* gives licence to two gold refineries
The Federal Executive Council (FEC) on Wednesday approved over N29 billion contracts for the construction of two roads from Sokoto and Jigawa states up to the country’s borders with the Republic of Niger.
Briefing journalists after a marathon FEC meeting chaired by President Muhammadu Buhari at the State House, Abuja, the Minister of Works and Housing, Babatunde Fashola, said the first 46-kilometer road contract from Balle Kurdella in Sokoto State to the border with Niger Republic would cost N9.5billion.
Fashola said the contract to be handled by Messrs North Sea Limited in a Joint Venture with Ceasar Engineering would be completed in two years.
He said the second 50-kilometer road contract from Kunya in Jigawa State to the Niger Republic border awarded to Mothercat, a civil engineering firm, would cost N19.76billion.
He said the contracts were approved as part of strategies to implement the Economic Recovery and Growth Plan (ERGP), boost trade and economy because of the international commercial activities in those areas.
He added that the two roads were in line with the Africa Continental Free Trade Agreement (AfCFTA) recently signed by Nigeria to promote trade among African countries.
The Minister of Water Resources, Suleiman Adamu, while briefing newsmen, said the FEC also approved the extension of contract services for Kontagora/Auna Dam and irrigation project in Niger state by three years at a cost of N734.5 million.
Adamu said the project which was started in 1987 was abandoned before its recent resuscitation.
The Minister of Aviation, Hadi Sirika, also said the council approved two contracts for his ministry, including the refurbishment of the Abuja office of the Accident Investigation Bureau (AIB) at a cost of N591.8million.
Sirika said the second contract for the construction and equipping of the AIB’s training school in Abuja was awarded at N645.4million.
The Minister of Mines and Steel, Olamilekan Adegbite, and that of the Ministry of Communications and Digital Economy, Isa Pantami, presented the reports of their mandates for the first 100 days to the FEC.
Adegbite, who said the Central Bank of Nigeria (CBN) had agreed to keep part of its foreign reserve in gold, added that two refineries to refine gold had been licensed.
He said: “There is a gold purchase scheme. There is a presidential initiative on that. The CBN has agreed to keep part of its foreign reserve in gold. The CBN will be the off-taker of the gold in Nigeria. We have licensed two refineries in Nigeria. One is in Abuja. One is in Mowe in Ogun State. They will refine gold and of course produce bellium that the CBN can buy at international prices. This is also encouraging mining in Nigeria.”
