Dubai investor unfolds urbanisation plans for Nigeria

By Rasheed Bisiriyu

The quest by the government to attract foreign investment into Nigeria will soon receive a boost as a Dubai-based firm, Rhino Properties, has unfolded plans to transform some Nigerian cities, including Lagos and Katsina into mega urban centres.

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The urbanisation project, which will run into billions of dollars, will be executed in conjunction with a local firm, Countryhome Real Estate Company, with international financiers providing the funds.

The firm has done over 100 major projects in the UAE cities, which are located in areas such as Dubai, Abu Dhabi, Ajman, Umm Al Quwain, Sharjah, Ras Al Khaimal and Fajeirah.

In Nigeria, the firm would facilitate the construction of modern estates and develop infrastructure in blighted areas to make them more habitable and attractive.

The Chief Executive Officer of the firm, Mr. Frank Omene, who arrived Nigeria last week, to fine-tune the arrangement, said he had the backing of some international financial institutions for the funding of the projects.

He also led a team last Monday on a visit to the Lagos monarch, Oba Rilwan Akiolu, and solicited his support for the projects.

He said,“ Our plan is to get credible financiers to do the projects. We will identify each project, work out the details, including cost, and contact them for the funds.”

His dream, he said, was to replicate in Nigeria what was done in Dubai a few years ago. He recalled how the United Arab Emirate city was transformed from a desert where camels walked freely on many of its streets.

He said,“What we want to do is to build cities within the city. We will start with infrastructure because that is a major problem in this country and once that is tackled, the foundation for other projects would have been solidly erected.”

Although he could not give the estimated cost of the projects, saying the details were still being worked out, he said each of them would be worth at least $200m.

Omene said,“We want to start with the city of Lagos, transform it and make it the pride of Africa. We have done our homework and we are convinced about that the restoration projects would change the perception of the world about the city and other Nigerian cities to be covered.”

http://odili.net/news/source/2008/jan/28/402.html