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FCT Requires $10B To Develop Abuja Entertainment District – Minister

Source: THEWILL. -
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ABUJA, Dec 14, (THEWILL) - About 10 billion US Dollars is required by the FCT Administration to develop the Abuja Entertainment District including the Abuja Film Village International in Kusaki-Yanga, Kuje Area Council.

The FCT Minister, Senator Bala Abdulkadir Mohammed made this disclosure at the Flag-off ceremony of the “Land of Honey” and official signing of Agreement between the Abuja Film Village International and Kohath Investment Group in his office.

The Minister revealed that this total sum of money would neither be from the government coffers nor from the taxpayers but would be sourced globally through genuine investors who have listened to the clarion call.

Senator Mohammed remarked that with this signing of agreement, Kohath Investment Group would bring in direct foreign investment of 150 million US Dollars to open up the Abuja Film Village International.

The Minister stated that the Abuja Film Village International project is being conceived and developed as a mixed used initiative to provide accommodation, tourism, recreational and entertainment facilities.

He thanked President Goodluck Ebele Jonathan for his continued support and further impetus to achieve this landmark vision.

Senator Mohammed assured that the FCT Administration is committed to make Abuja another Hollywood in consonance with the global practice.

The Minister recalled that just recently, the FCT Administration was able to get a direct foreign investment worth 874 million US Dollars from Churchgate Group to build a 37-Storey edifice in the Central Business District, Abuja.

Speaking at the occasion, the Minister of State for Foreign Affairs, Dr. Idi Hong commended the FCT Minister for bringing this vision to fruition within his short time at the helms of affairs of the FCT Administration.

Dr. Hong said that the project has unimaginable potentials and urged the investors to reciprocate by bringing live to the project as planned; stressing that Nigeria is a very large market.

The Managing Director of Kohath Investment Group, Mr. Teniola Eleoramo appreciated the confidence repose on them and assured that the vision will surely be achieved as the Group is committed to this vision. Speaking earlier, the Managing Director of the Abuja Film Village International, Mr. Segun Oyekunle thanked the FCT Minister for his commitment and tenacity of purpose to fast track the pace of this project thereby realizing the vision today.

He also disclosed that the development of the first phase of the project will commence in January 2011.