July 21, 2024

Oredola Adeola


… as proposed Zungeru Plant concession attracts investors

The Nigerian Government through the National Council on Privatization, NCP, has approved a governance framework for the development of a $3 Billion plant in Makurdi, Benue State, which is expected to serve as the largest hydropower project in West Africa.

Laolu Akande,  Senior Special Assistant to the President on Media & Publicity, Office of the Vice President, made this known in a statement exclusively obtained by EnergyDay on Thursday from the office of the VP.

The statement confirmed that the approval was one of the highlights of the meeting of the National Council on Privatization, NCP held on Monday at the Presidential Villa, and presided over by Vice President Yemi Osinbajo, .

According to the statement, with the NCP’s nod, the development of the project, which emerged by way of an unsolicited proposal, will now proceed through the Public Private Partnership arrangement subject to compliance with all existing laws including the Public Procurement Act.

EnergyDay gathered that the new project will be the first of its kind in the country and is expected to provide 1,650 megawatts of power.

The statement said, “Under the NCP approved Governance Framework, a PPP procurement process is adopted whereby the proponent of the unsolicited proposal and other qualified interested investors would participate in a transparent bidding process.

Akande in the statement further disclosed that a Project Steering Committee of the NCP has been commissioned to provide leadership and high-level support to ensure the success of the transaction.

The membership of the Project Steering Committee includes the Power Minister as Chair, the Water Resources Minister as Co-Chair, the BPE DG as Vice Chairman, and other members drawn from the Ministries of Justice, Environment, and Agriculture, representatives of the Infrastructure Concession Regulatory Commission, ICRC; NBET, and TCN.

The statement further confirmed that Benue, Nasarawa, and Taraba State Governments will also have members and the Director of Infrastructure & PPP at BPE will serve as Secretary.

EnergyDay also gathered that the Transaction Adviser of international repute would also be engaged for the project to assist BPE.



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