Bank of China, Sinosure to finance $2.6bn AKK gas pipeline ― FG

The Federal Government, Tuesday, disclosed that funding for the $2.6 billion Ajaokuta-Kaduna-Kano (AKK) gas pipeline would be provided by the Bank of China and SINOSURE, while two Chinese firms would be working along with their Nigerian partners in the execution of the project.

Speaking at the virtual flag-off of the construction of the AKK Gas pipeline at the Ajaokuta and Kaduna campsites simultaneously, President Muhammadu Buhari commended the Government of the People’s Republic of China; the financiers, the Bank of China and SINOSURE; and the two Engineering Procurement and Construction (EPC) Contractors for their support to delivering the important project.

The EPC contractors are Brentex/China Petroleum Pipeline Bureau-CPP Consortia and Oilserve/China First Highway Engineering Company-CFHEC Consortia.

Governors Yahaya Bello of Kogi State and Nasir El-Rufai of Kaduna, physically flagged off the commencement of works at the Ajaokuta and Rigachikun sites respectively, while the president participated remotely via video-conference from the Council Chamber in Abuja.

Listing the benefits of the project, billed to be completed in two years, Buhari said the AKK gas pipeline would provide gas for generation of power and for gas-based industries which would facilitate the development of new industries.

He added that it would also ensure the revival of moribund industries along with transit towns in Kogi State, Abuja (FCT), Niger State, Kaduna State and Kano State, adding that the cascading effect and impact of the AKK, when operational, would be immeasurable.

He said: “It has significant job creation potential, both direct and indirect while fostering the development and utilization of local skills and manpower, technology transfer and promotion of local manufacturing.’’

Buhari affirmed the government’s commitment to ensuring timely delivery of the landmark AKK gas pipeline project within budgetary allocation and specifications, stating that the project was very dear to the people of Nigeria and must succeed.

The President, therefore, directed the NNPC and partners to remain focused, noting that the AKK project was part of the delivery of the present administration’s Next Level Agenda for sustainable development, enhancement of economic prosperity and increase of the country’s infrastructure assets.

10 thoughts on “Bank of China, Sinosure to finance $2.6bn AKK gas pipeline ― FG

  1. China is just looking for benefit here and there…… Nigeria should be careful…

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