The federal government has approved the construction of a N35 billion power station for the Nigerian Export Processing Zone Authority (NEPZA) in Akamkpa, Cross River state.
Addressing journalists after the virtual federal executive council (FEC) meeting in Abuja on Wednesday, Niyi Adebayo, the minister of industry, trade and investment, said the station, which is to be completed in 11 months, will power the Calabar export processing zone.
The minister said the contractor will fund 75 percent of the project which is about N26 billion while NEPZA will fund the remaining 25 percent of about N8 billion.
Adebayo noted the contractor will take charge of the operations for five years, after which the local personnel trained by the firm will take over.
“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,” Adebayo said.
“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.”
According to the minister, the council also approved a 10-year payback period for the contractor.