- Nigeria: The Federal Executive Council, last week approved US 1 billion loan from Chinese EXIM Bank for the Gurara II Hydropower project.
- The project aims to have a capacity of 360 MW.
- The Council also approved N5.7 billion for the revised estimated cost for the completion of Nkari dam in Akwa Ibom State.
Nigeria’s Federal Executive Council (FEC) last Wednesday approved a US 1 billion loan from Chinese EXIM Bank for the Gurara II Hydropower project, aimed at generating 360MW. The FEC gave the approval during a meeting presided over by President Muhammadu Buhari at the presidential villa, Abuja.
Minister of water resources, Suleiman Adamu briefing State House Correspondents at the end of the weekly FEC announced “The Federal Executive Council approved $1 billion Chinese loan from Chinese EXIM Bank for the Gurara II Hydropower project which has the capacity to generate 360 megawatts electricity.
“Council also approved N5.7 billion revised total estimated cost for the completion of Nkari dam in Akwa Ibom.
Adamu further announced “Council also approved the revised estimated total cost of N10.4 billion for the completion of Ile Ife Dam in Osun State. The project was started in 2004 and abandoned. The completion period is 24 months.”
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Author: GBA News Desk
