A World Trade Centre complex is expected to open to the public in Abuja early next year after the completion of the first phase of construction.
The development will join a network of 323 locations in 89 countries, started in 1970 with the inauguration of the first World Trade Centre in New York City. Funded by local and foreign financial institutions, as well as private investors, to the tune of N200 billion, or just over $1 billion, the WTC Abuja will be the largest mixed-use development in West Africa.
A report by CNN recalled that WTC Abuja has been under development since 2010, on a lot spanning over six million square feet in the Central Business Area of the capital. The location offers easy access to the city centre and the airport, with a dual-carriage highway surrounding the site and a new light rail system currently under construction. For business tenants, though, the most important connections will be those with the global network of 750,000 entrepreneurs that make up the World Trade Centres Association (WTCA).
“One of the missions of WTC Abuja is to improve trade relations between Nigeria and the rest of the world. For example, it will enable international businesses to make investments in our community. Ties will be forged between government agencies, non-governmental organizations and international corporations, and the additional business that is captured within the walls of the World Trade Center will provide tax revenues to government which can be used to improve the welfare of the people,” Vinay Mahtani, CEO of the site’s developer, Lagos-based Churchgate Group said.
Initially projected to open in 2013, the WTC Abuja has gone through various design phases, and construction itself hasn’t been free of challenges. “For example certain areas of the project have had to be redesigned as we repositioned ourselves in order meet the ever-changing consumer and market needs. We have also faced logistical issues such as congestion in the ports, which has meant our building materials arrived at site behind schedule,” said Mahtani.
Construction is now nearing the end of the first phase, which comprises the residential and commercial towers. The former will offer luxury apartments with modern amenities, while the latter will accommodate businesses of various sizes, with offices ranging from 100 to 1,440 square meters. The buildings, at 24-storeys each, are set to define Abuja’s skyline: the Commercial Tower is the tallest office building in the nation’s capital, while the Residential Tower is the tallest residential building in Nigeria. Future phases include the construction of a shopping mall and a 37-storey hotel, which will be among the tallest skyscrapers in the continent.
Upsides and downsides
Nigeria, which has attracted the largest amount of foreign investment capital in sub-Saharan Africa since 2007, is set to gain international prestige from the development: “There is no doubt that Abuja and Lagos will benefit tremendously from high end commercial and residential real estates,” Adekunle Salau, Ernst & Young Advisory Leader for West Africa, told CNN. “My expectation is that if this is executed to plan, Abuja will be able to host world class conferences and compete favourably with Johannesburg and Cape town for international events.
It may also moderate the cost of hotels and rents in Abuja, but more importantly it should add significantly to the economic development of the capital, creating employment in the service and retail sectors. The downside is that it can also be artificially priced, thereby continuing to heat up the already high cost of Abuja properties and secondly, the amenities may not be developed to the quality expected from the WTA brand,” Salau said.
“When You Die, You’ll Face 2 Judges” – Mad Man Makes Shocking Revelation While Preaching the Gospel (Video below)
Prophet Muhammad Told us These Five Secrets About Christianity (Details below)
How Women Revenge On Their Cheating Husbands (Details below)
Unbelievable! Gumi Is Our Messiah, Nigerians Should Be Thankful They Have A Man Like Sheikh Gumi- Ayodele Worships Gumi
SHOCKING: Lady With Massive Melons Reveals What She Has Done to Alot Of Men This Year (Details below)
Curvy Woman Caught Sleeping With 13-year-old, See Why She Did It (Details below)
SHOCKING: Man Who Divorced His Wife And Married The Maid Explains Why He Did it (Details below)
Panic as Boko Haram Gives Nigerian Government One Week to do This Or Else (Details below)
- Crime2 days ago
Bombshell as Bandits Reveals Secret Agreement Made With President Buhari (Details below)
- Crime1 day ago
SHOCKING: After Spending 17- year In Prison, See What This Man Did To The Police Oficers That Arrested Him And Took Away His Wife (Details below)
- Lifestyle18 hours ago
END TIME: Students Practicing Lesbianism… Sucks Each Other Breast (Video below)
- Lifestyle1 day ago
Two Lovers Found Dead in Their Apartment, See What Was Found Beside Them (Video below)