The Finance Sub-Committee on Mambilla Hydro Electric Power Project, has on Monday, handed over an official report on the project to the Nigerian Senate Committee on Local Content.
Senator Teslim Folarin (APC, Oyo Central), Chairman of the Nigerian Senate Committee on Local Content, while giving his speech at the official presentation of the report, expressed optimism in the possibility of the report to foster easy execution of the project.
The senator highlighted some of the modalities that will help facilitate the financial requirements of the local content aspect of the project, as prescribed by the Sub-Committee.
The cost of implementing the modalities is nearly N1.7bn – about 8% of the total proposed fund for the Mambilla Hydro Electric Power Project of $5.6bn – according to the official report presented on Monday.
He said: “The Nigerian Export and Import Bank NEXIM was mandated to play the lead role in the Sub-Committee, while the Nigeria Sovereign Investment Authority (NSIA) was to serve as the Secretariat of the Sub-Committee.
“I have no doubt in my mind that all the aforementioned issues, among others, are succinctly addressed in the report.”
The hydropower project, which is expected to commence operations by 2030, will be the largest power plant in Nigeria, when it is finally completed.
It is being developed on the Dongo River, beside Baruf, in Kakara Village, Taraba State, and will supply the nation an estimated 4.7 billion kWh of electricity, yearly.