The Federal Executive Council (FEC) has approved the establishment of 20 new private universities across the country.
This brings the total number of private tertiary institutions in Nigeria to 99.
Minister of Education, Adamu Adamu, who briefed journalists after the FEC meeting, said the approved universities will receive provisional licenses to run for three years from the National Universities Commission (NUC), while the ministry monitors and evaluates their growth.
Similarly, the minister of trade and investment, Niyi Adebayo also disclosed that council approved the contract for building power stations on behalf of the Nigeria Export processing zones authority in Calabar and kano.
He said: “My Ministry presented a memo for the award of contract for building power stations on behalf of Nigerian Export Processing Zones Authority in processing zones in Calabar and Kano.
“The authority received proposals from various companies and after all the evaluations were done, they awarded the contract to one of the companies in the sum of N35,411,119,169.47.
“The terms are that the company will finance 75 per cent, which is in the sum of N26,558,339,337.10, while the Export Processing Zones Authority will pay 25 per cent, which translates to N8,852,779,792.37.
“For the 75 per cent of the contractor’s portion, Council approved a pay-back period of ten years.
“The plant will be completed after 11 months and it would be operated by the contractor for five years and during that five years, they will build local capacity so that after five years, the local capacity that had been built will take over the running of the plant.”
According to Adebayo, government’s intention of the upgrade of the two zones is to create zones with world-class standards.
“The Ministry of Industry, Trade and Investment is desirous of making Nigeria a manufacturing hub, especially now that we have signed on to the African Continental Free Trade Area Agreement.
“So, by putting 24-hour power in the two processing zones, it will make it more attractive to foreign investors to come and set up their manufacturing concerns here in Nigeria,” he said.