The Nigerian National Petroleum Corporation (NNPC) has concluded
arrangements with the United States Trade and Development Agency
(USTDA) to sign a $1.16 million grant as part-funding for the
NNPC-Abuja Independent Power Project (IPP), modelled to generate
1,350 megawatts of electricity to alleviate the power challenge in
the country.
At a meeting yesterday in Abuja between the NNPC and the US
Trade and Development Agency, both parties agreed to close the deal
on December 1, 2019.
NNPC Group Managing Director, Mallam Mele Kyari, said the plan
by the corporation to build the 1,350mw power plant in Abuja was
part of the national strategy to monetise the abundant natural gas
resources in the country.
A statement signed by the Acting Group General Manager, Group
Public Affairs Division, Mr. Samson Makoji, stated that the USDTA
grant was to complement the ongoing feed project in order to make
the Abuja IPP initiative more bankable for strategic investors’
participation.
“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, ” he said.
He assured the US team that the grant will 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 good track record in execution of our
projects,” Kyari explained.
He called on the USTDA to look beyond feasibility studies to
actual delivery of the project, stressing that the power plant
project has viable investment opportunities for all investors.
In her remark, the Country Manager, Power Africa and the leader
of the USTDA delegation, Jullian Foerster, stated that her
organisation was determined to work with the corporation to sign
off on the grant not later than December 1.
She said USTDA was open to other business opportunities in 2020,
noting that NNPC’s strategic role as a key player in the oil and
gas industry made the US agency to “jump at the opportunity to work
on this deal” of providing support in the form of a grant.
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