The National Council on Privatisation (NCP), has approved the strategy and work plan to fast-track concession of Zungeru Hydroelectricity Power Plant (ZHPP) in Wushishi Local Government Area of Niger.
This is contained in a statement issued by Mr Chidi Ibeh, Head, Public Communications, Bureau of Public Enterprises (BPE) in Abuja on Tuesday.
Ibeh said the approval was granted at the NCP’s third meeting for 2022 recently held at the Presidential Villa, Abuja.
He said the council noted that the key objectives of the planned concession included leveraging the private sector’s access to finance and reducing reliance on government budgetary allocation to fund the China EXIM Bank loan.
“There is a need to ensure that a timely implementation programme is adopted, hence, a fast-track transaction process is being recommended.”
Ibeh said the approved fast-track transaction process would enable BPE to work with the Joint Technical Committee (JTC) of the NCP to review and address all issues.
He said some of these issues included approvals and regulations needed to proceed to the next phase of the transaction.
Ibeh said the JTC had members drawn from the office of the Vice-President, Accountant-General of the Federation, Ministries of Power, Finance, Budget and National Planning, Water Resources, and BPE.
He said the fast-track transaction plan included a reduced time frame for obtaining approvals for key stages of the transaction process.
“The aim is to get value for the transaction within a short time. This includes Advert for Request for Qualification (RFQ), a shortlist of successful prospective investors, issuance of RFQ and evaluation of technical proposals.
“Others are shortlisting prospective investors for financial bid opening as well as setting a date for the financial bid opening.”