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AfricaMoney | June 22, 2017

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Nigeria’s capital city is about to get a new heart: a brand new World Trade Center complex.

Nigeria’s capital city is about to get a new heart: a brand new World Trade Center complex.

Nigeria’s new World Trade Center (WTC) poised to send its economy sky high, with construction nearing completion in Nigeria’ capital city, Abuja where the complex will offer business, residential and commercial spaces and will be the first of its kind in West Africa.

The construction of a new World Trade Center  (WTC) is nearing completion in Nigeria’ capital city, Abuja where the complex will offer business, residential and commercial spaces and will be the first of its kind in West Africa

The development is expected to open to the public early next year after the completion of the first phase of construction. It will join a network of 323 locations in 89 countries, started in 1970 with the inauguration of the first World Trade Center in New York City.

Funded by local and foreign financial institutions, as well as private investors, to the tune of 200 billion Nigerian Naira, or just over $1 billion, the WTC Abuja will be the largest mixed-use development in West Africa.

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 center and the airport, with a dual-carriage highway surrounding the site and a new light rail system currently under construction.

Abuja is Nigeria’s capital city, a role for which it was purposely built starting in 1976, much in the same way as Brasilia for Brazil and Canberra for Australia.

Abuja replaced Lagos as the capital on 12 December 1991, although the coastal city remains the largest in the whole of Africa, when considering its massive metropolitan population of 21 million.

After a recent revision in the way it measures its GDP, Nigeria now boasts Africa’s biggest economy, having surpassed South Africa with a 2014 estimate of $568 billion.

With strong growth rates in recent years, Nigerian economy is flourishing, even though its reliance on oil exports — the country is Africa’s largest producer and the sixth in the world — makes it susceptible to the volatile nature of that market.

Initially projected to open in 2013, the WTC Abuja has gone through various design phases, and construction itself hasn’t been free of challenges.

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 the capital’s skyline: the Commercial Tower is the tallest office building in Abuja, while the Residential Tower is the tallest residential building in Nigeria.

Source: edition.cnn.com

 

 

 

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