Nwoko said the project was proposed to be financed with a grant from the Federal Government and Concessionaire investment totalling N11.9 billion.
The ICRC spokesman said the revenue stream presented by the project includes sales of cassava stem, cassava flour, garri, starch, and Bio-ethanol.
“Total revenue for the five-year concession period is N105,610,000,000,” he said.
He said that the NAFDAS project would provide fire mitigation hardwares, softwares, and equipments that would be linked to a cloud network.
Nwoko said the project would be supervised by the Federal Fire Service through a private entity.
“Through the use of this technology, call, and response time in fire incidents will be automated thus drastically reducing avoidable incidents,” he said.
Nwoko said more lives and properties would be saved, and generally ensure efficient fire prevention, detection and management.
“This means that smoke alarms and other fire detection hardware will be linked to a server which will alert the system when the user is in distress without them having to call for help,” he said.
He said the project would begin in seven states on pilot basis, before rolling it out to all states across the country.
Nwoko said the total cost of the project was N3.5 billion, while the government targets to generate N75 billion within 15 years of the concession.
“Share of revenue to the government was projected as 40 per cent of subscription revenue totaling N17,262,850,871, an average of N1,150,856,724 over the 15 years proposed concession period.”
He added that the revenue stream included margin on installations and annual subscription fee from users.
Nwoko said both projects would be executed under the regulatory guidance of ICRC with the revenue shared between government and the concessionaire at a ratio decided in the concession agreement