Tourism: Nigeria earmarks N3.5bn on space museum, expects N30bn returns in 15 years
In a bid to boost science and tech tourism in Nigeria, the Federal Executive Council (FEC) has approved an N3.5 billion space museum and planetarium in Nigeria’s capital city of Abuja.
This was disclosed by Nigeria’s Minister of Science and Technology, Mr Adeleke Mamora after the FEC meeting presided over by Vice-President Yemi Osinbajo.
The project is designed to run for a concession period of 15 years and will generate a total of N30 billion for both the Federal Government and Milky-Way Visuals Ltd, a special purpose vehicle (SPV) that was set up to handle the project.
The science minister explained that the project would come at no cost to the Federal Government. Instead, due to its nature as a public-private partnership, the private investors would incur the N3.5 billion cost while the government allocates them space within the premises of the National Space Research and Development Agency (NASRDA) in Abuja.
The Minister explained, “Ministry of Science, Technology, and Innovation presented a memo to the council in respect of Public-Private Partnership brought by one of our agencies and that is NASRDA.”
The memo is to secure a partnership on the upgrade, equipping, and marketing of the space museum and planetarium.
“The buildings meant for this project have been in place since 2018; but because of the non-availability of funds to put the necessary equipment in place, the project has been stalled.
“Fortunately, the memo was approved and the cost of the project is about N3.5 billion it is at no cost to the government; the project will last for about 15 years when, thereafter, it reverts to the Federal Government. The buildings I am referring to are located at the NASDRA premises here in Abuja.”
Meanwhile, the project is designed to run for a concession period of 15 years and will generate a total of N30 billion for both the Federal Government and the Private Sector Investor.
The Infrastructure Concession Regulatory Commission (ICRC), which gave regulatory guidelines for the project, explained what the project is all about: “A Planetarium is a domed building in which images of stars, planets, and constellations are projected for public entertainment or education” citing it would be executed through NARSDA with Messrs Atlantic Factorial Limited as the concessionaire.
They added, “The projects will boost the nation’s tourism sector and stem capital flight.
“A total of 2,160 visitors are expected every week, out of which 360 will engage in the sky diving section and 1,800 visitors for other tourist activities,” they said.
They noted that Milky-Way Visuals Ltd. is the Special Purpose Vehicle (SPV) set up by the concessionaire to specifically handle the project.
A boost to Nigeria’s tourism: The National Space Research and Development Agency (NASRDA) said that when completed, the planetarium and museum projects would boost tourism in the space agency with 2,160 tourists and skydivers expected every week.
The agency said, “Space is a veritable tool for development and that is what these projects are going to achieve for the country.
“They will create employment, drive tourism in our space industry according to global standards, as well as open up opportunities for Public-Private Partnerships.t It is a great day for NASRDA and we do hope that the projects will be successfully executed.”
