President goodluck Jonathan is billed to lay the foundation stone of the $1 billion Azura-Edo 1,000 megawatts gas-powered Independent Power Plant on Friday, 10 October in Benin.

The first phase of the project, which was conceptualized in 2010 and jointly incubated by the Edo State Government under Comrade Adams Eric Oshiomhole and Amaya Capital, the key promoters of Azura Power West Africa Ltd, is 450-500 mega watts to be scaled up to 1,000 megawatts in the second phase.

The Azura project is the first Nigerian power project to benefit from the World Bank’s “Partial Risk Guarantee” structure which was specifically created to meet the developing needs of emerging markets globally.

The Azura-Edo IPP is expected to create the template for the successful development of IPPs in Nigeria and Edo State is playing a pioneering role in determining the future of Nigeria’s power sector.

Chief Press Secretary to Governor Adams Oshiomhole, Mr Peter Okhiria said the Azura-Edo IPP will provide over 4,000 direct and indirect jobs for the people of the state from the construction to the post-construction period of the project.

According to him, “the Azura-Edo Power Project is a clear demonstration of the confidence of the international community in the economy of Edo State. It is an indication that Edo State is investor-friendly as the Government under Comrade Adams Oshiomhole has put in place the necessary infrastructure to attract investors to the state.”

According to Okhiria, “this is another project conceptualized by the Edo State Government under the Public Private Partnership Programme to unlock the industrial potentials in the State and make the state the nation’s energy hub.”