Tourism Development: ICRC approves development of Jabi Lake
…project to cost $21million in two phases
By Taofeek LAWAL, Abuja
The Infrastructure Concession Regulatory Commission (ICRC), has 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(FCTA). The project is expected to cost $21 million and will be in two phases.
Federal Capital Territory(FCT), Minister of State, Dr. Ramatu Tijjani Aliyu, while receiving the certificate on behalf of the administration, said 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 said 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 while stressing that this was included in its performance delivery presentation to the Federal Executive Council (FEC), 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 (BPP), and the ICRC for compliance with extant guidelines. The Outline Business Case (OBC), submitted by the proponents was forwarded to the ICRC for review/advice”.
Commending the support of FCT Minister, Malam Muhammad Musa Bello, and the Coordinator, Abuja Infrastructure Investment Centre (AIIC), and the ICRC team, Aliyu assured that the project would commence before the end of 2021.
The minister however approved the constitution of a Project Steering Committee (PSC) and a Project Delivery Team (PDT) for the project, consisting of relevant stakeholders including the ICRC. Others are procurement of a competent Transaction Adviser (TA) to guide the process going forward; The Project Delivery Team is to proceed immediately with the implementation of subsequent 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.
The Acting Director of ICRC, Michael Ohiani, said the project would cost a sum of $21 million in two phases. He said in over a period of 30 years the project is expected to generate revenues in excess of N123 billion with a Net Present Value of N1.5 billion, Internal Rate of Return of 17.75 percent and payback period of 17 years.
“We all in ICRC believe that the Jabi Lake project is transformational with invaluable multiplier economic effects in the travel and hospitality sector which will have the potential to create jobs, uplift millions out of poverty, revive the Bottom of the Pyramid (BoP) economy and reflate the tourism ecosystem,” Ohiani stated.
