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The Federal Government and a consortium led by FirstGate Group have signed a Memorandum of Understanding (MoU) with the Minister of Power, Prof. Chinedu Nebo, to build two Nos 1,000MW gas fired and solar plants, with a project life of four to five years.

Speaking after signing the pact on the 11th of Feburary, the Minister of Power, Prof. Nebo, commended FirstGate Business Intermediaries Limited and its South Korean partners on the feat while urging them to work on delivering the projects within the time frame stipulated in the pact.

 

Nebo also urged FirstGate Ltd to ensure that it taps into the huge power technology that abounds in South Korea to deliver quality power plant in Nigeria, adding that there are solar energy farms in South Korea that could power cluster industries with advanced battery storage systems.

The minister said building such plants requires huge financing, while reaffirming that it requires an average of $2 billion to have an operational 1,000mw thermal power plant, which the company said it will also build in line with the signed pact.

Earlier, Chairman of the company, Mr. Kelvin Iyke Asogwa, said it has buoyant financiers while collaborating with local banks on the projects, noting that it also has technical partners from Turkey who are reputed to have excelled in power projects across the world.

Asogwa said the company has signed an MoU with the Kogi State government on 2,700 hectares of land to site the solar farm, saying it is ready to commence the project within three months once it gets the prerequisite approvals from government.

He noted that it has agreements with foreign partners to train about 74,000 youths in their operating plants overseas, who will then constitute the workforce for the local companies being constructed.

“We have planned to work with 74,000 youths. The MoUs we have with these companies say the foreign partners will take our youths for training and while they are doing that, they will be building these companies here and the youths will graduate when the factories are ready to absorb them. They are coming back to resume work in these factories, so the cycle is completed,” Asogwa said.

 

 

 

 

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