The Federal Executive Council (FEC) on Wednesday approved N35 billion for the building of a power station by the Nigerian Export Processing Zone Authority (NEPZA), in Akamkpa, Cross River State.

The Minister of Industry, Trade and Investment, Niyi Adebayo, who made these disclosures while speaking to newsmen after the FEC meeting, stated that the power station contract awarded to Messers Mutual Commitment Nigeria Limited, is to power the Calabar Export Processing Zone.

According to him, the exact contract sum is N35,411,119,159.47 with the contractor financing 75 per cent of the project, which is in the sum of N26,558,339,337.10, while NEPZA would finance 25 per cent which translates to N8,852,779,792.37.

He said council approved a payback period of 10 years of the contractor’s portion.

Adebayo said 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 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 foreign investors to come and set up manufacturing concerns here in Nigeria.”

DuBLINGreenb:
It's a shame that Abuja, Lagos and port Harcourt (let's not talk about all of Nigeria or half but just 3 Cities not even 3 states) cannot boast of 24/7 electricity and we have over 3 billionaires, we have the largest economy in Africa, more than half of the GDP of West Africa is in Nigeria, half the population of West Africa are Nigerians, so we have the money, the man power and everything else yet our Politicians will prefer to loot billions than enjoy 24/7 electricity even Ghana has better electricity than Nigeria.
We have the most useless passport in all of West Africa even Niger, Togo, Benin all have better, more valuable passports than us. If you are a Nigerian and you want to Jakpa you have better chance of you use the passport of other West African countries.
Nigeria and all its leaders and elders are all MASSIVE, COLOSSAL FAILURES. AFCTA will be the end of Nigeria, Nigerians will enjoy it but Nigeria as an entity will suffer just watch.
Kenya, Tanzania, Rwanda etc all have cleaner cities and better electricity as well as better paying jobs for young people and young people are more respected and treated like human beings in this countries, you think fresh graduates looking for jobs will chose Nigeria over countries with faster, cheaper internet, better standard of living and security, cheaper housing and so on.

Immediately the free movement of persons part comes into existence lol anybody that can afford to buy bus ticket especially young men are japa-ing.

DuBLINGreenb:
It's a shame that Abuja, Lagos and port Harcourt (let's not talk about all of Nigeria or half but just 3 Cities not even 3 states) cannot boast of 24/7 electricity and we have over 3 billionaires, we have the largest economy in Africa, more than half of the GDP of West Africa is in Nigeria, half the population of West Africa are Nigerians, so we have the money, the man power and everything else yet our Politicians will prefer to loot billions than enjoy 24/7 electricity even Ghana has better electricity than Nigeria.
We have the most useless passport in all of West Africa even Niger, Togo, Benin all have better, more valuable passports than us. If you are a Nigerian and you want to Jakpa you have better chance of you use the passport of other West African countries.
Nigeria and all its leaders and elders are all MASSIVE, COLOSSAL FAILURES. AFCTA will be the end of Nigeria, Nigerians will enjoy it but Nigeria as an entity will suffer just watch.
Kenya, Tanzania, Rwanda etc all have cleaner cities and better electricity as well as better paying jobs for young people and young people are more respected and treated like human beings in this countries, you think fresh graduates looking for jobs will chose Nigeria over countries with faster, cheaper internet, better standard of living and security, cheaper housing and so on.

Immediately the free movement of persons part comes into existence lol anybody that can afford to buy bus ticket especially young men are japa-ing.

DuBLINGreenb:
It's a shame that Abuja, Lagos and port Harcourt (let's not talk about all of Nigeria or half but just 3 Cities not even 3 states) cannot boast of 24/7 electricity and we have over 3 billionaires, we have the largest economy in Africa, more than half of the GDP of West Africa is in Nigeria, half the population of West Africa are Nigerians, so we have the money, the man power and everything else yet our Politicians will prefer to loot billions than enjoy 24/7 electricity even Ghana has better electricity than Nigeria.
We have the most useless passport in all of West Africa even Niger, Togo, Benin all have better, more valuable passports than us. If you are a Nigerian and you want to Jakpa you have better chance of you use the passport of other West African countries.
Nigeria and all its leaders and elders are all MASSIVE, COLOSSAL FAILURES. AFCTA will be the end of Nigeria, Nigerians will enjoy it but Nigeria as an entity will suffer just watch.
Kenya, Tanzania, Rwanda etc all have cleaner cities and better electricity as well as better paying jobs for young people and young people are more respected and treated like human beings in this countries, you think fresh graduates looking for jobs will chose Nigeria over countries with faster, cheaper internet, better standard of living and security, cheaper housing and so on.

Immediately the free movement of persons part comes into existence lol anybody that can afford to buy bus ticket especially young men are japa-ing.

4ckyou:



Benin have stable power supply now, 24 hours and any citizen is free to tap on the power, ost of our government buildings now have 24/7 power supply

Brendaniel:
You spend tax payers 35 billion naira for a private firm to build power plant and the private firm will manage it for some years

Then you say it will also help to bring foreign investors into the country, a country that is ravaged by insecurity, where herdsmen just recently kidnapped some chinese workers and are demanding for 500 million naira ransome, I don't know how we got these type of leaders that don't set their priorities right...

To me this just looks like a padi padi contract, just imagine I want to build a ower plant and the government gives me

4ckyou:



Benin have stable power supply now, 24 hours and any citizen is free to tap on the power, ost of our government buildings now have 24/7 power supply

beardedboy:

Stop wailing.