Nigeria has reached the final stage of its plan to sell five of its power plants at a cost of $1.15 billion.
The bid winners will soon to be announced.
Adebayo Adelabu, the Minister of Power made the disclosure.
He said the bidding process had been completed and a final report submitted to the National Council of Privatisation (NCP) which has Vice President Kashim Shettima as its chairman.
“At the next NCP meeting, a final announcement of the preferred bidders will be made public,” Adelabu said at BusinessDay’s Powering Nigeria conference.
“The assets will not only increase revenue for the three levels of government, it will also bring better efficiency for the power sector.”
The five power plants are:
- The 434-megawatt Geregu II gas-fired plant in Kogi State.
- The 451-megawatt Omotosho II plant in Ondo State.
- The 750-megawatt Olorunsogo II plant in Ogun State.
- The 563-megawatt Odukpami power plant in Calabar, Cross River State.
- The 451-megawatt Benin-Ihovbor plant in Edo State.
The Benin-Ihovbor plant, which has five electricity-generating turbines, is set to be sold for $420 million. The Calabar Odukpami plant, also with five turbines, is priced at around $260 million. The Geregu plant, featuring four turbines, will be sold for $215 million.
The Omotosho plant, with four power-generating turbines, is expected to go for about $85 million. Meanwhile, the Olorunsogo National Integrated Power Project (NIPP), which also has four turbines, is valued at $170 million.
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