The Federal Executive Council (FEC) has approved the African Finance Corporation (AFC) to advise on a fresh power project valued at $1.9 billion.
The AFC will collect $800,000 on the project that will run for 18 months and will advise on the engagement of third party consultants that includes legal advisory firms, environmental and social impact assessment consultants, security consultants, insurance advisors, as well as tax and model auditor.
They are all to supervise the procurement and installation of 10 mobile equipment and 10 transformers valued at €62.95 million to boost power supply across the country to 7,000 megawatts from the current 5,000mw.
The approval came through the Presidential Power Initiative was announced by the Minister of Finance, Budget and National Planning, Zainab Ahmed after the Wednesday’s council meeting presided over by President Muhammadu Buhari.
The other group of consultants will pocket $1,116,312.45 on the €62.95 million PPI project which is to modernise and upgrade power transmission and distribution infrastructure in Nigeria.
”With this particular approval, we’ll be able to expand from the current capacity of 5000 megawatts to 7000 megawatts,” Ahmed added
The Council also approved the Nigeria Start-Up Bill for onward transmission to the National Assembly for passage into law.
Minister of Communications and Digital economy, Isa Pantami explained that the bill intends to encourage young entrepreneurs in the country that have skills and want to do business in the telecommunications sector.
“The Federal Executive Council has approved the Nigeria Start-up Bill and has also directed my humble self, the Minister of Communications and Digital Economy, and also the Attorney-General of the Federation and Minister of Justice, to ensure that we immediately liaise and transmit same to the National Assembly to begin the legislative process of converting it into a law.
Upon its enactment, the Nigeria Startup law will replace the National Digital Innovation Entrepreneurship and Startup Policy.
The bill has 11 chapters and all are crafted to provide an enabling environment for startups to be very successful.
The bill will establish the National Council for Digital Innovation and Entrepreneurship which will be chaired by the President. The council will also include the Vice President, and the Minister of Communications and Digital Economy, together with other relevant ministers and government parastatals.
The bill also addresses startup leveling process, where a startup is going to be labeled, and also, the eligibility for grant.
“If a startup is looking for a government grant, there is a process to follow, which is very easy, and at the end, government will be able to provide the grant and also there is a process of issuance, this certificate of leveling for the start up,’’ he said.
According to the minister, the bill also will establish the startup investment Seed Fund, where there is going to be a dedicated fund to be provided by the federal government for young innovators all over the country to apply for the startup investment Seed Fund.
He said this would enable them to begin their own process if they need that.
The minister also disclosed that the Council approved the procurement of four passenger lifts by the Nigerian Communications Commission (NCC).
“The second one is for the procurement of for Passenger Lifts by the Nigerian Communications Commission, for the headquarters office here in Maitama, Abuja.
According to him, the existing lifts at the NCC headquarters are in a dilapidated situation and needed to be replaced to make the environment more conducive for staff to work effectively.
The Special Adviser to the President on Media and Publicity, Femi Adesina revealed that N1.6 billion was approved for the construction of two bridges in Kano State and another N2.5billion for another bridge in Jimeta, Adamawa State.
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