Moses Uwagbale
The Minister of Industry Trade and Investment, Mr Niyi Adebayo, has reported that N35 billion has been approved to Nigerian Export Processing Zone Authority (NEPZA) for the building of power station in Akamkpa, Cross River State.
Minister of Industry Trade and Investment, Niyi Adebayo, disclosed this to State House correspondents after the virtual federal executive council meeting presided over by President Muhammadu Buhari at the presidential Villa, Abuja .
According to him , the contract awarded to Messers Mutual Commitment Nigeria Limited, the power station is to power the Calabar Export Processing Zone.
The extract contract sum is N35,411,119,159.47 and that the contractor will finance 75 percent of the project, which is in the sum of N26,558,339,337.10 while the NEPZA would finance 25 percent which translate 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.
“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.’’
