However, impeccable sources at the bureau named the five power plants to include the 434 megawatts gas-fired Geregu II power plant, located in Kogi; 451MW Omotosho II plant in Ondo; and 750MW Olorunshogo II plant in Ogun State. Others include the 563MW Odukpami power plant in Calabar, Cross River State; and the 451MW Benin-Ihovbor plant in Edo State. It was, however, gathered that the cost of constructing 1MW power plant vary depending on several factors, including type of power plant, location, technological advancements, etc. “But a general range for the cost of constructing a 1MW power plant based on different technologies is that for a solar power plant, it is between $1m to $2m per MW. In December 2022, The PUNCH reported that the Federal Government and the 36 state governors finally agreed to sell five power plants under the National Integrated Power Projects and use the proceeds to fund the 2023 budget.

Source: Punch January 24, 2024 15:51 UTC