The Nigerian Export Processing Zones Authority ( NEPZA), has disclosed that construction will soon begin at the Centenary City located in Abuja.
Unveiling the long awaited prototype of the Abuja Centenary Economic City recently,the Managing Director of NEPZA, Emmanuel Jime expressed belief that the project will soon come on stream.
The Centenary Economic city project, which is a free trade zone, was started by the Goodluck Jonathan’s administration, but was put on hold after the change of government.
The Sight News gathered that the Project, hitherto put on hold was resuscitated with the payment of about N1.4 billion to the original inhabitants of the land by the investors.
Furthermore, Jime noted that the present administration has resolved almost all the issues that held the take-off of the project, adding that the initiative will help to discourage capital flight and boost Direct Foreign Investment(DFI), as well as enhance Nigerian’s tourism potential.
In his welcome remarks, the Managing Director of Centenary City Plc, Dr. Ikechukwu Odenigwe, explained that Nigerians no longer need to go to Dubai in the United Arab Emirates to own apartments, stating that what is in the Arab country will soon be available in Abuja.
According to Odenigwe, “N1.237 billion was paid as compensation for the centenary city land, compensation for the land where the resettlement village is located gulped N64 million, and N54 million went to the relocation of the electricity transmitting line that passed through the project site”.
He also stated that, Dantata Group, a reputable Nigerian Estate Developer
will soon kick-start the building of structures in the city, hinting also, that heavy construction equipments are currently working on a Polo Field.
The Centenary City, being a free zone, allows property owners to work and live in the city without having to pay taxes.