The Federal Government of Nigeria, represented by the Ministry of Power, has signed a $463m (N365bn at N789/$ NAFEM rate) distribution lines upgrade contract with a Chinese consortium.
Bolaji Tunji, Special Adviser for Strategic Communication and Media Relations, to the Minister of Power Chief Adebayo Adelabu, disclosed this in a statement on Monday in Abuja.
According to him, the contract, which the China Exim Bank would finance, has both off-shore and significant on-shore contents.
Tunji said the signing of a Memorandum of Understanding (MoU) between the FGN Power Company, the Special Purpose Vehicle (SPV) responsible for implementing the Presidential Power Initiative (PPI) on behalf of the Ministry of Power and the Chinese consortiums – consisting of China Civil Engineering Construction (CCECC) and TBEA Energy – aimed at upgrading the distribution lines infrastructure under Lot 3 of the PPI.
He said the distribution lines project encompasses the regions served by Jos, Kano, Abuja and Kaduna distribution companies.
Tunji said the signing ceremony took place during the 3rd Belt and Road Initiative (BRI) event held in Beijing, China. (vitalnewsngr.com)