By JUDE NJOKU & HENRY UMORU

Determined to flag off work on the construction of the 2.976 trillion Naira Abuja Centenary City project, the Minister of the Federal Capital Territory Administration, FCTA, Senator Bala Mohammed last week, endorsed an agreement for the development of the City which is one of the landmark projects to commemorate Nigeria’s attainment of 100 years.

The agreement was signed between the FCT Administration and Centenary City Conglomerate chaired by former Head of State, General Abdulsalami Abubakar.

Senator Mohammed who disclosed  that the Centenary City was an initiative of the Federal Government to provide qualitative houses for Abuja’s rapidly growing population as well as to commemorate the centenary celebration of Nigeria, said that  the sum of N2.976 Trillion (18.6 billion US Dollars) has been mopped up to develop the 1,200 hectares of land earlier earmarked by the FCT Administration for the purpose.

According to him, a total of N1.2 billion had been paid being 100 percent compensation for economic trees of the original inhabitants as well as structures of some non natives situated there, adding that 20 percent of the plot has been earmarked for residential houses while 80 percent is for mixed use and commercial purposes.

The Abuja  Centenary City which would be built from scratch along Airport Road, will be the second-largest private city development in history, and signals a new national economic awakening.

It will promote world-class multinational and domestic businesses in a planned environment that will encourage business and trade in the 21st century. Around 100,000 people will live in the new city, with a further 500,000 expected to pass through it daily.

Vanguard Homes & Property learnt that in a concerted effort to boost trade and investment in Nigeria, and following the success of Dubai, Monaco, Shenzhen, Singapore and Songdo, the City will incorporate a free trade zone, duty free regime, tax holidays and non-regulated banking services

Senator Bala at the occasion explained  that the Federal Capital Development Authority, which is the custodian of the Abuja Master Plan, would be working hand in hand to ensure high quality infrastructure in the area. He further explained  that the FCT Administration would maintain five percent equity share in the project.

The FCT Minister of State, Oloye Olajumoke Akinjide, FCT Permanent Secretary, Engr. John O. Chukwu fnse, and the FCDA Executive Secretary, Engr. Adamu Ismaila witnessed the brief ceremony.