The Senate committee said it rejected the proposal after it discovered that the company listed as a parastatal under the ministry is a private company.
“The FEC approval also provides that all current and future capital appropriations for Project MINE should be transferred to NSEZCO’s account, as soon as opening formalities are completed. The ministry said by aggregating and harnessing FG’s investment in a strong corporate special purpose vehicle, NSEZCO will facilitate the mobilisation of additional capital from development finance institutions and private investors.
It quoted President Muhammadu Buhari at the signing ceremony as saying: “When we committed to the implementation of the Nigeria Industrial Revolution Plan and launched our Economic Recovery and Growth Plan to fast track implementation, we had a vision of Nigeria as the pre-eminent manufacturing hub in Sub-Saharan Africa and a major exporter to our immediate West African sub-region, the rest of Africa and indeed the World.
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