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How FCT attracted $6.6bn foreign investments in 2012 - Minister

By The Citizen
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The Federal Capital Territory (FCT) attracted over $6.6bn (about N1.086tn) foreign direct investments (FDIs) in 2012, the Minister in charge of the Territory, Senator Bala Mohammed, has said

He cited some of the investments to $2.6bn for the Abuja Town Centre Development, and over $1bn being expended on the ongoing construction work at the Abuja World Trade Centre.

The minister, spoke on Monday in his office in Garki, Abuja, while reviewing the activities of the Federal Capital Territory Administration in 2012, added that the FCTA had performed creditably well.

History, Mohammed said, was made during the year as the FCTA officially signed a Memorandum of Understanding with 13 land-swap investors to immediately commence the opening up of eight new districts in the FCT, Abuja, a feat he described as unprecedented.

According to him, the fact that the investors paid the sum of N350m to the FCTA, being fees for survey maps, detailed land use plan, engineering design, demographic reports, legal documentation and other ancillary services to qualify, is an indication of the seriousness of the deal.

He said this was in addition to the over N300bn investment from banks in and outside the country to develop infrastructure in those districts.

Senator Mohammed said the commencement of infrastructural development in three districts of the Federal Capital City, Abuja, during the year, was a major step forward for the federal territory.

He added that in order to increase the speed of development in the FCT, five districts, including Katampe, Mabushi, Gwarinpa I and Kado were approved for procurement by the Federal Executive Council since 2006, using the Public-Private-Partnership model. He said this had been taken to the next level.