The Minister of the Federal Capital Territory, Senator Bala Mohammed, on Wednesday said the Administration has developed a concept of Public Private Partnership to attract Foreign Direct Investment for the expansion of the nation’s capital.
Mohammed disclosed this at a ceremony marking the “FCT Day” at the ongoing Seventh Abuja International Trade Fair held at the J.T. Useini Trade Fair Complex.
Mohammed, who was represented by the Minister of State for the FCT, Oloye Olajumoke Akinjide, explained that the PPP concept was currently being executed through Joint Ventures and Build Operate and Transfer as exemplified in the Abuja Mass Transit System and Housing Development.
He listed the priority sectors for investments under the FCT Road Map to include: New Districts/Engineering infrastructure, Housing Development/Real Estate, Satellite Towns Development, Agriculture, Industry/Manufacturing Development, Tourism/Hospitality, and Small and Medium Enterprises/Youth development.
Other sectors are Health/Environment, Education, Transportation, Information and Communication Technology, Finance and Solid Minerals Development.
He said: “The FCT Administration has provided enabling environment to encourage both local and foreign investors through the creation of policy initiatives that provides incentives to investors namely; fiscal measures in terms of tax reliefs and allowances payable by entrepreneurs, provision of insurance cover for export oriented industries as specified in Decree No. 18 of 1986, liberal allocation of industrial park well laid out, demarcated and requisite infrastructure, land swap initiative and a host of other policy initiatives, including the recent development of Trade and Investment Policy Document and the establishment of Micro Finance Banks in the six Area Council to facilitate access to funds.
“My administration has also introduced new land administration mechanism to ease bureaucratic bottlenecks and inconsistencies associated with land allocation. There are designated areas for the development of light, medium and heavy industries at Idu Individual Parks I, II and III, Gaube and Gwagwalada. Moreover, new districts and layouts are being provided with relevant infrastructures including good road network, water supply, sewage and drainage systems and electricity and telecommunication services.”
Mohammed said the FCT Administration would continue to put in place the right mix of structures to ensure that residents, entrepreneurs, business and public services compete as an emerging global economic centre.
He emphasised that good governance and enthronement of globally acceptable best practices and standards were necessary for economic growth and development of the Nigerian Economy which, he added, were fundamental platform to achieve Mr. President’s Transformation Agenda and Nigeria Vision 20:2020.
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