The Federal Executive Council on Wednesday approved a contract worth N783,521,275 inclusive of 7.5 per cent VAT for the procurement of two hydrographic survey boats for the National Inland Waterways Authority (NIWA).
The Minister of Information and Culture, Lai Mohammed, disclosed this to State House correspondents at the Presidential Villa, Abuja after a meeting of the council presided over by the President, Muhammadu Buhari.
The minister who briefed journalists on behalf of the Minister of Transportation, Rotimi Amaechi, said the contract was awarded in favour of Messrs First Index Project and Services Limited with a completion period of six months.
On his part, the Minister of Industry, Trade and Investment, Niyi Adebayo, said the FEC also approved N35bn for the building of a power station by the Nigerian Export Processing Zone Authority in Akamkpa, Cross River State.
Adebayo said the contract for the power station, which to power the Calabar Export Processing Zone, was awarded to Messrs Mutual Commitment Nigeria Limited.
According to him, the exact contract sum is N35,411,119,159.47 and the contractor will finance 75 per cent of the project, which is in the sum of N26,558,339,337.10 while the NEPZA would finance 25 per cent which translate to N8,852,779,792.37.
He said the council approved a payback period of 10 years of the contractor’s portion.
Adebayo said on completion after 11 months, the plant will be operated by the contractor for five years during which it will build local capacity that will take over the running of the plant.
He said, “The whole intention of the upgrade of the two zones is to create zones with world-class standards. The Ministry of Industry, Trade, and Investment is desirous of making Nigeria a manufacturing hub, especially now that we have signed on to the Africa Continental Free Trade Area Agreement.
“So, by putting 24-hour power in the two processing zones, it will make it more attractive to foreign investors to come and set up manufacturing concerns here in Nigeria.”