FCTA signs pact for $18bn Centenary City project

The Federal Capital Territory Administration (FCTA) has signed an agreement with Centenary City PLC for the development of the $18 billion Centenary City project.

Speaking at the event, Minister of FCT, Senator Bala Mohammed, said the private sector driven foreign investment will impact immensely on Nigeria’s economy.

He said the project was the first largest foreign investment coming to the country, adding that based on the agreement, five per cent of the total cost of the project would accrue to the FCTA.

“We are accessing $18 billion to build the city. It will have a salutary effect on our economy. We will make sure it grows our GDP,” he said.
The minister also said the project would generate about 250,000 jobs at its completion.
“With this agreement, 1, 264.78 hectares is being ceded for construction of the centenary city. We have packaged it such to ensure that the FCTA and Nigerians are not short changed.

“80 per cent of the city will be for commercial purposes so there will
be a lot of jobs because there will be hotels and other facilities. For the first lap of the project, 69,000 jobs will be created then at the end of the project about 250,000 jobs will be created.”

Mohammed, who assured that the Federal Capital Development Authority (FCDA) would partner with the investors to ensure that Abuja master plan was upheld, thanked President Goodluck Jonathan for initiating the project.

Speaking earlier, Managing Director, Centenary City, Odenigwe Michael, who signed the agreement on behalf of the investors, said the project which had 60 months completion duration was to commemorate the country’s 100 years of existence as a nation.

He said the journey for the project started since the federal government conceived the idea of centenary celebration, adding that “we are working seriously to come out with the conceptual design and engineering work.”

No tags for this post.

Sign Up Now

ePaper Subscription