Abuja seeks $400m investment from private sector, lists benefits
By Jeph Ajobaju, Chief Copy Editor
Private entities are being wooed by Information and Culture Minister Lai Mohammed to invest $400 million to facilitate the completion of the Millennium Tower and Cultural Centre (MTCC), a poster public edifice in Abuja.
Mohammed made the plea when he inspected project along with other officials, among them Federal Capital Territory (FCT) Minister Mohammed Bello.
The Millennium Tower, conceived in 2005 and now at 40 per cent completion, is a 170-metre tall structure with facilities for cultural exposition, tourism, socialisation, recreation, hospitality, and commercial activities.
Mohammed said he and his entourage were there to pitch the project for private sector collaboration and investment of $400 million.
“This is the only part of the world where every infrastructure is built by the government.
“In other parts of the world where you have this kind of project, it is done in collaboration with the government and the private sector. As a matter of fact, government is just to be an enabler,” he said.
“My appeal, therefore, is to the private sector, particularly lovers of arts and recreation, to join hands with the federal government to complete the project.
“All the facilities have to do with contents, cultural centre, five-star hotel, museums, arcades and others, it will generate a lot of revenue for whoever has the courage to partner with us.”
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Exploring sources of funding
Bello, whose office supervises the project, said there is not enough budgetary allocation to complete it, according to Nairametrics.
“We started by tackling the road networks, the rail system and now water. As you can see, this is a massive project that will require a lot of funding.
“We are here to see how we can identify other sources of funding apart from budgetary allocation or Internally Generated Revenue (IGR),’’ Bello stressed.
About the Millennium Tower
The Millennium Tower and Cultural Centre has four museums, an expansive arcade consisting of 40,000m2 platform for events, and a five-star hotel with 55 luxury rooms and nine suites for 130 guests.
It also consists of offices, passive and active recreational facilities, an auditorium seating 1,200, conference rooms, exhibitions halls, shops, a sports centre with indoor pool, fitness gyms, squash courts, and a two-level basement for 1,200 cars.
