The Federal Government said on Tuesday that it has approved a strategy work plan to expedite the concession process for Niger State’s 700 megawatt Zungeru Hydroelectric Power Plant.
The clearance was provided by the National Council on Privatisation, according to a statement published in Abuja by the Head, Public Communications, Bureau of Public Enterprises, Ibeh Chidi
The statement read in part, “The National Council on Privatisation at its 3rd meeting for 2022 held at the Presidential Villa, Abuja recently, approved the strategy and workplan to fast-track the concession of Zungeru Hydroelectric Power Plant in Wushishi Local Government Area of Niger State subject to any further development from the Ministry of Power.”
According to the council, the primary goals of the plan’s concession include leveraging private sector access to finance and lowering reliance on government budgetary allocations to repay the China EXIM Bank loan.
It said that a quick implementation program was required, hence a fast-track transaction method was advised.
The BPE added that the authorized fast-track transaction procedure would allow the bureau to collaborate with the joint technical committee, which would be led by the chairman of the NCP’s Technical Committee.
It said that members were recruited from the Vice President’s Office, the Ministry of Power, the Ministry of Finance, the Ministry of Water Resources, the BPE, and the Federation’s Accountant-General.
The statement stated that the committee would review and address all issues including approvals and regulations needed to proceed to the next phase of the transaction.
“The fast-track transaction plan includes a reduced time frame for obtaining approvals for key stages of the transaction process. The aim is to get value for the transaction within a short time,” the bureau states.
It added, “This includes an advert for Request for Qualification, shortlist of successful prospective investors, issuance of RFQ, evaluation of technical proposals and shortlist of prospective investors for financial bid opening as well as setting a date for the financial bid opening.“
