NNPC Secures $1.16m for Power Plant

The Nigerian National Petroleum Corporation (NNPC) has reached an agreement with the United States Trade and Development Agency (USTDA) for a $1.16 million grant.
This is part funding for the NNPC-Abuja Independent Power Project (IPP) that is expected to generate 1,350 megawatts of electricity in the Federal Capital Territory.
NNPC’s Group Managing Director, Mallam Mele Kyari, said the plan by the Corporation to build the 1,350mw power plant in Abuja, is to satisfy part of the national energy strategy to monetise the abundant natural gas resources in the country and to complement the ongoing feed project intended to make the Abuja IPP initiative more bankable for strategic investors’ participation.
In a statement by the Acting Group General Manager, Group Public Affairs Division, said: “As a state-owned oil company and enabler organisation, we know that our investment in the Abuja 1,350mw IPP will increase energy supply level with great impact on the nation’s economy. Therefore, the USTDA grant is timely to make it a bankable project that would attract foreign direct investment into the country.”
Kyari assured the U.S. team that every money given as grant to the Corporation would be fully utilised and accounted for. “This company is focused on making our systems and processes transparent and accountable and that is why we are engaging world-class institutions with a good track record in the execution of our projects.
He called on the USTDA to look beyond feasibility studies to the actual delivery of the project, pointing out that the power plant project has a lot of viable investment opportunities for all investors.
The Country Manager, Power Africa and the leader of the USTDA delegation, Jullian Foerster, said her organisation was determined to work with the Corporation to sign off on the grant not later than December 1, 2019, assuring that USTDA was open to other business opportunities in the coming year. She said NNPC’s strategic role as a key player in the oil and gas industry, made the U.S. Agency to “jump at the opportunity to work on this deal” of providing support in the form of a grant.

Story Credit: The Nation

Categories: News Updates


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