The Federal Government, through its weeklyFederal Executive Council (FEC), has approved the sum of N35 billion for the building of a power station by the Nigerian Export Processing Zone Authority (NEPZA), in Akamkpa, Cross River State.
Shedding light on the project, Minister of Industry Trade and Investment, Niyi Adebayo, said the contract awarded to Messers Mutual Commitment Nigeria Limited for the power station is to power the Calabar Export Processing Zone (EPZ).
He gave the extract contract sum as N35,411,119,159 and said the contractor would finance 75 per cent of the project, which is in the sum of N26,558,339,337, while the NEPZA would finance 25 per cent of the project, which translates to N8,852,779,792.
Acccording to him, the council approved a payback period of 10 years of the contractor’s equity contribution.
He noted that on completion after 11 months, the project would be operated by the contractor for five years
“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 for- eign investors to come and set up manufacturing concerns here in Nigeria,” he said.