NNPC secures $1.16m for Abuja power plant

The Nigerian National Petroleum Corporation (NNPC) and the United States Trade and Development Agency (USTDA) have concluded arrangement to sign a $1.16 million grant as part funding for the NNPC-Abuja Independent Power Project (IPP) modelled to generate 1,350 megawatts (MW) of electricity for the country.

This was disclosed at a business meeting between the Management of NNPC and the U.S. Trade and Development Agency at the NNPC Towers, Abuja, on Thursday, where both parties agreed to close out the deal on 1st December, 2019.

The Group Managing Director of the NNPC, Mallam Mele Kyari, said that the plan by the corporation to build the 1,350mw power plant in Abuja was part of the national strategy to monetize the abundant natural gas resources in the country.

A statement by acting spokesman of the NNPC 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 organization, 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.

The GMD assured the U.S. team that every money given as grant to the corporation will be fully utilized and accounted for.

The Country Manager, Power Africa and the leader of the USTDA delegation, Jullian Foerster, stated that her organization was determined to work with the corporation to sign off on the grant by 1st December, 2019.