Economy

Proposed Jabi Lake tourism, recreation project to generate N123bn

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By Folasade Akpan / Salisu Sani-Idris
The Infrastructure Concessions Regulatory Commission (ICRC) said the Jabi Lake Tourism and Recreation Development Project will generate 123 billion naira over a 30-year period.

Mr. Micheal Ohiani, acting director general of the ICRC, said on Wednesday in Abuja, while presenting the company certificates (OBC) to Mrs. Ramatu Aliyu, Minister of State of the Federal Capital Territory (FCT).

Ohiani said the project would also generate a net present value of 1.5 billion naira, an internal rate of return of 17.75% and a payback period of 17 years.

“It will also generate direct revenues (concession revenues) for the government through a public-private partnership (PPP) with the Federal Capital Territory Administration (FCTA) of over three billion naira during the same period. . “

The CEO said the project, which would cost $ 21 million, was in two phases.

He said the first phase would cost $ 10 million and the second phase would cost $ 11 million.

Ohiani said the ICRC believes the Jabi Lake project is transformational with invaluable economic multiplier effects in the travel and hospitality sector.

He said it has the potential to create jobs, lift millions of people out of poverty, jumpstart the Bottom of the Pyramid (BdP) economy and revive the tourism ecosystem.

“We also envision that the actualization of the Lake Jabi project will not only keep our currencies on international tourism, but become a source of foreign currency income and position Abuja as a tourist destination.

“This is indeed a transformation project and we therefore call on Minister FCT to support the Transaction Adviser security project to advise the FCT and guide the procurement phase until the commercial and financial close.

Upon receiving the certificate, Aliyu said that all measures will be taken to make the project a reality within a short period of time.

“I am counting on the support of all of us, of all of you, to ensure that the project starts before the end of the year, precisely on October 1st.

“It was Mr. President’s dream, to sail on Lake Jabi, to appreciate the essence of aesthetic beauty, both of the lake, the beauty of the landscapes, the new look of Abuja and the new center of attraction. “

She said the project implementation team would proceed with the implementation of the next steps until the conclusion of the full business case to be submitted to the ICRC as the first certificate of compliance.

The Jabi Lake Tourism and Recreation Development Project is an unsolicited proposal prepared by Jabi Lake Leisure and Cruise Limited.

It is expected to be a tourist destination, offering boat cruises, water sports, and hospitality to tourists and CTF residents. (NOPE)

(NAN)

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