$3.4bn Soul City Project to Generate Over 50,000 Jobs in Three Years

By September 30, 2018 Investment News

The $3.4 billion Soul City project sitting on 50 hectares of land in Obosi, Anambra State, is expected to generate over 50, 000 direct and indirect jobs, the President of Soul City project, Nnamdi St. Michael Nwokoye has said.

He gave this hint at the weekend when he led a delegation to the corporate headquarters of Vintage Press Limited, publishers of The Nation newspaper titles.

According to him, the project is aimed at bringing African-American brothers back home to also invest and integrate with Nigerians and other Africans alike.

“The city would be a podium for business. Business is the primary objective of this project. There would be an amusement park, for recreational activities, industrial layout for industrialists and MSMEs. We intend building hotels, hospitals, big time schools, mini zoo, and residential areas that can accommodate workers and others that intend to live in the city,” Nwokoye noted.

Pressed further, he said the edifice when completed would be a world class tourist attraction that would host over one million visitors every year. “We mapped out a place for industries, we have a place for hospitality industry, and we have a place for residential. It will attract every aspect of business into the country. On completion, it would be generating over 50,000 direct and indirect jobs.”

He said the over 50 hectares of land which the city would be built on in the next few years, would be further expanded in the future with more land acquired.

He further explained that the American partners are notable black people living in US, stressing that a Memorandum of Understanding and the modalities of the investment are being fine-tuned.

“We have offered 30 percent of the total worth of the investment to them. This is so because the state government would be given some stakes. We are providing the land, while the Americans, the state government, and other Nigerian investors would be providing the required finances and other technical logistics. Garry Luster, A former Mayor in US for 20 years, businessman, an estate developer and an entrepreneur is one of the investors, though, they are coming as a group into this partnership,” he hinted.

While reiterating the job prospect of the project, Nwokoye said, “This City is referred to as the new investment destination in Africa. It is the new investment hob, and it is an avenue to attract foreign direct investment into Nigeria, which means that the country’s foreign exchange will be enhanced, the Gross Domestic Product of the country would be enhanced, and above all, over 50,000 jobs would be created within the city. This would create a new dimension in the world tourism business, and especially the world wrong perception of Nigeria and Nigerians. We want to use it to clean up some of the bad images the world have about Nigeria.”

“Moreover, we also considered providing a solution for the jobless youths, so we created the model for this city which would be an answer to the ever increasing unemployment in the country. When this city comes on board, the youths will no longer waste away after passing out from the universities and this will bring them back home,” he maintained.

Also speaking, the Executive Director, Mrs. Ebele Amaka Emeka-Duruem, said the foundation stone would be laid on October 6th, stressing that construction would commence in earnest.

She said the projected date for completion of the first phase four years’ time, pointing out that over 500 high rising units of the building has been planned for the first phase.

Source: TheNation