Nigerian Government approves FESTAC Phase 2

Nigerian Government approves FESTAC Phase 2

The concessioning of FESTAC phase 2 will fetch government about N25.7 billion, Ms. Pepple said.

The Federal Executive Council, FEC, on Wednesday granted approval for the reclaiming and concessioning of the FESTAC phase 2 project.
The Minister of Lands, Housing and Urban Development, Ama Pepple, said at the end of the meeting in Abuja that the project is expected to fetch government about N25.7 billion from the concessioner apart from ground rent of about N150 million every year.
The Minister also said the area, measuring about 1,126 hectares of land, which was acquired since 1977 for the African festival of arts and culture, FESTAC, would be concessioned to a company called New FESTAC Property Development Company.
Four other companies including PW Nigeria Limited, SCC Nigeria Limited, Enacco Nigeria Limited and Funtaj Limited would be joined as concessionaires.
The existing FESTAC (Phase 1) is a largely residential area located in Amuwo Odofin Local Government Area of Lagos and providing accommodation to tens of thousands of residents.