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The Federal Government has announced its plans to transfer the management of the Zungeru Hydroelectric power plant to the concessionaire; Penstock Limited.
The Vice president, Kashim Shettima made the announcement during the inaugural 2024 meeting of the National Council on Privatisation (NCP) at the Presidential Villa, Abuja, on Tuesday.
The Concession Agreement, signed on December 13, 2023, by the Bureau of Public Enterprises (BPE) and Penstock Limited, saw the latter fulfilling its obligation by paying 50 per cent of the commencement fees on January 5, 2024.
Also speaking on ways to fortify Nigeria's agricultural sector and enhance national food security, Shettima also announced the Federal Government's intention to recapitalize and restructure the Bank of Agriculture (BOA).
He highlighted the pivotal role BOA could play in ensuring national food security, pointing out its extensive branch network across all senatorial districts in the country. However, he expressed concerns about the bank's current practices, especially its tendency to issue unsustainable loans.
The Vice President stressed the need for modernization within BOA, advocating for the incorporation of technology and the upgrading of branch facilities. He emphasized that embracing modern financial systems would enhance the bank's effectiveness in supporting agricultural development.
Furthermore, he proposed the integration of the Green Imperative Project into BOA's restructuring plans. This initiative aims to provide farmers with essential machinery such as tractors and harvesters, leveraging the latest advancements in science and technology to track these items and minimize divergence.
With the Federal Government's proactive measures to revitalize key sectors, including agriculture and power generation, Nigeria aims to enhance its economic growth and meet the demands of its burgeoning population.
