NCP approves fast-tracking of work on Zungeru power plant in Nigeria

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The National Council on Privatisation (NCP) has approved the strategy and work plan to fast-track the concession of the Zungeru Hydroelectricity Power Plant (ZHPP) in Wushishi Local Government Area of Niger State subject to any further development from Ministry of Power.

The Council, which gave its nod at its 3rd meeting for 2022 held at the Presidential Villa, Abuja noted that the key objectives of the planned concession include leveraging the private sector access to finance and reducing reliance on government budgetary allocation.

The NCP reasoned that to fund the China EXIM Bank loan, there was a need to ensure that a timely implementation programme is adopted hence, a fast-track transaction process is being recommended.

Ibeh, Uzoma Chidi, Head, Public Communications in a statement, on Tuesday, said the approved fast-track transaction process will enable the Bureau of Public Enterprises (BPE) work with the Joint Technical Committee (JTC), chaired by the Chairman, Technical Committee of the NCP with members drawn from the Office of the Vice President (OVP).

Also, other members are drawn from the Ministry of Power, Ministry of Finance, Ministry of Water Resources, Bureau of Public Enterprises (BPE), while the Accountant General of the Federation will review and address all issues including approvals and regulations needed to proceed to the next phase of the transaction.

According to him, the fast-track transaction plan includes reduced time frame for obtaining approvals for key stages of the transaction process, with the aim of getting value for the transaction within a short time.

This includes Advert for Request for Qualification (RFQ); Shortlist of successful prospective investors;Issuance of RFQ; Evaluation of Technical proposals, and shortlist of prospective investors for financial Bid opening as well as setting a date for the financial bid opening.