Nigeria is to seek the financing of the Gurara Hydro Power Project II by the Forum on China-Africa Cooperation FOCAC to the tune of $1 billion.
Minister of Water Resources, Suleiman Adamu revealed this to Journalists at the end of Wednesday’s meeting of the Federal Executive Council presided over by President Muhammadu Buhari.
Adamu said: “On the need to explore the potentials of the Gurara II Hydro Power Project, which has the potential of 360 Megawatts of electricity, Council approved for us to take this project to FOCAC for possible financing by the ChinaExim bank at the cost of about a billion dollars.”
The minister said the Council also considered the need to complete Nkari Dam in Akwa Ibom State, Southern Nigeria and approved a revised cost of the project to N5.7 billion.
“On the need to complete Nkari dam in Akwa Ibom State, we sought approval for a revised estimated total cost of the project and this was approved at about N5.7 billion,” he said.
He further disclosed that the Council approved the appointment of a consultant for the supervision of Gari Irrigation Project in Kano and Jigawa States, which hitherto abandoned for 17 years.
He also said Cabinet gave approval for the Rise Estimated Total Cost for completion of Ile-Ife dam in Osun State at the cost of N10.4 billion.
“We got approval for the Rise Estimated Total Cost RETC for the completion of Ile-Ife dam in Osun State. This is a dam project that was started in 2004 and abandoned and we are looking forward to completing it. So Council has approved the RETC in the sum of about N10.4 billion so we hope that with the approval, the contractor will resume on sight and work will be continued, with the hope that it will be completed in 24 months,” the Minister stated.