The Federal Government and a consortium of three Chinese firms on Friday signed an agreement for the construction of the 3,050 megawatts Mambilla Hydroelectric Power Plant worth $5.79bn.

According to the government, the project which is being constructed in Taraba State is expected to be completed in six years.

Funding for the power plant will come from China and the Federal Government, as China Exim Bank and other Chinese lenders are expected to provide 85 per cent of the contract sum amounting to $4.92bn, while Nigeria will put forward 15 per cent amounting to $868.87m.

On the scope of work for the project, the government stated that it would include four large dams (Nya, Sumsum, Nghu and Api Weir), two underground power house of 12 units of 250MW each, two numbers of 330KV of 700km transmission lines to Markudi and Jalingo, 120km of access roads connecting the project site and nearby communities, as well as the resettlement of an estimated 100,000 impacted persons.

On August 30 this year, the Federal Executive Council approved the sum of $5,792,497,062 for the project which has been in the making for over 40 years.

The approval paved the way for the signing of the contract document with the China Gezhouba Group Corporation, Sinohydro Corporation Limited and the CGCOC Group Company Limited.

The government explained that the agreement would allow it to seek finance for its counterpart funding for the project.

The Minister of Power, Works and Housing, Babatunde Fashola, signed on behalf of the Federal Government, while for the Chinese companies, Yong Jun, Gan Yongzhi and Ye Shuijiv signed for the CGGC, Sinohydro and the CGCOC Group, respectively, at the event in Abuja.

Fashola said the project had opened a huge opportunity for the country to harness its hydroelectric potential for electricity and irrigation purposes, adding that when completed, the 3,050MW plant would change the dynamics in Nigeria’s power sector.

He said, “This project is a new dawn for Nigeria’s power diversity and energy mix. This project will give us the opportunity for energy security; it will give us the opportunity to comply with our Paris Climate Change Agreement because it will be delivering renewable energy.”

http://investorsking.com/mambilla-fg-chinese-consortium-sign-5-8bn-power-plant-agreement/

Good development, hope someone somewhere will not divert the money.

Why is every projects in Nigeria always costlier than other countries?

MY PRESIDENT IS WORKING!

There have been so much agreement and signatures that there are no papers left to sign. Money is been mentioned in its billions of foreign currency. These people looks for means to channel money to themselves.
Project has an indefinite completion time.
Who signature help.

This is the 20th Time such "sign" has happened in Nigeria and nothing to show for it

FFK

How many times this week?

I'm looking for somewhere to faint

Bloody lies again? What happened to CHINESE YUAN DEAL?

Waiting patiently

What about the first one they signed when the president and his entire team went to China?

D nigeria govt have been signing agreements since god knws when..buh on ground nothing to show for it..

Nice one

NO be today them begin sign deals..

abi all of dem are mad

Will this make rice to be sold for #2000 per bag?

ok

I thought we would be talking about commissioning it by now after all the noise. Instead it's another agreement being signed.
How many more times are they going to sign agreement for this?

A Project was conceived in 1972 but was delayed until now ,Kudos to this Administration and the power ministry team,this is huge,mambilla hydro power a renewable energy source and environmental friendly.
#ANewNigeria

Fake news.

This is definitely a step in the right direction and I personally think this administration is laying a good foundation that the generation coming behind can build upon. Kudos to this present administration but I know some fellows might call be gullible but I don't really care anyways.

robotix:
Bloody lies again? What happened to CHINESE YUAN DEAL?

You are absolutely right.

APC government is a very bad government.

They have nothing to offer Nigerians.

If our Chinese brothers are investing 85% in this project what will be their gain?

"According to the government, the project which is being constructed in Taraba State is expected to be completed in six years."

Hope the next government will continue with it!

Johnpaul2k2:
This is the 20th Time such "sign" has happened in Nigeria and nothing to show for it

6 years so in their mind they think they will be reelected they must be dreaming

eikenberry:
If our Chinese brothers are investing 85% in this project what will be their gain?

The funding of the project through their Exim Bank is a form of development assistance to Nigeria, to be paid back by the latter over a specified period of time at a low or zero interest.
You see bro, these people are very wise. China offers loan to Nigeria on the condition that the project is executed by a Chinese firm/s. That means the bulk of the loan still goes to these Chinese for Contract execution. They provide the loan, get the money back through contract awarded, make like 40% profits, send the profited forex back to the banks in their country to strengthen their forex reserves, and in all, give Nigeria a legitimate reason (through provision of loan) to continue to stay in the country, monopolising many of our industrial sectors such as power and construction, and bringing in billions of dollars- worth Chinese goods into the country through one 'yeye' free trade agreement (FTA) that the Nigerian government will enter with them as an act of reciprocity and 'appreciation'

Coolbreeze85:
This is definitely a step in the right direction and I personally think this administration is laying a good foundation that the generation coming behind can build upon. Kudos to this present administration but I know some fellows might call be gullible but I don't really care anyways.

are you sure u got brain in your skull or akamu

Coolbreeze85:
This is definitely a step in the right direction and I personally think this administration is laying a good foundation that the generation coming behind can build upon. Kudos to this present administration but I know some fellows might call be gullible but I don't really care anyways.

Oga abeg leave that thing jare. They have always been signing those agreements since time imemorium. Until i see results It is you that is gullible.