Frontline real estate development company, Brains&Hammers says nothing but the best will apply in the construction of 167 billion naira Kano Economic City, a project that is expected to significantly invigorate the economy of Kano and other northern states just as it will create over five hundred thousand jobs. Francis Kadiri writes.
Located along Zaria-Maiduguri road, the project had suffered no mean setback in execution especially that it had been repeatedly abandoned by past governments, despite their efforts made to execute it.
However, the coming on board of one of Nigeria’s leading real estate development companies, Brains&Hammers as well as the determination of Kano State under Governour Umar Abdulahi Ganduje has reawakened the prospects of completion as Brains and Hammers will finance the very viable project.
To this end, a major goal has been scored as the Kano State government signed a 167 billion naira deal with Brains&Hammers Real Estate Development Company for the construction of the long awaited project.
The TRUTH reports that prior to the commencement of the Dr. Abdullahi Ganduje administration, various governments of Kano State have made efforts to construct the Kano Economic City in view of the potentials for job creation and economic rejuvenation it holds. However, various challenges continued to militate against the prospect until the Ganduje administration.
The pact provides that Brains&Hammers will finance and execute the project on a Build, Own, Operate and Transfer (BOOT) arrangement. The developer will also own twenty five percent equity and will build the market and own it for twenty five years before handing it over to Kano State government. The terms also provide for the engagement of a qualified facility management company which will ensure decent management of the Kano Economic City.
At the deal-sealing ceremony, Managing Director of Brains&Hammers, Umar Abdullahi said his organization will “demonstrate what we have been known for: We will deliver the project within seventy-two months with an additional eighteen months (making a total of ninety months) moratorium during which it is expected that some five hundred thousand jobs would be created.”
“With Brains&Hammers, it’s not just about delivering a project; we will construct Kano Economic City using the best human and material resources such that the infrastructure will not just stand the test of time, but the prospect of economic yield on the houses will also be guaranteed,” he assured.
He said in order to enhance the chances of acquisition by all classes of people, mortgage arrangement has been put in place. “It involves finance arrangements with some banks and other institutional investors who have expressed interest in facilitating the project.”
According to Abdullahi, Kano Economic City is designed to complement other markets in the city without necessarily competing with them in order to realize the role of Kano state as the commercial nerve center of Northern Nigeria.
The TRUTH reports that the project is already being patronised as increasing number of requests for warehouses were made even before prices were rolled out.
According to the Managing Director of Brains and Hammers, the project accommodates a world class training school for businessmen who could avail themselves of such opportunities instead of paying through their noses to obtain same abroad adding that other facilities include independent power plant, central sewage plant, fiber optic internet cable service, and world class security services.
“It also accommodates a wholesale and retail market he said,” adding that supply chain would be taken into consideration in the design, which will have multiplier effect and also complement other existing markets in the city while witnessing increase in economic activities.
“In order to de-congest the city of heavy vehicular traffic and movement of goods and services and also curb incessant fire outbreaks in some of the city’s markets, the development of Kano City project will be in three phases.
“The first and second phases would accommodate a World Trade Center, an educational institute, twelve light factories for leather works, and beverages, a high powered transformer, conference center, ten thousand retail shops consisting of lock-up and open stalls, banks, a hundred warehouses, hospitals, mosques, police station, an educational institute, a games park, fire station, passenger and goods motor park, trailer park, ancillary buildings and ample green areas, among others.
“Phase three would comprise a world class Trade Center.
While signing the 167.508 billion naira agreement, the executive Governor of Kano state, Dr. Umar Ganduje noted that the project will be executed in seventy-two calendar months. According to him, it will be in three phases and will accommodate a World Trade Center, Educational Institute, Light factories, 160 mega warehousing facilities, banks, a clinic and trailer parks in addition to other auxiliary infrastructure. Ganduje said when completed, it is expected to create a minimum of 500, 000 jobs in the state.
Speaking during a brief ceremony at the Government House in Kano, the governour explained that, “the signing of the contract has opened a new chapter in the commercial development of the state stating that the project costs over N167 billion naira with 9,067 market stalls, adding that the Kano Economic City indicates the commitment of his administration to improve livelihood and business in the state by providing world classbusiness structures.
“As you have witnessed, my administration has engaged the best hands for the overhaul of our marketing and commercial structures with the provision of modern facilities and other infrastructural facilities as roads to ease vehicular transportation as well as movement of goods.”
He therefore maintained that the signing of the agreement has opened up a new chapter for the commercial development of the state in its journey towards evolving as a mega commercial city.
Governor Ganduje, who noted that efforts by past administrations to actualize the project had failed, explained that the decision to sign the agreement with Brains&Hammers is a significant departure from past proposals, adding that it is cogent enough to raise the hope that “the state would soon have a befitting market and other facilities solely financed by the company.”
In his remarks, the Managing Director/CEO, Brians and Hammers Ltd., Malam Umar Abdullahi said the decision of the company to work with the government of Kano state on the project is based on the obvious determination of the Ganduje administration to improve human and infrastructural development of the state. He promised that his company would deliver a world class facility that would complement the state’s role as a major commercial nerve center of the entire West African sub-region.
Umar said described Kano Economic City as a world class signature project for Brains and Hammers adding that the proposal has shown great departure from the past and has raised hope that the state will soon have a befitting market.