The Minister of State for Finance, Mustapha Baba Shehuri, said that the Mambila Hydro Power Project will be ready in the next 63 months
Shehuri made the disclosure yesterday at the launching of the China Gezhouba Group Company Limited (CGGC) North-west Africa regional headquarters, in Abuja.
He recognised the effort of the company in mobilizing to site for the construction of the hydropower project which will add 3050mw to the National grid. CGGC is one of the major contractors of the Mambila project.
He said, “This contractor and its partner will make this to happen in the next 63 months. Over 6 billion dollars is being invested in this project, 85% of which will come from the EXIM Bank of China and 15% from the government of Nigeria.”
The minister emphasised the need to underscore the important role the company is playing in the construction of the socio-economic life of the people of the north eastern part of the country which has suffered devastation from the Boko Haram insurgency.
He said, “Indeed CGGC is a friend in need and therefore a friend in deed.”
The minister commended the CGGC and the governor of Taraba State for their effort and foresight.
Mr Lv Zexiang, the President of CGGC International, said the establishment of the regional headquarters of the company in Abuja was an opportunity to benefit from the strong Gezhouba brand of technical strength, investment and financing capacity.
He said the company is determined to increase its local workforce from the current 5,000 to 20,000 in the next three years within the regions.
The company specialises in the fields of hydropower, thermal power, nuclear power, new energy power and power transmission and transformation.
CGGC dominates thermal power and grid design of China and accounts for 2/3 of the thermal power construction and 1/3 of the hydropower construction market shares.