Jonathan to discuss MDAs on how to access 77bn Japanese Yen loan – Sambo

By The Citizen

Vice President Namadi Sambo has said that President Goodluck Jonathan will soon meet with some ministers, departments, agencies and Marubeni Corporation, to discuss how to access the 77 billion Yen Credit Loan the government of Japan is offering Africa.

Sambo disclosed this Tuesday when he had audience with the management of the Japanese company in the State House, urging Marubeni Corporation to take advantage of the opportunities that abound in the country, especially in the gas sector which has several incentives to invest in the sectot.

He told the investors that opportunities abound in the solid minerals sector, noting that though its one sector that has been neglected for a long time, the Jonathan administration was working hard to develop it.

The Vice President also urged Marubeni to take advantage of the huge deposit of coal in the country, to drive the coal-power project another area government was interested in.

Sambo said opportunities also abound in water supply as various cities in the country lack clean water, adding that the Federal Government was building new dams and bringing on board the old ones to enhance water supply, agriculture and electricity.

He assured that government was taking necessary steps to deal with the issue of shortage of gas, which has been a problem for the newly built thermal power plants.

The Vice President also said the multi-year tariff order (MYTO) has increased and National Electricity Regulatory Commission (NERC) was there to bring a balance in the sector, stressing that gas lines were being linked to the railways and inland ways to ensure smooth transportation of goods in the country.

Sambo commended the Chinese company for building the hydro dams, especially the Mambilla dam and other dams, saying Marubeni - a world-class company in Japan, should catch in on plans by government to build over 200 dams in order to achieve 10,000 mega watts of electricity at the end of the year.

Earlier, a member of the Board of the Company and Chairman, Special Committee for Sub-Saharan Africa in charge of Machinery Group, Mr. Shigerm Yamazoe, said Marubebi Corporation is a trading company and consist of 12 business segments each of which focus on its specialized business area, namely, Food Group, Energy and Chemicals, Metal and Mineral Resources, Machinery and Lifestyle, Forest Products, ICT and Realty Group.

He said the company was an independent power producer and developer for global power assets and had engaged in power activities in 50 countries as well as having a strong base in Africa.

Briefing, Takeshi Mamiya, who is in charge of the company in Nigeria, said Marubeni Corporation, has engaged in NIPP projects in the country, namely Kainji - 440mw hydro project, Jebba - 540mw hydro project, Egbin P/S - 1,320mw Thermal project, NIPP projects in Sapele, Delta State, Ihovbo, Calabar and others.

He said the mechanical work on Lot - 1, Calabar, Lot - 3, Ihovbor and Lot - 6, Sapele have been completed but the challenge of transmission line and lack of payment of long outstanding $12.8 million due to lack of approval by BPE and shortage of gas.