27 May 2013, Abuja – Actual construction work will commence any time from tomorrow on the 700 megawatts, MW, Zungeru hydro-power station after President Goodluck Jonathan performs the project’s turning of the sod.
Ju Shiquan, chief representative of CNEEC-Sinohydro, the Chinese consortium handling the project, disclosed to newsmen at the weekend in Abuja, news of the official turning of the sod of the project by President Jonathan at the site in Zungeru, Niger State, on Tuesday.
The project, scheduled to be ready in 2018, is being funded by the Federal Government and the Exim Bank of China on a 25:75 ratio.
It was initiated as far back as 1982 when a US company, Chas T. Main International, conducted and submitted feasibility studies on the project to the Federal Government.
This was reviewed in 2008 by a French firm, Coyne et Bellier, with cost projected at N162.9 billion.
Nigeria’s counterpart funding based on the 25:75 ratio amounts to $309 million.
At the contract signing ceremony for the project early this year, Minister of State for Power, Hajia Zainab Kuchi, had said the money was already domiciled within the Ministry of Power.
According to Kuchi, the Ministry of Finance was expected to finalise all legal paper works to activate the 75 percent funding from the Exim Bank of China.