Nigeria is seeking for other means to promote economic growth one of which is power generation after facing its worst contraction in a quarter of a century following a drop in revenue from oil, its main export.
The Minister of Power, Works, and Housing Babatunde Fashola said in Lagos State on Wednesday that China’s Export-Import Bank will provide 85 percent of the funding for the project while Nigeria will provide the remaining funds. The project is scheduled to be completed in six years.
“The scopes of works are very extensive,” Fashola said. The project requires the construction of four dams and includes 700 kilometers (435 miles) of transmission lines. One of the dams will be 150 meters high, two will be 70 meters and the smallest 50 meters, he said.