The Federal Executive Council has approved N1.4 billion for the upgrade of electricity facilities at the Calabar Free Trade Zone Area in Cross River State.
This was disclosed on Wednesday by the Minister of Industry Trade and Investment, Niyi Adebayo, who briefed journalists on the outcome of the meeting.
“One of our parastatals, the Nigeria Exports Processing Zones Authority, we brought a memo for the award of contract for the upgrade of the electricity component in the Calabar Free Trade Zone Area,” he said.
“The contracts were initially awarded in 2018 to upgrade the electrical facility in the Area but it was not completed so we brought a memo today and council approved the sum of N1,000,484,000 for the completion of electrical upgrading at the Calabar Free Trade Zone Area.”
The Calabar Free Trade Zone (CFTZ) is an area just north of the port of Calabar, Cross River State, Nigeria that is occupied by companies engaged in manufacturing, trading, provision of services and oil and gas related activities