abuja.
FEC also approved a mobile surveillance system with remote controlled licensed for sober installed in the back of a Mercedes Benz Splinter Van 524 in favour of Messers Bruce Lee Pro Project, which is exclusive Nigeria and Africa representatives of the original equipment manufacturers Messers Datcom Systems Integrated Limited Posers of Slovenia.
The total sum of the contract is ₦1,278,594,250. This is in order to upgrade and provide security and safety for the Nigeria Airport Authority, especially to avoid incidence on the air site and runway.