27 December 2012

Nigeria: FCTA Realised N1 Trillion Foreign Investment in 2012 - Minister

Minister of the Federal Capital Territory (FCT), Senator Bala Mohammed has disclosed that the administration realised a total of $6.6 billion (N1.086 trillion) from Foreign Direct Investment (DFI) in 2012.

$2.6 billion of this is for the Abuja Town Centre Development while over $1billion was being expended on the ongoing construction work at the Abuja World Trade Centre.

The minister who stated this while reviewing the year 2012, promised that 2013 would be a better year for residents of the territory.

This was just as he said that his administration would deliver more to meet their yearnings and said that the administration had done well so far.

He recalled achievements of the administration this year to include the official signing of a Memorandum of Understanding (MoU) with 13 Land-Swap investors to immediately commence the opening up of eight new districts in the city, of which the investors had each paid the sum of N350 million to the administration as fees for survey maps, detailed land use plan, engineering design, demographic reports, legal documentation and other ancillary services to qualify, in addition to the over N300 billion investment from banks in and outside the country to develop infrastructure in those districts.

Other achievements in the year, according to him, are the flag-off of infrastructural development in three districts of the federal capital city, approval for the development of five new districts through Public Private Partnership (PPP).

He stated further that in order to increase the speed of development in the FCT, approval for the allocation of 50 hectares of land to the American based company-American Building Systems International, to build the first phase of the Abuja Social Housing Initiative, as well as approval of 1,000 hectares of land to be set aside for the Federal Mortgage Bank to build decent and affordable houses.

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