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GOVERNMENT in a bid to boost the commercial and industrial potentials of Onitsha, the South-East commercial hub, has approved the award of completion contract, valued at N2.6 billion, for the Onitsha River Inland Container Terminal project.
GOVERNMENT in a bid to boost the commercial and industrial potentials of Onitsha, the South-East commercial hub, has approved the award of completion contract, valued at N2.6 billion, for the Onitsha River Inland Container Terminal project.
When completed, the facility being handled by Messrs. Selina Inland Container Terminal Limited, is expected to be managed under Rehabilitate, Operate and Transfer (ROT) basis.
Information and National Orientation Minister, Mr. Frank Nweke Jnr, who announced Federal Executive Council (FEC) approval yesterday, said the contract was going to be for an initial 25-year period with a renewable option of 20 years.
It would also attract annual lease fee of $1.5 billion per square metre of the port area and another $5 billion per tonnage of container handled as the concession fee.
"It is not difficult to understand the benefits of this because if you consider the commercial and industrial potentials of Onitsha town, there is a need to complete the project," he said.
The minister added that the project was at no cost to the government because the firm was mobilising the necessary funds and equipment for the job.
Another issue at the weekly council meeting was the briefing by the Federal Capital Territory (FCT) Minister, Malam Nasir el-Rufai, on the progress made so far in developing Abuja.
He stated that the mid-term report indicated that the administration of the capital territory has done well in some of the 10 priority areas set for him by President Olusegun Obasanjo when he became the minister two years ago.