29 August 2011, Sweetcrude, Kainji – Chief Executive Officer of Kainji Hydro Electricity Plc, Reuben Akinwumi, says the World Bank has approved a $82 million loan for the rehabilitation of the Kainji Dam.
Akinwumi announced this on Saturday in Kainji, Niger, during the visit of the Minister of Power, Prof. Bart Nnaji.
He told the minister that the loan deal was signed between the World Bank and PHCN on June 27, adding that the country was a beneficiary because of its membership of the Niger Basin Authority (NBA).
Akinwumi said the first set of generating units at the dam was installed between 1968 and 1969 with a capacity of 320 mega watts while the second set was installed between 1976 and 1978 with a capacity of 440 mega watts.
He, however, lamented that only three out of the present eight generating units were serviceable with each of them generating 80 mega watts instead of 100.
Akinwumi further urged government to assist the dam authorities in funding and flood control support.
Nnaji in his response said government would continue to fund the dam until it had been concessioned.
To ensure that the target of 5,000 mega watts of electricity was met before December, the minister said the Federal Government would continue to rehabilitate all the dams in the country.
He also said the Kainji hydro dam would be revitalised to generate 1,000 mega watts of electricity before December.
Nnaji, however, advised the chief executive officer to ensure efficiency among his workers, adding that the concessioning of the dam was now on going.
He said the report of the Bureau for Public Enterprises indicated some investors had shown interest in the dam