BUSINESS AND ECONOMY

NEPZA unveils Abuja free zone centenary city project

Oru Leonard

The Nigerian Export Processing Zones Authority ( NEPZA) has unveiled the long awaited prototype of the Abuja Centenary Economic City.

Centenary Economic city project, a free trade zone, started by the previous administration, was said to be a landmark project to retain the memories of the country’s centenary celebration.

The project, however, was delayed after the 2015 General elections which brought about leadership of President Muhammad Buhari.

Prototype of the Centenary Free Economic Zone.

The Project, hitherto put on hold was revamped with the payment of about N1.4 billion to the original inhabitants of the land by the investors.

Speaking at the occasion, NEPZA Managing Director, Mr. Emmanuel Jime, said that the present administration being determined to implement the ease of doing business policies, had resolved almost all the issues that blocked the take-off of the project.

Mr Jime noted that the initiative was mearnt to discourage capital flight and boost direct foreign investment, while enhancing Nigerian’s tourism potentials in all parts of the country.

The Managing Director, Centenary Economic City Project, Mr. Ikechukwu Odenigwe, at the unveiling ceremony of the project prototype, said that while N1.237 billionn was paid as compensation for the centenary city land, compensation for the land where the resettlement village is located gulped N64million, and N54million was spent to relocate the electricity transmitting line that passed through the project site.

 

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