FG seeks partnership with investors to build first entertainment city
Worried over the delay in the execution of the initial master plan of the National Theatre, Iganmu, Lagos to become a functional Entertainment City, the Federal Government has commenced a process seeking partnership with investors to build a mixed-use city through Public Private Partnership (PPP).
The process which kicked off at a forum in Lagos last week, with the Federal Ministry of Tourism, Culture & National Orientation officially requesting for Expression of Interest from investors for the concessioning of the fallow ground within the Theatre’s premises, is aimed at giving the nation’s cultural heritage a vibrant image that will increase Tourism and also allow concessionaires recoup their investment.
Promoters of the new facility say that with a large expanse of land measuring about 134 hectares , out of which the existing National Theatre occupies just 10 hectares, the preferred private sector partner will design, finance, construct, operate and maintain the city,
However, the city’s master plan requires an upgrade of the main bowl of the National Theatre and the development of complementary facilities such as a five star hotel, grade A office space, multi-level car park, international shopping mall to the Northwest of the Theatre land, and water recreation, parks to the North East and South East of the Theatre.
The proposed hotel which will stand on 12 floors on the same stretch of land as the office space will include 250 standard single rooms of 30 square metres, 300 standard double room of about 40 square metres each and 50 suites with sizes ranging from 50 to 75 square metres.
The shopping mall expected to berth about 100,000 square metres of net retail space on its three floors will be adjacent to the Transit zone so that it can be easily accessed from all zones of the city.
The master plan also reveals that the city will host three blocks of office building on 10 floors per block (9 floors and a Penthouse) with adequate space for ground parking for the office area.
Highlighting the investment potential of the city to investors at the forum, Aminu Dikko, director-general, Infrastructure Concession Regulatory Commission (ICRC), noted that there was an increasing awareness worldwide of the critical role the private sector could play in the accelerated provision of infrastructure through PPPs.
The proposed development, according to the promoters, is to offer visitors and tourists a modern, diverse, localised and exciting experience characterised by modern architecture and design, with a wide range of business and recreational facilities of international standard within a serene environment.
Highlighting the investment potential of the city to investors at the forum, Aminu Dikko, director-general, Infrastructure Concession Regulatory Commission (ICRC), noted that there was an increasing awareness worldwide of the critical role the private sector could play in the accelerated provision of infrastructure through PPPs.
According to him, bankable PPPs, when properly structured, could be an effective infrastructure financing and service delivery tool, while incentivising the private sector with good returns. “I invite you all to review this list and indicate interest, while also preparing your consortia or company for the competitive PPP partner selection process that will happen in due course for the published projects”, he said.
ODINAKA MBONU