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Economy

FG Hands Over Zungeru Hydro-electric Power Plant to Concessionaire

By Grace Chigbu

The Federal Government has taken a significant step towards bolstering Nigeria’s power generation capacity with the official handover of the Zungeru Hydroelectric Power Plant to Penstock Limited, the concessionaire. Vice President Kashim Shettima made this announcement during the first meeting of the National Council on Privatisation (NCP) for the year 2024 at the Presidential Villa, Abuja.

 

The move is expected to address Nigeria’s growing energy demands and enhance its power infrastructure. Shettima expressed confidence that the transfer of operations to Penstock Limited would contribute significantly to the country’s energy sector.

 

The National Council on Privatisation (NCP) highlighted the progress made in the Zungeru Hydroelectric Power Plant (ZHPP) concession, including the official handover of operations to Penstock Limited. The Concession Agreement, signed on December 13, 2023, by the Bureau of Public Enterprises (BPE) and Penstock Limited, paved the way for this crucial development.

 

Following approval from the Council, Penstock Limited fulfilled its obligations by paying 50 per cent of the commencement fees on January 5, 2024. The official handover ceremony occurred on January 23, 2024, marking a significant milestone in the privatization process of the power plant.

 

In addition to the power sector, the Federal Government is also focusing on revitalizing the agricultural sector. Vice President Shettima highlighted plans to recapitalize and restructure the Bank of Agriculture (BOA) to support Nigeria’s agricultural development and achieve national food security.

 

Shettima emphasized the importance of modernizing BOA’s operations to enhance its efficiency and effectiveness. He stressed the need to leverage technology and upgrade branch facilities to facilitate better access to financial services for farmers across the country.

 

Furthermore, Shettima proposed integrating the Green Imperative Project with BOA’s restructuring plans to provide farmers with essential agricultural machinery and equipment. By embracing science and technology, Nigeria aims to maximize its agricultural potential and ensure food security for its citizens.

 

The meeting also addressed other pertinent issues, including updates on the sale of NITEL/MTEL property and the audit of NIPOST properties nationwide. Efforts are underway to resolve legal challenges and streamline processes to optimize the performance of these entities.

 

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