The Federal Government has disclosed that the Centenary City Project in Abuja will cost a sum of $180.6 billion with a completion period of over ten years.
The government also said the project is targeting over 87,000 job opportunities for Nigerians and expatriates in the real estate sector. The project has the Federal Capital Development Authority (FCDA) as one of the major stakeholders. The city is estimated to have 260 luxury villas, 256 apartment buildings including 139 office buildings all functioning in a seamless environment.
While unveiling the city model in Abuja on Tuesday, Philippe Zuber, Chief Operating Officer of the Address Hotels and Resorts, a subsidiary of Eagle Hills, said the project was conceptualized to complement the national implementation plan of the federal government, especially in its quest to become one of the top economies by year 2020.
According to Zuber, the city would operate as a Free Zone, where there would be tax exemptions for corporate and business entities within the city, as well as import and export duty exemptions. He said, “We are targeting over 87,000 direct employment opportunities in this massive project that will make Abuja and Nigeria a major investment hub, however, those to be employed will be more of Nigerians and a few other expatriates from other parts of the globe. “Abuja has the potential for tremendous growth in the future and centenary city project has been conceptualized in celebration of Nigeria’s 100 years centenary. This city has the potential to become a game changer for real growth in the near future. “We are committed to ensuring that this project is fully developed. We have done it before and we can assure you again that we will do it here. With the experience gathered in developing similar projects in over 60 markets across the world”.
