Nigerian govt to generate N647bn revenue through project concession – ICRC

From Abubakar Yunusa, Abuja

The Infrastructure Concession Regulatory Commission, ICRC, said the approval for the concessioning of its four projects by the Federal Executive Council, FEC, would attract N647.7 billion revenue to Nigeria.
This is contained in a statement signed by Ifeanyi Nwoko, Acting Head, Media and Publicity, ICRC, in Abuja on Friday.
Mr Nwoko said the projects included the 360 MegaWatts (MW) Gurara II Multipurpose Dam and HydroPower Plant(HPP), and the 40 MegaWatts Kashimbilla HPP under a Public Private Partnership(PPP) model.
He said others included the Secure e-ticketing Solutions for the Lagos-Ibadan Rail Service, Warri-Itakpe Rail Service and the Device Management System, a project by the Nigerian Communications Commission (NCC).
“The approvals by FEC will bring about the generation of 400MW of electricity, infusion of private sector funds into the nation’s economic/infrastructure development and a total revenue generation of N647.7 billion.
“It will also help in the fight against crime, terrorism and insecurity while improving the effectiveness of the rail services in the specified routes,”he said.
Mr Nwoko said the 360MW Gurara II HPP is a Greenfield project that would adopt a Build, Operation, Maintenance and Transfer PPP model.
He said the project would be executed by Messrs. CGCOC Group Co. Limited under an Engineering Procurement and Construction contract for a concession period of 30 years.
Mr Nwoko said the dam, HPP and other complementary infrastructure would be executed within a concession period of 30 years.
”Within the concession period, a total revenue generation of 875 million dollars is expected.”
He said both the Gurara and the Kashimbilla HPP projects would bring about improved living conditions and employment and promotion of agriculture through irrigation.
“The two projects will also help reduce greenhouse gases as well as foreign exchange preservation.”