The federal government has signed the $5.79bn contract for the Mambilla hydro power project.

The project was first designed 40 years ago and is expected to add 3,050 megawatts of power to the national grid.

The federal executive council had approved the award of the contract on August 30 to Messrs China Gezhouba Corporation, Sinohydro Corporation Limited and CGOC Group Limited.

While signing the contract in Abuja, Babatunde Fashola, minister of power, said the project is a new dawn in the country’s power diversity and energy needs.

“The project will give us an opportunity for compliance with Paris climate change agreement because it will be delivering renewable energy while it will give us opportunity to unlock the gift of nature to Nigeria in Taraba,” Fashola said.

“I will like to start by expressing our gratitude to Mr. President, the leadership that he has shown for reviving the project that has stalled, that has stumbled but now back on track after 40 years.”

He said the project would attract economic boom to Taraba state and open opportunity for “agriculture, energy, construction, development”.

The minister added: “You only need to see the number of applications we have already received from people who want to partner and participate in the various areas including insurance who are already queuing up.”

The construction is expected to last for six years.