Federal government has stated that the concessionaires of the iconic Lagos International Trade Fair Complex and the Tafawa Balewa Square will get 30 years to exploit the facilities and another 30 on renewal.
But government says that the process will begin in the second quarter of this year.
The details was contained in a document that was presented by the Bureau of Public Enterprises (PBE) in Abuja at the Investors’ Forum on Tuesday, indicating that concession process for the facilities would soon start.
“The concession process (is) expected to commence during the second quarter of 2021,” the document by the BPE stated.
In the document, which was presented to investors and government officials at the forum, it was stated that the concession term was 30 years renewable for another 30 years.
“The Federal Government will be obligated to renew the concession provided all concession terms are met by the concessionaire,” it stated.
It added, “Lagos State (has) agreed to take up 24 per cent shares of the concession Special Purpose Vehicle in exchange for the requisite equity contribution in the redevelopment investment programme.”
Alex Okoh, the Director-General, BPE, said the TBS and LITFC had previously been concessioned but government had to terminate the concessions.
“This was in view of the fact that the former concessionaire acted contrary to the expectations guiding the development of those iconic and legacy facilities in Nigeria,” he stated.
Okoh said the expectation of the Federal Government in undertaking the concession of the LITFC was that it should able to catalyse business in the West African sub-region.
“This should be through strategic trade exhibitions that projects the vast potentials of the industrial axis of Lagos and Ogun states,” the BPE boss said.
He added, “Similarly, it is government’s expectation that the TBS must move beyond disjointed cluster of business premises to a world-class integrated events and business facility comparable to its counterparts globally”.