HomeNewsNigeria seeks US $5bn loan for construction of Mambilla Hydropower Project

Nigeria seeks US $5bn loan for construction of Mambilla Hydropower Project

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The government of Nigeria has requested a loan from the China Exim Bank to build the 3,050MW Mambilla Hydropower Project. The Federal Executive Council (FEC) had on August 30, 2017 approved the award of a contract for the project to China Gezhouba Corporation, Sinohydro Corporation Limited and CGOC Group Limited.

Under the terms of the contract, China Export Import (EXIM) Bank will provide 85% of the cost, while the federal government is to bear 15%. The 85% being requested as a loan will not be handed over to the federal government. The money will be paid directly to the Chinese contractors on behalf of the federal government. But Nigeria has to make a formal request for the loan.

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Also read:Construction of US $4bn Batoka hydro power project to begin next year

Mambilla Hydropower Project  

According to the ministry of finance, the US $5.8bn Mambilla hydropower Plant project which has been in the making for over 40 years, is expected to connect to three dams across Taraba’s Donga River. The first preliminary feasibility study for the Mambilla hydropower Plant was reportedly carried out by Moto Columbus in 1972; however, since then the attempts of actualizing the project have been in vain.

The construction of the hydropower project will take approximately six years because of the extensive nature of the scope of work, which include the construction of four dams, one of which is expected to be 150m high. The other two will be 70m and 50m high.

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