The Nigerian Government has signed
a Memorandum of Understanding with China on a major power plant, as part of their
mutual relations.
The
One-point-two-nine-three-billion dollar agreement will facilitate the Zungeru
Hydroelectric Power Project, in Niger State. It has a 2018 deadline.
When completed, the project is
expected to generate 700 megawatts of power for Nigeria.
At the signing ceremony in Abuja, Minister
of Finance Dr Ngozi Okonjo-Iweala said the contract awarded to two Chinese
electric power firms, China National Electrical Equipment Corporation (CNEEC)
and Sinohydro Consortium, was to be executed through a loan facility by the
EximBank of China, with preferential conditions.
The Eximbank would bear 75 percent
of the cost of the project while a counterpart funding balance of 309million dollars
had been provided by Nigeria.
The Chinese Ambassador to Nigeria Deng Boqing,
who signed on behalf of his country, said the Zungeru Hydroelectric Power
Project was significant to the people of Nigeria, as it will boost economic
growth and efforts to meet growing power demands.
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