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FG okays FCT economic summit on investment

By on December 3, 2013

The Federal Government has approved a special Abuja Economic Summit to unleash the huge economic and investment potential of the Federal Capital Territory.

The event is also expected to serve as a forum for exploring an alternative funding for the FCT’s major infrastructures for transportation, tourism and social services.

The FCT Minister, Bala Mohammed, who announced President Goodluck Jonathan’s approval of the economic summit during a special tour of ongoing projects within the FCT undertaken by the Federal Capital Development Authority on Friday, said the summit would open the window for accelerated private capital inflow into Abuja with a view to ensuring an efficient and sustainable service delivery.

He said the summit, which would bring together leading investors, captains of industry, capital market operators and finance experts, had been fixed for next year.

Mohammed stated that the summit would be used as a forum to attract development partners, who would intervene to help the FCT Administration to complete some of its major portfolio projects whose completion timeline, had become unrealistic due to funding challenges.

He listed one of such projects as the Nigeria Cultural Centre and Millennium Tower Project in, Central Area, Abuja.

The N69.3bn project, which had attained about 34 per cent completion, required about N31bn to be completed.

“With October 2014 revised completion deadline, only a paltry N2.5bn was appropriated for the vital national project in the 2013 budget, making it a potential candidate for private capital injection,” the minister stated.

 

 

[Punch]