Power plants across northern parts of the country are largely dormant despite huge investments running into trillions of naira, Daily Trust on Sunday investigations have shown. From Abdullateef Aliyu (Lagos), Hamisu Kabiru Matazu, Olatunji Omirin (Maiduguri), Tijjani Ibrahim (Katsina), Ibrahim Musa Giginyu (Kano), Magaji Isa Hunkuyi (Jalingo) &Abubakar Akote (Minna) The Federal Government…
A statement issued on Wednesday in Abuja by Mr Titilope Olubiyi, Communications Officer, Nigeria Sovereign Investment Authority (NSIA) said the agreement was signed in Benguerir, Morocco.
The agreement was between the NSIA, OCP, Akwa Ibom State Government, Nigerian National Petroleum Corporation (NNPC), Gas Aggregation Company Nigeria Limited (GACN), Nigerian Content Development and Monitoring Board (NCDMB) and Fertiliser Producers and Suppliers Association of Nigeria (FEPSAN).
According to the statement, the project is structured to commercialise Nigeria’s vast natural gas resources and satisfy Morocco’s demand for cost-competitive ammonia.
The agreements are designed to create a clear path for the second phase of the Presidential Fertiliser Initiative (PFI) and the creation and operationalisation of a Multipurpose Industrial Platform (MPI) in Nigeria.
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The Federal Government has so far released a total of N116.72 billion for the much-politicised Second Niger Bridge, a project valued at N414 billion and expected to be delivered next year, The Guardian has learnt.
It was also gathered that the project was awarded as a “lump sum contract” without provision for cost variation. The Head of Corporate Communications, the Nigeria Sovereign Investment Authority (NSIA), the project fund manager, Titilope Olubiyi, told The Guardian, yesterday, that the Federal Government would fund part of the cost while the balance would be sourced from the debt market. He added that a management company would be established on completion as the project would be concessioned.
By Nume Ekeghe and Peter Uzoho
The Nigerian Sovereign Investment Authority (NSIA) has said it will collaborate with the newly-established infrastructure company (infraCo) to support the development of Nigeria’s infrastructure.
President Muhammadu Buhari recently approved the establishment of the infraCo, a public-private partnership (PPP)-styled infrastructure company with an initial seed capital of N1 trillion to help address Nigeria’s huge infrastructure deficit.
Speaking on the sidelines of a seminar for journalists, organised by The Whistler Newspaper, the Head of Corporate Communications, NSIA, Mr. Titilope Olubiyi, said at the appropriate time, the agency would partner and provide its expert advice to infraCo to enable it succeed.