The Abuja Centenary City project represents an ambitious urban renewal initiative in Nigeria, poised to redefine the capital’s skyline with its innovative mixed-use developments. Conceived as a legacy project to commemorate Nigeria's 100th anniversary, the city is envisioned as a smart, modern hub designed to attract global investment and position Nigeria as a top destination for international business and development.
Abuja City Gate
Project Overview
The Centenary City in Abuja is a private sector-driven project that was launched to mark the 100th anniversary of Nigeria by January 1st 2014. The project, valued at N750 billion, has officially commenced with the construction of its primary infrastructure phase. The ambitious project is expected to cost $18 billion (N2.4 trillion) and take 10 - 15 years to complete.
According to Dr. Michael Odenigwe Jr., Managing Director of Centenary City Plc, the project aims to attract international investment and provide world-class infrastructure. The city will include interesting features including a 5.5km Formula 1 track, 5 Star Hotels, retail outlets, office space and much more.
Some of the key features planned for the city include:
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- 13 five-star hotels
- Luxury serviced apartments and residences
- International Commerce Centre (ICC)
- Centenary International Convention Centre (CICC)
- Mall of Africa
- Championship golf and polo courses & estates
- Safari, industrial, entertainment and arts parks
- Extensive healthcare and educational facilities
Construction and Design
Construction giant Julius Berger Nigeria Plc has been engaged to deliver the first phase of the project, with Dar Al-Handasah Consultants (DAR) providing detailed engineering design. Work has begun on 235 units of 5-bedroom terrace homes in the city’s residential section.
The CEO of Eagle Hills explained that 75% of the development would be residential and the balance would be commercial. Residences in this new city will incorporate urban lifestyles and shall include idyllic neighbourhood villas and ultra modern central towers. The residences will have social areas and green spaces to create a warm community atmosphere.
Financial and Commercial Aspects
In a bid to make this region the new commercial hub of Abuja, a dedicated ‘Abuja Financial Center’ will be developed. The development will hold an 18 Hole Golf Course. A new 36,000m2 amusement part is part of what is to be included in the Centenary City development, complete with retail and dining options. A proposed 5.5km F1 International Circuit is also amongst a host of other (ultra) mixed use elements to be included in this modern city.
The Address Hotel and Resorts intend to offer unparalleled level of luxury and sophistication.
The Centenary City is an exciting development that will offer a host of contemporary amenities. Nonetheless, the $180.6bn development is unlike anything on offer. The idea of the development is to attract investment and create a new nerve center. It is good to see that other new city projects like the $6b Eko Atlantic, are under development in Nigeria.
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Free Trade Zone Status
Centenary City has been declared an Economic City and approved for Free Trade Zone (FTZ) status by Nigeria Export Processing Zone Authority (NEPZA). Goods may be landed, stored, handled, manufactured or reconfigured and re-exported under favorable customs regulation and generally not subject to customs duty. Also known as a free zone (FZ) and modeled after Dubai - gives your business exemption from the normal regime applicable in Nigeria, particularly regarding prohibitive Customs duty and tax. Centenary City Abuja is business friendly.
Regulations liberalize investment procedures and approval process, thereby eliminating bureaucratic bottlenecks, regulatory procedures and approvals in Nigeria. Legislative provisions pertaining to taxes, levies, duties and foreign exchange regulations shall not apply. Enjoy the freedom to drive new enterprise and achieve rapid growth.
The benefits of operating within the FTZ include:
- Repatriation of foreign capital investment at any time with capital appreciation of the investment.
- Remittance of profits and dividends earned by foreign investors; no import or export licenses shall be required.
- Up to 25% of production may be sold in Nigeria against a valid permit and on payment of appropriate duties.
- Up to 100% foreign ownership of business is permitted in Centenary City Abuja.
- Foreign managers and qualified personnel may be employed by companies in the EPZs.
Challenges and Future Outlook
The project has faced years of setbacks due to bureaucratic bottlenecks, but is now back on track under the current Federal Capital Territory (FCT) administration. The project has faced significant delays, prompting the Nigerian Senate to establish a seven-member committee to investigate the factors hindering its completion in 2024.
Dr. Odenigwe commended the FCT Minister, Barr. Nyesom Wike, and the Minister of Housing and Urban Development, Arc. Ahmed Dangiwa, for their support in reviving the project. Now, Nigeria's Minister of Housing and Urban Development, Ahmed Musa Dangiwa, has renewed calls for investment in the project during a meeting with a delegation from Centenary City Plc, led by its vice chairman and former Secretary to the Government of the Federation, Senator Pius Anyim.
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Dangiwa said in the meeting: "This government prioritizes ensuring that affordable houses are provided to Nigerians while also creating an enabling environment for public-private partnerships to flourish."
A full timeline for the Centenary City project is not yet available, though work on the city's initial infrastructure is estimated to be at 60 percent completion. With this development, the Abuja Centenary City project is set to become a major game-changer in Abuja’s real estate sector.
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