ABUJA – The Federal Government has handed over six hectares of land on the premises of the Federal Radio Corporation of Nigeria Broadcast Academy in Lagos to a property developer for the construction of a mixed-use luxurious hotel, high-end residential accommodation and social amenities under a Public Private Partnership (PPP).
Joe Mutah, the Chief Press Secretary, Ministry of Information and Culture, in a statement, stated that the Minister of Information and Culture, Alhaji Lai Mohammed, gave the hint while speaking on the occasion of handing over the land in Lagos on Friday.
According to Chief Press Secretary, Alhaji Lai Mohammed, the procurement process, which started in 2010, followed all laid down procedures and was subsequently approved by the Federal Executive Council.
“After procurement process that started in 2010, a deal has been sealed and we are here to officially hand over a prime property of the Federal Radio Corporation of Nigeria (FRCN), a parastatal under the Ministry of Information and Culture, to the Fish Valley Investments and Properties Ltd,” he said.
The minister said the procurement process of this partnership began with adverts in national dailies for interested investors to partner with the FRCN for the development of a mixed-use of the six hectares of land.
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He said a Ministerial approval as required by law was granted and that subsequent processes by relevant agencies like the Infrastructure Concession Regulatory Commission (ICRC), which is charged with the responsibility of supervising all PPP projects, were carried out while the necessary certificate of compliance, as required by law, was issued by the Commission.
Alhaji Mohammed said apart from creating jobs, the project will also provide a boost to the national economy as additional revenue will accrue to the Federal Radio Corporation of Nigeria; taxes will be paid to the Lagos state Government and funds from the private sector as well as Foreign Direct Investment (FDI) by the project’s foreign partners will be injected into the nation’s economy.
In addition, he said the project will help transform and beautify the FRCN Broadcast Academy environment, hitherto blighted by undeveloped prime land that has sometimes served as a hideout for criminal elements.
The minister said the construction of the residential accommodation will also contribute to the administration’s effort to address the housing deficit in the country.