Town in Lagos under a public-private partnership arrangement.
According to a statement, Minister of Lands, Housing and Urban Development, Ama Pepple, made this known while briefing newsmen on the outcome of the weekly Federal Executive Council (FEC) meeting, which was presided over by President Goodluck Jonathan.
She said the proposed Phase II FESTAC project, which would yield N25.7 billion to the Federal Government, would involve the development of the remaining 1,126 hectares of land out of the 2,000 hectares acquired for ‘FESTAC 77’.
She noted that only a portion of the land initially acquired was developed while the remaining was abandoned due to lack of funds, adding that this prompted the ministry to move to develop the phase II through the new arrangement.
“Council approved that we can concession the area we call FESTAC Phase II to a company called New FESTAC Property Development Company.
“The area involved is 1,126 hectares and we estimate that when it is completely reclaimed and sand-filled, because it’s swampy, we will be able to create at least 7,000 plots,” she said.