Nigeria’s Federal Capital Administration Souces For $3.8 Billion To Develop 4,283.2 Hectres Of Land

Nigeria’s Federal Capital Territory Administration has said that it requires a minimum of $3.8 Billion (about N600 Billion) of private sector capital to develop a total land area of 4,283.2 hectares in the territory.
The distance of this area is averagely 20 minutes from the City centre and 15 minutes fromthe Nnamdi Azikiwe International Airport, Abuja.
The FCT minister, Bala Mohammed made these known while addressing the 2014 conference of the Nigerians in Diaspora which took place at the Embassy Suites, Columbus, Ohio, US at the weekend.
The Minister, represented by the Permanent Secretary of FCT, Engr. John Chukwu, asked Nigerians in Diaspora to think how they can contribute to the development of Nigeria.
He said that the implementation thrust of the Transformation Agenda in FCT is to open up the Territory to unfettered private capital-driven development.
He said that it is this thrust that made the FCT Administration to introduce the Land Swap programme as a catalysts for accelerated development.
According to him, the private sector would be incentivized to provide site and services within the districts.
He added that Government’s emphasis would be to provide the policy, legal regulatory environment for seamless private sector participation in the development of the districts.
The benchmark, he said, is to open up by providing modern infrastructure in at least 10 new districts within five years.
“Development is based on contractual Agreement with 15
Private Investors on the basis of the Land-for-Infrastructure Swap Framework; The total land area for the development is 4,283.2 hectares and projected to require a minimum of $3.8 Billion of private sector capital. The distance of this area is averagely 20 minutes from the City centre and 15 minutes fromthe Nnamdi Azikiwe International Airport, Abuja.”
He said the benefit analysis of the investment initiatives of the FCT Administration include creation of more than 300,000 jobs within the plan period; inflow of N1 trillion investment to the FCT; reduction of housing deficit by 20%; reduction of cost of rent/lease by 15%; increased funding to human capital development and enhanced security of lives and properties 20% of schooling population.”
The theme of the 2014 conference is: “Nigeria’s Transformation Agenda and Leadership Accountability: The Role of Nigerians in Diaspora.”

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