The Federal Executive Council on Wednesday approved N35 billion for the building of power station by the Nigerian Export Processing Zone Authority in Akamkpa, Cross River State.
The Minister of Industry, Trade and Investment, Niyi Adebayo, disclosed this on Wednesday while addressing State House reporters after the federal cabinet meeting held the Council Chamber of the Presidential Villa, Abuja.
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Adebayo said contract for the power station to power the Calabar Export Processing Zone was awarded to Messrs Mutual Commitment Nigeria Limited.
According to him, the extract contract sum is N35,411,119,159.47 and that the contractor will finance 75 percent of the project, which is in the sum of N26,558,339,337.10 while the NEPZA would finance 25 percent which translate to N8,852,779,792.37.
The minister said council approved a payback period of 10 years of the contractor’s portion.
Adebayo said on completion after 11 months, the plant would be operated by the contractor for five years during which they will build local capacity that will take over the running of the plant.
The Minister of Mines and Steel Development, Olamilekan Adegbite, said council approved the categorization of Aluminum Smelting Company of Nigeria that is in Ikot Abasi, Akwa Ibom State, as a power producing and strategic company.
With the approval, Adegbite said the production of aluminum would start in Nigeria.
The FEC also approved N783,521,275 inclusive of 7.5 percent VAT for the award of contract for the procurement of two hydrographic survey boats for the National Inland Waterways Authority by Ministry of Transportation, in Favour of Messers First Index Project and Services Limited.
The Minister of Information and Culture, Lai Mohammed, said the contract had a six-month completion period.
Mohammed also said the council approved the contract for the design, supply and installation of PTZ long range tarmac camera surveillance system at the Murtala Mohammed International Airport, Lagos and Nnamdi Azikiwe International Airport, Abuja.
He added that the approval was given to a mobile surveillance system with remote controlled licensed for sober installed in the back of a Mercedes Benz Splinter Van 524 in favour of Messers Bruce Lee Pro Project, which is exclusive Nigeria and Africa representatives of the original equipment manufacturers Messers Datcom Systems Integrated Limited Posers of Slovenia.
