TheCable

The federal executive council (FEC) has approved the sum of N37.47 billion for various projects to be executed under the ministries of aviation, transportation, trade and investment.

Lai Mohammed, minister of information and culture, disclosed this at the end of the weekly FEC meeting held on Wednesday at the Presidential villa, Abuja.

Breakdown of the approved sum shows that N1.27 billion was approved 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.

“This is in order to upgrade and provide security and safety for the Federal Airport Authority of Nigeria, especially to avoid incidence on the air site and runway,” Mohammed said.

Also, N783.5 million was approved for the purchase of two hydrographic survey boats for the National Inland Waterways Authority, under the ministry of transportation.

The contract was awarded in favour of Messrs First Index Project and Services Limited with a completion period of six months.

FEC also approved the sum of N35.4 billion for the building of a power station by the Nigerian Export Processing Zone (NEPZA), in Akamkpa, Cross River state.

Niyi Adebayo, minister of trade and investment, said the contractor will finance 75 per cent of the project, which is in the sum of N26.5 billion while the NEPZA would finance 25 per cent which translate to N8.8 billion.

Adebayo said the power station would be completed within 11 months. Thereafter, it will be operated by the contractor for five years during which it will build local capacity that towards the taking over of the running of the plant.

“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 Agreement,” he 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.”