The Federal Executive Council (FEC) on Wednesday approved N35 billion for the building of a power station by the Nigerian Export Processing Zone Authority (NEPZA), in Akamkpa, Cross River State.

The Minister of Industry, Trade and Investment, Niyi Adebayo, who made these disclosures while speaking to newsmen after the FEC meeting, stated that the power station contract awarded to Messers Mutual Commitment Nigeria Limited, is to power the Calabar Export Processing Zone.

According to him, the exact contract sum is N35,411,119,159.47 with the contractor financing 75 per cent of the project, which is in the sum of N26,558,339,337.10, while NEPZA would finance 25 per cent which translates to N8,852,779,792.37.

He said council approved a payback period of 10 years of the contractor’s portion.

Adebayo said on completion after 11 months, the plant will be operated by the contractor for five years during which they will build local capacity that will take over the running of the plant.

He said: “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 foreign investors to come and set up manufacturing concerns here in Nigeria.”

Source:- Thursday live