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Nigeria: Firm Boosts Tourism in FCT With 1.5 Billion U.S. Dollars Investment
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Vanguard (Lagos)
7 August 2008
Posted to the web 7 August 2008
Umoru Henry
A South African company, Old Mutual Investment, has concluded arrangements to build the Jabi Lakefront worth $1.5 billion (US Dollar) as part of moves to boost the tourism potential of the Federal Capital Territory.
Disclosing this in Abuja yesterday when he received a delegation of Old Mutual Investment Group, Duval Properties Limited and Louis Karol Architects in his office, Minister of the Federal Capital Territory Administration (FCTA), Dr. Aliyu Modibbo Umar, said his Administration would accelerate all approvals needed for the project. He said the South African investors revealed to him that the consortium has 75 per cent of the $1.5 billion (over N180 billion) in its kitty that would enable them execute the project.
Dr. Modibbo Umar, who remarked that the clearing of the site would commence in earnest, as the ground-breaking ceremony is slated for first week of October 2008, explained that the construction proper would start in December 2008 and completed in 2 years in order to fast track Abuja into an international tourists' destination.
The Minister directed the FCT Development Control Department to within two weeks, give preliminary approval to their building plans to serve as an encouragement to the international investors, just as he stressed that the Administration was more than ever determined to woo investors to the Territory to ensure that the city was better placed for its new challenges.
Speaking earlier, the leader of the delegation and one of the Directors of Duval Properties Limited, Alhaji Bello Garba, revealed that the Jabi Dam would be dredged to attract more tourists to Abuja, saying that the proposed Jabi Lakefront would be used for mixwd resort.
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He disclosed that the integrated mixed development would comprise a hybrid, luxurious buildings that would accommodate first class office complexes, a 400 room modern five star Hotel, in addition to a modern three star Hotel to cater for the working class and a state of the art 1,000 Shopping Mall, international food court, convention centre, luxurious recreational water front area.
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