The Infrastructure Concession Regulatory Commission, on Wednesday, issued the Outline Business Case Certificate of compliance on the implementation of the Jabi Lake tourism and recreational project to the Federal Capital Territory Administration.
It stated hat over a period of 30 years, the project is expected to generate revenues in excess of N123bn with a Net Present Value of N1.5bn, Internal Rate of Return of 17.75 per cent and payback period of 17 years.
The Special Assistant on media to the Minister of State, Dr Ramatu Tijjani Aliyu, confirmed the development in a statement, adding that the project is expected to gulp $21m.
While receiving the certificate on behalf of the administration, Aliyu, recalled that the administration had amongst its presidential mandates, the tasks to work with the private sector to create jobs and help lift 100 million Nigerians out of poverty.
She revealed that the FCT administration’s short term strategic development plan was the development of the tourism and recreation potentials of the territory in partnership with competent investors, noting that this was included in its performance delivery presentation to the Federal Executive Council on February 5, 2020.
“In actualising this mandate, the FCTA received and considered an unsolicited proposal by Messrs Jabi Lake Leisure Cruise Limited for the transformation of Jabi Lake into a tourist destination; providing boat cruises, water sports, hospitality and many more tourist activities.
“The FCTA subsequently approached the Bureau for Public Procurement and the ICRC for compliance with extant guidelines. The Outline Business Case submitted by the proponents was forwarded to the ICRC for review/advice.” she stated.
While commending the support of the FCT Minister, Malam Muhammad Musa Bello, and the Coordinator, Abuja Infrastructure Investment Centre, and the ICRC team, she, however, assured that the project would take off before the end of 2021.
Aliyu, therefore, approved the constitution of a Project Steering Committee and a Project Delivery Team for the project, consisting of relevant stakeholders including the ICRC.
In his remarks, the acting Director of ICRC, Mr Michael Ohiani, revealed that the project would cost the sum of $21m in two phases.