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FCTA optimistic on Land Swap, targets N3.2trn through secondary investment

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IMAGE: Ademola Olorunfemi, President of Nigerian Society of Engineers »


The Federal Capital Territory Administration (FCTA) says it is hopeful of raking in N3.2 trillion from the Abuja Land Swap initiative through secondary investment.

The novel Abuja Land Swap initiative was conceived as part of efforts at opening up new districts where private sector operators are incentivised to provide the required infrastructure within the districts in exchange for 60 percent of buildable plots of land in the district while 40 percent of the plots are retained by the FCTA for allocation.

 So far, about 15 districts have been earmarked for this initiative and this affects 17 communities including Azhata, Ketti, Dagaja, Anaknayita, Gofe, Kowyizihi, Burun, Takalafiya, Takushara 1 and 2; Maraba 1 & 2; Sabon Burun, Anguwan Mamuda, Waru, Yiyimuttu and Burum Gbagy.

Bala Ahmed, the FCT Minister says N450 billion has so far come into the administration’s coffer from the Land Swap primary investment as the cost of the infrastructure to be provided by investors.

The Minister who disclosed this while addressing the National Executive Committee of the Nigerian Society of Engineers (NSE) led by its President, Ademola Olorunfemi, noted that this initiative was part of the Federal Government’s transformational  agenda, revealing that the administration’s debt profile to contractors has risen to over N400 billion.

He promised to allocate a befitting plot of land to NSE to build its head office, challenging the Society to muster all its contacts to get all the needed resources to build a gigantic edifice expected of the professional body like NSE.

The Minister also promised to support the proposed international engineering conference scheduled for Abuja; stressing that such a conference will open Abuja to the World and avail the Territory of new frontiers.

Speaking earlier, the President of the Society had pleaded with the Minister to allocate a plot of land to the society to build its headquarters, soliciting for continued cooperation of the FCTA and the Society for the mutual benefits of the two parties.

Article Credit: Businessdayonline

Updated 4 Years ago

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Tags:     FCTA     National Executive Committee     Ademola Olorunfemi