The Federal Executive Council, FEC, has approved the contract for the engineering, procurement and construction of the 3050 MW Mambilla Hydro Electric Power Project in Taraba State.
The project was awarded to a consortium of three Chinese Companies, Messrs CGCC-SINOHYDRO-CGOCC Joint Venture.
The project is expected to gulp $5.7 billion inclusive of taxes, environment utilization, works, as well as project land acquisition and compensation to about 100,000 people who will be resettled.
The hydro project, it was revealed, would be jointly financed by the Federal Government and the China Export Import Bank, which will provide 85 percent of the cost while the Federal Government would provide 15 percent.
Minister of Power, Works and Housing, Mr Babatunde Fashola, while briefing reporters after the FEC meeting, disclosed that, “The memorandum from the Ministry of Power, Works and Housing was to the award of the Mambilla Hydro-Power plant. I believe that many of you have heard of this project.
“Nigeria started talking about it since 1972; that is about 45 years ago.
“Several efforts had been made to bring it to reality but I’m happy to announce that this government approved the contract today to joint ventures of Chinese Civil and Engineering company for the engineering and turn-key contract, including civil and electro-mechanical works for $5.79 billion.
“The construction should take about 72 months (6 years).”
