The Senate has formed a special committee to investigate the delays in completing the Abuja Centenary City project, which has been ongoing for a decade.
This decision was made following the adoption of a motion during Tuesday’s plenary session. Sponsored by Sen. Yisa Oyelola of Kwara South (APC), the motion highlights the urgent need to revive and finalize the stalled project.
In 2014, they originally launched the project as a public-private partnership initiative with the intention of creating a modern city akin to Dubai to mark Nigeria’s centenary celebration.
It aimed to generate significant economic activity, including creating 150,000 construction jobs and 250,000 permanent positions, accommodating over 200,000 residents, and attracting half a million daily visitors.
The initial investment estimate was $18.5 billion. Despite NEPZA designating it as a free trade zone and overseeing it, progress has remained minimal, with less than seven percent of essential infrastructure like roads completed.
The independent investigation assessment of November 2023 revealed significant shortcomings compared to the original vision of the project.
Reviving and completing the project would have numerous benefits for Nigeria, including job creation and enhancing its attractiveness for foreign direct investment, tourism, and national development.
Senator Isa Jubril suggested that the Federal Ministry of Finance should seek investment bankers to take over the project’s completion.
Senator Ali Ndume emphasized the importance of completing the project, especially considering the numerous unfinished estates in the FCT.
The Senate tasked the committee with reviewing the original public-private partnership agreement and recommending amendments if necessary to expedite the project’s completion within the specified timeframe.
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Additionally, the Senate urged the government to prioritize the project’s revival by providing support and resolving regulatory issues, highlighting its significant economic potential for Nigeria.
The ad hoc committee, chaired by Deputy President of the Senate, Sen. Barau Jubrin, includes other members such as Senators Solomon Adeola, Titus Zam, and Aminu Tambuwal.
The Senate President, Godswill Akpabio, instructed the committee to submit its investigative report within four weeks.
The private sector-driven Centenary City project in Abuja, launched to commemorate Nigeria’s 100th anniversary, expects to cost $18 billion and take 10-15 years to complete. It aims to emulate global smart cities like Dubai, Monaco, and Singapore.