Nigeria has confirmed that it has finalized concession plans for the Zungeru Electric Dam Power Plant (ZHPP).
Acting on behalf of the Nigerian government, the National Council on Privatization (NCP) had in its December 2020 meeting approved the concession of the ZHPP.
Disclosing the update on the exercise at a special meeting between the members of the NCP and the presidency headed by the Vice President, Professor Osibajo in Abuja, the NCP said the federal government has also approved the fast tracking of the work as well as approved the board composition and proposed governance framework for the sustainable management and payment of post-privatization liabilities of the power sector transferred to the Nigerian Electricity Liability Management Company (NELMCO) Board.
Members of the NELMCO board include the minister of finance as chairman; minister of power, director general of Bureau of Public Enterprises (BPE), director general of Debt Management Office (DMO), managing director of NELMCO and all its executive directors.
Also recognized was the inclusion of two key members from the private sector in the board.
According to NCP, the key objective of the Zungeru Hydroelectric Power Plant concession was to leverage private sector access to finance and reduce reliance on government budgetary allocation to fund the China EXIM Bank loan.
It also was intended to leverage efficiencies and better maintenance culture of the private sector for long-term preservation of the asset.
Be the first to know when we publish an update
