Why FG Seeks $400 Million From Private Investors

By Tolulope Oke

The Federal Government of Nigeria (FG) on Thursday sought private investors to contribute approximately $400 million needed to finish the Millennium Tower and Cultural Centre (MTCC) in Abuja.

The Minister of Information and Culture, Lai Mohammed made this request while touring the building’s project in Abuja.

According to Mohammed, “This is the only part of the world where every infrastructure is built by the government. In other parts of the world where you have this kind of project, it is done in collaboration with the government and the private sector. As a matter of fact, government is just to be an enabler.

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“My appeal, therefore, is to the private sector, particularly lovers of arts and recreation, to join hands with the Federal Government to complete the project…”

The minister stressed that the tower will greatly benefit whoever partners with the government because the facilities which include a cultural center, five-star hotel, museums, arcades, and others will create a lot of cash.

The millennium tower is a 170-meter tall structure with facilities for cultural exposition, tourism, socialisation, recreation, hospitality and commercial activities which was conceived in 2005 and has reached 40% completion.