ABUJA – The FCT Administration will support investors to set up viable projects in the Federal Capital Territory, Abuja because of its multiplier effects on the populace.
The FCT Minister, Muahammad Musa Bello gave this assurance on Tuesday, while performing the ground breaking of the Multi-Billion-Naira Novare Gateway Mall along the Umaru Musa Yar’Adua Expressway (Airport Road), Abuja.
The Minister reiterated that his Administration would give all the needed support to make such projects very successful, as it would go a long way to lubricate the economy and provide employment opportunities to the residents.
Malam Bello emphasized that this occasion is very significant because it underscores the administration’s policy and desire to bring in more investments into Abuja, particularly investments that will serve the citizenry, create employment and of course generate multiplier economic activities.
His words: “On behalf of the residents, I thank you very much for this laudable project and I assure you that the FCT Administration will give you all the support that you require to make this project successful.”
He used the occasion to commend Novare Gateway for partnering with the Abuja Chamber of Commerce in the execution of this project; by leveraging on local expertise, local information and local contacts adding, “I think with Abuja Chambers of Commerce, you have a very credible partner”.
According to him, “As you know, your mall is going to be a mega retail outlet. At this point, I’d like to advise you that it’s very important for you to start planning on local content in respect of the items that eventually would be sold. This is very important because, to be frank, a situation where everything has to be imported, including vegetable and fruits, in the long term, is not tenable. This is the right time for you particularly since you have a mall here and another one in Lagos, to have a very robust system of local content, particularly on areas where it is easy to do so”.
The Minister urged the firm to work on packaging because the main challenge has always been packaging; noting that in terms of quality, most of the foods and vegetable in Nigeria are organically grown and they are of the best health standard.
“So, you need to start working on packaging and developing them. It’s going to be difficult and challenging; but at the end of the day, I think it’s going to be very beneficial for you and also the economy,” he added.
Malam Bello expressed delight for having a very reputable group like Novare Gateway to continue with additional investments in Abuja, which sends a very clear signal that it believes in the city and its potentials as well as benefits of investing in the city.
Speaking earlier, the Chairman of Gray Bar Alliance Limited, owners of Novare Gateway Mall, Professor Fabian Ajogwu said that Novare Gateway Mall is driven by foreign direct investment valued at over 68 million US Dollars in stage one of the development; and it is funded by a debt-equity hybrid financing.
According to him, at its final stage, about 100 million US Dollars would have been invested in the project.
He stated that the Novare Gateway is designed to be a world-class retail-shopping complex with state of the art facilities and exquisite architecture built to the highest international standards and set to be one of the largest retail shopping malls in West Africa with over 25,000 square meters of leasable space.
