By Ismaila Jimoh, Abuja
Federal Capital Territory Administration (FCTA) has entered into an agreement with an international consortium known as MAG International Links Limited for the development of the Abuja City Walk project, similar to that of Dubai and London.
The project worth 1.5bn US dollars which was described as flagship will be situated on approximately 200 hectares of land along Abuja Airport Road.
The Minister of the Federal Capital Territory, Barr. Nyesom Wike during the signing ceremony in Abuja explained that the latest step was in furtherance towards the commitment of the Administration in changing the face of the nation’s capital in line with the Renewed Hope Agenda of President Bola Tinubu.
Wike disclosed that the FCT Administration decided to approved the Building Plan and signed the Certificate of Occupancy for the company after thorough observation that it has the capacity to deliver the Abuja City Walk project modelling after Dubai City Walk.
He said the Administration is not ready to condone the past practice whereby some investors after being allocated the land, turn into land speculators, a practice that is against the original purpose for which the land allocated to them.
Wike said that to forestall future occurrence of such practice, stringent measures are now in place such as revocation clauses for failing to adhere to the terms of agreement.
Shedding light on the project, Wike said, “If anybody has gone to Dubai and has seen the Dubai City Walk, there is no way you will not appreciate and encourage investors to come, that we are willing to work with them.”
“In the first part of it, from now till May, next year, which will be the third anniversary of the President, one aspect of it must be completed. And that from now till August, the foundation must be laid. So that is the whole essence of our gathering here today.
“When they approached us, I made it clear to them that I’ve heard of people being interested in development partnership and they ask for land. But at the end of the day, you hardly see any investment or development. They turn to land speculators and I said we are not going to accept that.
“But we have to sign an agreement that if you don’t comply within so-so and so-so time, then we have the right to revoke because we are not going to just give you a C of O to say we are giving you land and then nothing happens. We will not accept that again,” he further said.
While also blaming some of the delays in project execution in the FCT on bureaucratic bottlenecks, the Minister said necessary steps have been taken to ensure a smooth process for the Abuja City Walk.
In what appears like passing vote of confidence on the company, Wike said, “They have gotten their development plans and C of O and after we have signed agreements, they must hit the ground running. We have to see that they are serious. And it seems that they are very, very serious. I have visited them and I was quite impressed with what I saw.”
Barr. Wike further emphasised that the FCT Administration is ready to work with serious investors for the development of the FCT while also stressing that the enabling environment has been provided for investments in the FCT.
He said the core essence of the Renewed Hope Agenda was not just to attract investors but also to create employment opportunities for Nigerians.
According to him, “Mr. President has always said that Nigeria is free and we are willing to welcome investors who want to invest and contribute to the development of our country. And with the enabling environment provided by Mr. President and with the support of the FCT Administration, we are ready to work with investors who wish to partner with us.”
In his response, the Executive Director, MAG International, Dr Kassim Gidado, highlighted the organisation’s extensive experience in promoting Nigerian exports and attracting investments, working in collaboration with various government agencies.
He expressed profound appreciation for the FCT Minister’s immense support which, he said, has given investors the needed encouragement and significantly boosted investors’ confidence in the FCT.
Dr Gidado also expressed strong confidence that the Abuja City Walk, once fully executed, will not only replicate but potentially surpass the renowned Dubai City Walk and London’s Canary Walk.
He said the project will massively regenerate the entire airport road axis of the FCT.
