The Minister of Power, Works and Housing, Mr Babatunde Fashola said negotiations have begun with the Chinese Export Import Bank (EXIM) on financing the 3050 megawatts (mw) Mambilla hydropower project in Taraba State, Daily Trust reports.

 The Minister signed the N2trillion contract for the project last Friday with the three Chinese contractors who said the project would take six years to complete. Chinese Exim will bring 85 per cent of the funding while Nigeria is expected to raise 15 per cent, government said.

 Speaking on Wednesday at the Power Sector Reform Programme (PSRP) media workshop, Fashola said negotiations for the loan will now start through the Minister of Finance with the Chinese EXIM. He said once the negotiations are completed, he will be consulted and then government can work to flag it off.