The $18 billion Centenary City project in Abuja is facing deepening challenges following the exit of two foreign partners, Messrs Front Range Properties and Eagle Hills of Dubai, due to unfavourable government policies.
The project, which was initiated ten years ago, remains largely undeveloped, with activities at the construction site currently at a standstill.
Developed by Centenary City Free Zone Export, a private investment company, in collaboration with the Federal Government to commemorate Nigeria’s 100th year anniversary, the project has struggled to gain momentum since its inauguration.
The departure of the foreign investors has further stalled progress, raising concerns about the project’s future.
The master-planned community, spanning 1,264.78 hectares, was envisioned as a vibrant city hub with residential areas, commercial districts, and world-class amenities.
It was expected to create over 150,000 construction jobs and 250,000 permanent well-paying jobs upon completion.
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Despite its potential, the project has faced setbacks, including a lack of political will to drive it to completion. Ahmad Al-amin, the company’s Head of Marketing, highlighted the project’s extensive plans, including a world-class mall, hotels, technology parks, and a golf course, designed to accommodate a population of 200,000 residents and 500,000 daily visitors.
Al-amin expressed regret over the project’s current state, noting that planned events and activities, such as horse racing tournaments and equestrian activities, have been delayed due to economic challenges. However, he remains optimistic about the project’s future, emphasizing plans to introduce new technologies and enhance infrastructure to attract investments and create opportunities.
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Engineer Adamu Buba criticized the lack of interest from the Muhammadu Buhari administration, suggesting that the project has been neglected for political reasons.
He urged the present administration to revive the project, emphasizing its potential to provide accommodation, employment, and attract investments to Abuja and its environs.