A decade after the ambitious launch of the Abuja Centenary Economic City project, the Senate has embarked on a thorough investigation into its failure. The project, initially estimated at $18.5 billion and envisioned as a public-private sector-led initiative, has faced significant setbacks, prompting calls for its revival under the 10th Assembly.
To spearhead this inquiry, the Senate has established an ad-hoc committee, with Deputy Senate President, Sen. Barau Jibrin, appointed as its chairperson. The decision to initiate this investigation stems from a collective desire to revive and salvage the once-promising venture, which holds immense potential for economic development.
Sen. Yisa Oyelola, representing Kwara South and the bill's sponsor, highlighted the project's original scope. In 2014, it was envisaged as a free trade zone under the regulatory oversight of the Nigerian Export Processing Zones Authority (NEPZA). However, despite the lofty aspirations and significant initial investment, the project has faltered, failing to realize its intended objectives.
While acknowledging the need for intervention, some lawmakers advocate for a public-private partnership (PPP) model as the most viable path to revive the project. They argue against direct injection of funds by the Federal Government, emphasizing the importance of private sector participation and investment.
Sen. ISAH Jibrin, Chairman of the Senate Committee on Customs, echoed this sentiment, advocating for a self-funded approach over time. He urged the Ministry of Finance to assemble a team of investment bankers to explore financing options and ensure sustainable funding for the project's revitalization.
In addition to investigating the root causes of the project's failure, the Senate has tasked the Committee on Federal Capital Territory with conducting a thorough review of the public-private partnership agreement. The aim is to identify bottlenecks and recommend necessary amendments to expedite the project's completion within a defined timeframe.
Furthermore, the Senate has called upon the Federal Government to prioritize the revival of the Abuja Centenary Economic City project. This entails providing appropriate support, resolving regulatory hurdles, and addressing any other impediments that have hindered progress over the past decade. The project's successful revival is deemed crucial not only for the economy but also for the welfare of the Nigerian populace.
Beyond the immediate objectives of the investigation, there is a broader imperative to learn from past failures and improve governance frameworks for future projects. The Abuja Centenary Economic City project serves as a sobering reminder of the challenges associated with large-scale infrastructure initiatives and the importance of effective oversight and accountability mechanisms.
Moreover, the investigation provides an opportunity to explore innovative approaches to project financing and implementation. By leveraging private sector expertise and resources, the government can mitigate financial risks and maximize the impact of infrastructure investments. This aligns with broader efforts to foster sustainable economic growth and development across Nigeria.
In conclusion, the Senate's decision to launch a probe into the failure of the Abuja Centenary Economic City project underscores its commitment to good governance and accountability. By addressing the root causes of the project's shortcomings and charting a path forward, the Senate aims to unlock the full potential of this ambitious initiative and contribute to Nigeria's long-term economic prosperity.