The Minister of Power, Works and Housing, Mr. Babatunde Fashola, speaking at the investiture of the 19th President of the Nigerian Council of Registered Insurance Brokers in Lagos, said that the Federal Government has begun Receiving proposals for insurance services, among others in relation to the Mambilla power plant project, The Punch reports.
He also stated that logistic providers, iron ore miners and quarry owners had started showing interest in rendering services to kick-start the $5.8bn hydro power project. According to him, the award of the contract to three Chinese contractors, Messrs CGCC-SINOHYDRO-CGOCC, after 45 years of the plant’s neglect is the outcome of President Muhammadu Buhari’s frequent trips to China.
Fashola said the power plant would generate 3,050MW of electricity in addition to the 12,000MW total installed power capacity in the country. He said the $5.8bn contract cost was inclusive of taxes, environment utilisation, the work proper, as well as project land acquisition and compensation to about 100,000 people who would be resettled. He added that 85% of the project cost would be financed by the Chinese government and Nigeria would bear only 15% as its counterpart funding.
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