It is estimated that Nigeria will gain N180 billion in revenue as a result of the Federal Executive Council’s (FEC) approval of the concession of two projects by the Infrastructure Concession Regulatory Commission (ICRC). Ifeanyi Nwoko, the Acting Head, Media and Publicity of ICRC, disclosed this in a statement issued on Sunday in Abuja, explaining that the projects included the Bio-ethanol Value Chain and Cassava Bio-mass and National Fire Detection And Alarm System (NAFDAS). According to Nwoko, the goal of these concessions was to lessen poverty, increase wealth, enhance food security and nutrition, generate new employment opportunities and clean energy, and cut down on carbon emissions.
When broken down by concession time, the NAFDAS project will bring in N75 billion over the course of 15 years, while the cassava bio-ethanol value chain will bring in N105 billion over the course of five years. The goal of the pilot phase of the cassava bio-ethanol value chain is to construct a Bio-technology Industrial Park on a 20 hectare area involving twenty different educational institutions, research and academia and development facilities. He indicated that throughout the trial phase, 20 hectares would be planted with 5,000 special hybrid cassava (TME 419) stems.
Cassava production will reach 120 million tons in the next five years.
Furthermore, he stated that organic fertilizer, boosters, pre and post-emergent herbicides, conditioners, pesticides, fungicides, insecticides, and knapsack sprayers would all be provided by the initiative. It is expected that the project will increase cassava production from its current 62 million tonnes to at least 120 million tons. He asserted that Nigeria’s output might be doubled within the next five years with the help of advances in tropical agroecology, biotechnology, intensive mechanization, and efficient partnership resource deployment. According to Nwoko, the primary objective of the cassava-bioethanol pilot project was to show that a private sector-led technique was effective in encouraging investment in renewable biomass and generating income.
He also said that it would help with creating jobs, cutting poverty, improving food security and nutrition, making use of renewable energy, and lowering the carbon footprint. According to him, a combined federal government grant and Concessionaire investment of N11.9 billion is planned to fund the project. Bio-ethanol, Sales of cassava stem, garri, cassava flour, and starch are all part of the project’s potential revenue streams. He stated that N105,610,000,000 would be earned over the five year concession term.
More cutting-edge technology would be deployed to the fire sector.
Also, he explained that various cloud-connected devices, software, and equipment for fire prevention would be made available through the NAFDAS project. The Federal Fire Service would oversee the project via a third party. He believed that the implementation of this technology would significantly reduce preventable fire events by speeding up both the reporting of and response to fires. Nwoko claimed that more lives and property would be spared and that fire prevention, recognition, and control would be more effective.
It entails smoke detectors and other fire detection equipment that will be connected to a server, which will notify the system when a user is in difficulty without requiring them to ask for assistance. He stated that a pilot phase would be implemented in seven states before the program was expanded to the remaining states. The government aims to make N75 billion from the concession over a period of 15 years, while the entire cost of the project was N3.5 billion.
ICRC will see to the implementation of the project.
The government was expected to get 40% of the total subscription revenue, estimated to be N17,262,850,871, an average of N1,150,856,724 over the 15-year proposed concession time. He elaborated that profit from setups and users’ annual subscription fees constituted the main source of income. Nwoko stated that the two projects would be carried out under the supervision of ICRC and that the revenue would be split between the government and the concessionaire in accordance with the terms of the concession agreement.
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