Mambilla power plant to cost $5.72b
News & Trends •
on the level of development of the project fashola said the progress is that for the first time in over 40 years the federal government has now signed an engineering and procurement contract. president buhari has made that possible1 nigerias 3 050 megawatts mambilla power plant will cost us5.72 billion the minister of power works and housing mr. babatunde fashola has said1 fashola said at a ceremony to mark his three years in office that work on the mambilla power plant which had suffered several setbacks for over 40 years is set to commence from early 20191 according to fashola the federal executive council fec has approved the project1 he said president muhammadu buhari is committed to ensuring the urgent commencement of the project which is expected to be completed within 60 months1 he said arrangements were at an advanced stage to secure the funds from the chinese government in the form of loans1 all the companies that were fighting themselves and going to court when we came are out of court. we have a contract a joint venture we created that joint venture we have a contract with them we have signed. fec has approved the project it is going to cost 5.72 billion he said1 he explained that the choice of the chinese company cgcc to handle the project was because it built chinas gorges dam which is similar to the mambilla power plant1 aside providing the funds fashola said they have the technology they have done it before no need to reinvent the wheel. we will take a loan we are now trying to negotiate the final tranche of the loan1 the nigerian government is supposed to provide 15 per cent of the total cost of the project as its counterpart funding1 you dont budget all of the money at once and even if the loan was approved today you wouldnt draw it all down because it is a minimum of 60 months construction time assuming that there are no hitches. that is where we are1