By Kingsley Adegboye
International Finance Corporation,IFC, a member of the World Bank Group, has announced a $9.5 million (United States Dollars) investment in Jabi Lake Mall located in the Federal Capital Territory, FCT, Abuja. The investment is borne out of the huge demand for modern business infrastructure and retail space in FCT.
The $120 million Jabi Lake Shopping Mall which is being built on a five hectares parcel of land at Jabi Lake waterfront, is expected to create about 350 construction jobs and 900 long-term, retail-sector jobs.
When completed, the project will be Nigeria’s largest shopping mall with over 30,000 square meters of shopping space.
Director, Actis Africa Real Estate Fund 2, (sponsors of the project), Ms. Amanda Jean Baptiste said investing in the Jabi Lake Mall demonstrates Actis’s commitment to the development of world-class retail destinations and domestic infrastructure in Nigeria. It is also part of the firm’s support for the growing demands of a rapidly changing economy. “Our partnership with IFC will help us draw on their expertise in international best practice in the environmental and social aspects of the project that affect property development,”she said.
IFC’s Country Manager for Nigeria, Mr. Solomon Adegbie-Quaynor, described their investment as part of “IFC’s strategy to help strengthen business infrastructure, contribute to economic growth and increase job opportunities in Nigeria. Actis is a strong partner in this regard, that can also transfer best modern retail practices”
Vanguard Homes & Property learnt that Jabi Lake Mall will be the largest retail development of international standard in Abuja. “Its construction will provide business opportunities for local suppliers of food, construction materials and services and will serve as a catalyst for urban development in the area around the mall”, a statement by Actis, said.
Construction began on the project in late 2013 and is expected to be completed in 2015.