The nation inched forward towards achieving 10,000 Mega Watts (MW) power generation capacity target by the end of this year, as President Olusegun Obasanjo yesterday in Uyo, Akwa Ibom State capital, commissioned the state's Independent Power Project (IPP), expected to add 191MW to the national grid.
The plant, which is the first phase of the Ibom Power Project, cost $191 million (N24.4 billion) and is expected to be connected to the national grid in July, when it will fully come on-stream.
Construction on the second phase is billed to take off in 24 months time with an installed capacity for 586MW at an estimated cost of $400 million.

Speaking at the commissioning yesterday in Uyo, President Obasanjo said the coming of the Ibom Power Plant is a dream come true, as it would further increase the nation’s power generation capacity.
Besides, the president noted that the power plant would open window opportunities for the manufacturing industries to harness their business and boost power supply to the households.

He said: "I have come here to celebrate with you, the governor and people of Akwa Ibom State because this project is worthy of being celebrated. As we can see, we have a dream when looking at the financial involvement risks in this project, so we have cause to dream economically because of the delivery of such a significant power plant. We uphold the dream and the dream has come to reality.
"I must say here that out of the 36 states in the country, your state is one of the very few states that have put more efforts and commitments towards the development of power sector."
Also, I am particularly delighted that this Ibom Power Plant, when it fully comes on stream, would also add to the national grid in attaining the 10,000mw I have promised that will come at the end of this year."

In his welcome address at the occasion, the state governor, Obong Victor Atta said that it became clear to his administration, right from its inception that an unreliable erratic supply of electricity would impede the desire to stimulate economic growth and build a knowledge based economy.
According to Attah, the electricity power situation in the state was so poor that it could not open opportunities for both the private and public sector to utilise their economic potentials that would have driven the state's investments forward.

He confirmed that the Ibom power project phase one cost over $191 million, out of which the state government contributed about $140 million, while about $80 million was coughed out by the Federal Government, as part of its commitments to ensure that the power plant sees the light of the day.
The governor said that the cost of the plant is very competitive and below estimates for similar plants elsewhere. "A finical model has been developed to determine the optimal refinancing plan for this project and to evaluate the anticipated returns on capital invested".

Source: guardian