The Managing Director of Abuja Centenary City Project, Dr. Ike M. Odenigwe, has stated categorically that it will cost them more than $1.6 billion (N2.4 trillion) to construct the entire plan, saying the city is conceptualised to be a multifunctional development that will offer a complete cosmopolitan lifestyle.

Ike disclosed this while briefing journalists in Abuja, stating that they’ve already awarded the first phase of the contract to Messrs Julius Berger Nigeria PLC to provide primary infrastructure for N750 billion, and also to execute the detailed engineering design of the entire project.

He explained that Messrs Dar Al-Handasah Consultants will coordinate the city’s plan as the foremost Abuja urban renewal project, adding that the idea of engaging these reputable companies is to ensure the development of the city according to the vision reflected in the original master plan.

“The City Project will present a great opportunity to create value and raise Abuja’s profile to encourage international investment. It is designed to work in harmony with nature, while districts and communities are to fit in among the natural landscape, offering impressive and peaceful suburban living.”

According to the managing director, the residents will enjoy five-star hotels, an international commerce centre, a Mall of Africa, a championship golf course and estate, a Polo course and estate, Nigeria and Safari Parks, an African Arts Museum, an Industrial Park, and entertainment, among others.

He said that after a pause in development and construction, the project is now back on track, with the promise to redefine sub-Saharan Africa’s skyline and enhance Nigeria’s global standing in urban planning.

“We’re proud of our long-standing partnership with Julius Berger and DAR, and equally committed to working with their expert teams to begin and finalise the primary infrastructure of Centenary Economic City Free Zone in line with our Board of Directors’ vision.”

Odenigwe, therefore, thanked the Ministers of the FCT and Housing and Urban Development for their visionary leadership, encouragement, and unwavering support, which have led to sustainable development. Both see the true meaning of modern urban renewal in the project.

Answering questions from journalists about the project’s cost, he explained that the cost of construction and building has increased over the past 11 years since the city was abandoned, which has hindered direct foreign investment. So, we cannot ignore this giant project this time.

On the issue of compensation, he hinted that they have paid it to five communities, specifically, 150 hectares of land meant for an entertainment and amusement park in Nolly Woods, as well as a 350-bed hospital and 350 housing units of the Centenary Settlement Scheme in Dude, to be delivered to the people.