M a r k e t N e w s
Cargo airport in Africa to be constructed
Posted on : Tuesday, 24th November 2015
A US$100.51m cargo airport in Nigeria will be constructed in Nasarawa State, governor Tanko Al-makura, has said. The governor was speaking during the signing of the financial contract agreement between the state government and Tongyi Group Engineering, a Chinese firm tasked with the construction with their representative HYPAD .
The agreement stated that the Chinese firm will be responsible for the project’s finance. However, a Memorandum of Understanding (MoU) had been put on paper between the State government and the Chinese company to have a befitting cargo airport in Lafia.
The Engineering Procurement and Construction (EPC) agreement considered to be the last stage of the project’s agreements has also been concluded ahead of the flag-off of the project dated for December 2015.
On completion, the project is expected to impact the state in great way, among them creating revenue generation that will boost the state economy status as well as creating job opportunities. The airport will also open doors for potential investors who might be interested in taking a look at the state’s endowment for their businesses.
According to Governor Al-makura, Tongyi Group along with its financial consultants will provide 75% of the project’s total coast while the remaining 25% will be catered for by the State. however, the state obligation towards the project’s finance will be achieved through the Federal Government’s intervention on infrastructure, given that repayment will done over a period of 6 years.
Algreen Zhen, Tongyi Group Chairman, applauded construction of cargo airport in Nigeria that when completed, it will add value to the residents of Nasarawa State and its neighbouring States. He further said that, his company is committed to deliver the project in good time as expected.
Source : constructionreviewonline.com
