The Federal Executive Council (FEC) of Nigeria has approved $1 billion to finance the Gurara Hydro Power Project II being constructed by the Forum on China-Africa Cooperation (FOCAC).The Minister of Water Resources, Alhaji Suleiman Adamu, said at the end of the council’s meeting, which was presided over by President Muhammadu Buhari on Wednesday in Abuja that the Gurara II power project has the potential of generating 360 Megawatts of electricity.
“On the need to explore the potential of the Gurara II Hydro Power Project, which has the potential of 360 Megawatts of electricity, Council approved for us to take this project to FOCAC for possible financing by the China Exim bank at the cost of about a billion dollars,” he said.
He said the Council also approved a revised cost of the project to $16 million for the completion of Nkari Dam in Akwa Ibom State.
According to him, the Council also approved the appointment of a consultant for the supervision of the Gari Irrigation Project in Kano and Jigawa States, which had been abandoned for 17 years.
He also said that the Cabinet gave approval for the completion of Ile-Ife dam in Osun State at the cost of $32 million (about N10.4 billion), a project that was started in 2004 and abandoned.