By Enyichukwu Enemanna
The Nigerian Senate has commenced investigation into the circumstances surrounding the $18.5bn failed Abuja Centenary Economic City project, a landmark project set up in 2014 to mark the country’s centenary celebration.
Heritage Times HT reports that the economic city was to be used as a strong social, political and economic tool for securing foreign direct investment, promoting positive international attention and signalling a new national economic renaissance in celebration of 100 years anniversary of the West African nation.
Baffled by disturbing pace of work at the sight ten years after its launch, the Senate opened a probe on the public-private sector-led project.
An ad-hoc committee to be chaired by the deputy Senate President, Sen. Barau Jibrin has been inaugurated to this effect.
The original estimated investment for the project in 2014 pegged at $18.5bn, was designated as a free trade zone under the regulatory oversight of the Nigerian Export Processing Zones Authority (NEPZA), sponsor of the bill, Sen. Yisa Oyelola representing Kwara South, noted.
Other lawmakers, however, want the project resuscitated through a PPP arrangement, instead of funds injection by the government.
Chairman Senate Committee on Customs, Sen. Isah Jibrin, further maintained that the project should be self-funded one over a period, as he called on the Ministry of Finance, to put together a team of investment bankers to fund it.
The Senate therefore mandated the Committee on Federal Capital Territory, to urgently investigate the factors impeding the completion of the project.
It specifically tasked the committees to review the public-private partnership agreement and recommend amendments, to facilitate an expeditious completion within a defined timeframe.
Heritage Times HT reports that in 2021, the Nigerian Institute of Quantity Surveyors estimated that the quantum of uncompleted projects in Nigeria was put at N12 trillion.
Both the federal and state governments have been caught in the web of starting and not completing projects.
Some of the abandoned projects include, Millennium Tower and Cultural Centre Abuja, Ajaokuta Steel Industry and many others.
