The Infrastructure Concession Regulatory Commission (ICRC) has said, the proposed Jabi Lake project in the Federal Capital Territory (FCT), will gulp $21 million.
ICRC Acting Director, Mr. Michael Ohiani, disclosed this when he issued the Outline Business Case (OBC) Certificate of compliance for implementation of the Jabi Lake Phase II Tourism and Recreational project to FCT administration in Abuja.
Ohiami, who described the project as transformational, said it is expected to generate revenue in excess of N123 billion over a period of 30 years with a net present value of N1.5 billion, internal rate of return of 17.75 per cent and payback period of 17 years.
The ICRC boss called on the FCT Minister to support the project and secure a transaction adviser to guide the administration in the process.
He said: “We believe that the Jabi lake project is transformational with invaluable multiplier effects in the travel and hospitality sector with the potential to create jobs, uplift millions out of poverty, revive the Bottom of the Pyramid (BoP) economy and reflate the tourism ecosystem.”
The FCT Minister of State, Dr. Ramatu Aliyu, who received the certificate, said the FCT administration had among its presidential mandates, the task to work with the private sector to create jobs and lift 100 million Nigerians out of poverty.
The minister revealed that the administration’s short term strategic development plan is to put in place tourism and recreation facility in partnership with competent investors. “This was included in its performance delivery presentation to the Federal Executive Council (FEC) on February 5, 2020,” she said.
In actualising this mandate, she said the FCTA received and considered proposal by Messrs Jabi Lake Leisure Cruise Limited for the transformation of Jabi Lake into a tourist destination. The initiative will provide boat cruises, water sports, hospitality and other tourist activities.
According to her, the FCTA subsequently approached the Bureau for Public Procurement (BPP) and the ICRC for compliance with extant guidelines adding that the OBC submitted by the proponents was forwarded to the ICRC for review and advice.
She commended the FCT Minister, Malam Muhammad Musa Bello, the Coordinator, Abuja Infrastructure Investment Centre (AIIC), and the ICRC team for their support and assured that the project would take off before the end of this year.
Aliyu also approved the constitution of a Project Steering Committee (PSC) and a Project Delivery Team (PDT) made up of relevant stakeholders, including the ICRC, procurement of a competent Transaction Adviser (TA) to guide the process.
The project delivery team is to proceed with the implementation of steps until the conclusion of the Full Business Case (FBC), which would be submitted to the ICRC for Certificate of Compliance and then to the Federal Executive Council (FEC) for approval.