Nairametrics
  • Home
  • Exclusives
    • Financial Analysis
    • Corporate Stories
    • Interviews
    • Investigations
    • Metrics
  • Markets
    • Cryptos
    • Commodities
    • Equities
      • Dividends
      • Stock Market
    • Fixed Income
    • Market Views
    • Securities
  • Industries
    • Company News
    • Consumer Goods
    • Content Partners
    • Corporate deals
    • Corporate Press Releases
    • Energy
    • Entertainment
    • Financial Services
    • Hospitality & Travel
    • Manufacturing
    • Real Estate and Construction
    • Tech News
  • Economy
    • Get Data
    • Macro-Economic News
    • Research Analysis
  • Business News
  • Financial Literacy
    • Career tips
    • Personal Finance
  • Lifestyle
    • Billionaire Watch
    • Profiles
  • Opinions
    • Blurb
    • Op-Eds
No Result
View All Result
  • Home
  • Exclusives
    • Financial Analysis
    • Corporate Stories
    • Interviews
    • Investigations
    • Metrics
  • Markets
    • Cryptos
    • Commodities
    • Equities
      • Dividends
      • Stock Market
    • Fixed Income
    • Market Views
    • Securities
  • Industries
    • Company News
    • Consumer Goods
    • Content Partners
    • Corporate deals
    • Corporate Press Releases
    • Energy
    • Entertainment
    • Financial Services
    • Hospitality & Travel
    • Manufacturing
    • Real Estate and Construction
    • Tech News
  • Economy
    • Get Data
    • Macro-Economic News
    • Research Analysis
  • Business News
  • Financial Literacy
    • Career tips
    • Personal Finance
  • Lifestyle
    • Billionaire Watch
    • Profiles
  • Opinions
    • Blurb
    • Op-Eds
No Result
View All Result
Nairametrics
No Result
View All Result
Home Business News

This Chinese company just secured a major contract in Nigeria

Onome Ohwovoriole by Onome Ohwovoriole
August 31, 2017
in Business News
This Chinese company just secured a major contract in Nigeria
Share on FacebookShare on TwitterShare on Linkedin

Chinese Civil Engineering Construction Company (CCECC) has been awarded awarded a $5.8 billion hydroelectric power plant. Minister of Power, Works and Housing Mr. Babatunde Fashola disclosed that the Chinese Export Import Bank will provide 85% of the funding,  and the Federal Government will contribute the rest. The project has an expected completion period of 6 years and is located in the Gembu area of Taraba state.

Why it is a big deal

On completion, Nigeria will have 3,050 MW added to its generation capacity.  Poor power supply in the country has resulted in businesses and households generating their own power. This adds to operating costs for businesses, and makes goods produced here less competitive compared to countries with less power. Diesel and petrol used to generate power are imported leaving users vulnerable to price increases and currency devaluations.

A sharp devaluation of the Naira last year lead to petrol prices increasing from N97 to N145 last year. The drop in oil revenues has left  government struggling to fund essential projects, so the deal is a win- win situation for the country. The project had been in the pipeline since 1972, but was not implemented due to a lack of funds.

RelatedPosts

Construction companies sue Amaechi, Malami, over alleged unlawful award of contract to Chinese firm

Railway project: Lagos to divert traffic at Brewery, Ijora for 28 days

Concerns exist

Environmental activists have raised queries about the environmental impact of the project. Similar projects that were carried out, often lead to the displacement of entire communities, often with no compensation.

CECCC was established in 1979 by the Chinese government, and operates in several areas including international contracting for railway construction to civil engineering design & consultancy, real estate development, trading, industrial investment and hotel management as well. The company is currently handling several major projects Including the Lagos-Calabar rail project .

 

Related

Tags: CCECCGembuPower

Leave a Reply Cancel reply

Your email address will not be published. Required fields are marked *

inq
avatrade
Stanbic bank
Mega Millions
UBN
Hot forex
Access Bank
Bankers Committee
First bank






    Business News | Stock Market | Money Market | Cryptos | Financial Literacy | SME |

    Recent News

    • NGX closes negative with the market cap down by N20 billion 
    • FG asks students to sue ASUU over strike, insists lecturers won’t be paid during the period
    • Hackers exploiting stolen cookies to attack corporate organisations – Report

    Follow us on social media:

    Recent News

    Weekly Stock Update: Nigerian local bourse’s ASI depreciates by 0.22% w-o-w

    NGX closes negative with the market cap down by N20 billion 

    August 18, 2022
    FG to review January 18 resumption date for schools across the country

    FG asks students to sue ASUU over strike, insists lecturers won’t be paid during the period

    August 18, 2022
    • ABOUT US
    • CONTACT US
    • PRODUCTS
    • ANDROID APP
    • iOS APP
    • DISCLAIMER
    • CAREERS
    • PRIVACY POLICY

    © 2022 Nairametrics

    No Result
    View All Result
    • Home
    • Exclusives
      • Financial Analysis
      • Corporate Stories
      • Interviews
      • Investigations
      • Metrics
    • Markets
      • Cryptos
      • Commodities
      • Equities
        • Dividends
        • Stock Market
      • Fixed Income
      • Market Views
      • Securities
    • Industries
      • Company News
      • Consumer Goods
      • Content Partners
      • Corporate deals
      • Corporate Press Releases
      • Energy
      • Entertainment
      • Financial Services
      • Hospitality & Travel
      • Manufacturing
      • Real Estate and Construction
      • Tech News
    • Economy
      • Get Data
      • Macro-Economic News
      • Research Analysis
    • Business News
    • Financial Literacy
      • Career tips
      • Personal Finance
    • Lifestyle
      • Billionaire Watch
      • Profiles
    • Opinions
      • Blurb
      • Op-Eds

    © 2022 Nairametrics

    Social Media Auto Publish Powered By : XYZScripts.com