NIGERIA GOVERNMENT APPROVES US$5.7bn FOR CONSTRUCTION OF 3,050MW ELECTRICITY PROJECT

President Muhammadu Buhari, approved 5.792 billion dollars (about N1.140trillion) for the construction of the 3,050 megawatts Mambilla Hydro-Power project at Gembu in Taraba.

“Nigeria started talking about it since 1972; that is about 45 years ago. said The Minister of Power, Works and Housing, Mr Babatunde Fashola.

He also said, ”Several efforts had been made to bring it to reality but I’m happy to announce that this government approved the contract today to joint ventures of Chinese Civil and Engineering company for the engineering and turn-key contract, including civil and electro-mechanical works for 5.792 billion dollars.

According to Mr Fashola, “The construction should take about 72 months (6 years),’’ .

He added by saying , the scope of works of the project will include the construction of four dams and 700 kilometres of transmission lines.

The minister said the project, when completed, would boost the nation’s economy as it would unleash the potential that had been reported about Mambilla in the fields of agriculture, tourism and energy.

According to the Minister, The project would be jointly financed by the Federal Government and the China Export Import (EXIM) Bank. EXIM bank will provide 85 per cent of the cost while the Federal Government would provide 15 percent