ABUJA, Nigeria (CU)_The federal government of Nigeria signed a Memorandum of Understanding with Mota- Engil Group yesterday (Jan 11), on the construction of the $1.959 billion Kano-Maradi Standard Gauge Railway lines.
The minister of Transportation, Rt. Hon. Chibuike Rotimi Amaechi, signed the agreement on behalf of the federal government, along with, Antonio Gvoea, the managing director of Mota- Engil, who signed on behalf of the contracting firm.
The 284-kilometre rail line will be located in northern Nigeria and will run through the states of Kano, Jigawa and Katsina and also through the Niger territory as far as Maradi.
The director of press of the Ministry of Transportation, Eric Ojiekwe, noted that the rail line would not only develop freight and passenger transport in Nigeria, but will also make a significant contribution to the local economy and the social sector of the country.
Meanwhile, the federal government has also announced its plans to generate about N7.9 billion in revenue from the 161 oil firms which have been shortlisted for the round of marginal fields bid last year.
On June 1, 2021, the Department of Petroleum Resources (DPR) announced the commencement of the 2020 Marginal Field Bid Round, under which, local companies and investors who are interested in being involved in the Exploration and Production business in Nigeria, are invited to make their bids.
According to the agency, 57 marginal fields, oil fields that have been discovered but left unattended for a period of not less than 10 years from the date of discovery, are on offer.
The DPR’s guidelines require the participants of the bid to pay N500, 000 for registration, N2 million for application, N3 million for bid processing, as well as another $115,000 in total for other fees for data prying, data leasing, the competent persons’ report and the field-specific report.
Accordingly, the 161 finalists are required to pay N49.09 million each, which would generate a revenue of N7.9 billion to the federal government.
The DPR says that the bid round is aimed at growing the production capacity by expanding the scope of participation in Nigeria’s petroleum sector, and has assured that the awardees would be credible investors with technical and financial capability.
