Omoku City II Development Project + Upgrade and Refitting of Current Old Omoku City I, with Modern Infrastructure Amenities – Schools, Hospitals, Old People’s Homes and Other Recreational Centres for All Ages

N/A

Amount Raised

N/A

Total Investors

Project Overview

The partnership desires to tackle severe problems of annual floods, massive erosion, waste disposal and absolute poverty. The intention is to quickly resolve the issue of perennial flood, erosion, sanitation, and waste management. A further intention is to increase educational, commercial and industrial development, household income and grow the economy, in addition to the required modernisation of both Omoku I and II. For the investable requirement, the Alternative Investment Fund will be used.

Sectors

  • Affordable Housing
  • Roads & Bridges
  • Informal Settlements Upgrading
  • Transport & Mobility
  • Urban Infill & Public Space
  • Waste Management
  • Water & Sanitation
  • Others (Public Space)
US$100,000,000
Funding Goal
Nigeria
Country
Africa
Region

Objectives

  1. Tackle absolute poverty and grow the local economy
  2. Increase access to clean water and sanitation
  3. Build New Omoku II and Old Omoku I

Progress Tracker

Phases

  • Phase 1

    Concept, Establishment, Preparatory and commencement: i. Design of new city and remodel plan of old city ii. Land Assembly, clearing, sand filling, compacting and piling of Island. iii. Omoku and Orashi Rivers restoration works iv. Construction of road network, bridges, drainages, water works, and solar electricity

  • Phase 2

    i. Establish a University and ICT hub ii. Industrial park iii. Establishment of agribusiness iv. International city library v. Printing press vi. Transport company vii. Schools

  • Phase 3

    i. Radio/Television, movie house, film making ii. Beach, harbor iii. Stadium, games, sports and recreational facilities iv. Hotels, Medium/highbrow housing projects v. Cemeteries vi. City hall, museum, orchestra hall

Current Stage

Concept Stage: Specific projects are identified and conceptualized. There exists a basic economic model.

Timeline

No

Project Milestones

N/A

ESG Impact

Omoku and the adjoining Orashi rivers are the livewire of Omoku-Aligu-Kreigani inhabitants. They provided fish, fishing, construction, bathing and other sporting activities all valued at a time to the tune of €15 million per annum. However, with its degradation and pollution as enumerated above, this huge income was lost. This stretch also lost a huge tract of land to erosion. Land is greatly valued here and reclaiming the lost land will boost great economic development through reconstruction of houses and housing of a number of homeless and hopeless individuals. But perhaps the greatest impact could be the reduction of water borne diseases through the halting of the seasonal floods, the provision of toilets, management of solid waste, storm water and bathing water. The inhabitants due to lack of modern infrastructural amenities, lack of decent sanitation and the likes are degradingly deep diving into abject suffering with no hope of raising their heads above waters.

Beneficiaries

The intended beneficiaries are the Ogba people of rivers state, Nigeria with a target population of (2006) population of 283,294.

SDG Goals

SDG 1: No PovertySDG 2: Zero HungerSDG 3: Good Health and Well-beingSDG 4: Quality EducationSDG 5: Gender EqualitySDG 6: Clean Water and SanitationSDG 7: Affordable and Clean EnergySDG 8: Decent Work and Economic GrowthSDG 9: Industry, Innovation and InfrastructureSDG 10: Reduced InequalitySDG 11: Sustainable Cities and CommunitiesSDG 12: Responsible Consumption and ProductionSDG 13: Climate ActionSDG 14: Life Below WaterSDG 15: Life on LandSDG 16: Peace and Justice Strong InstitutionsSDG 17: Partnerships to achieve the Goals

Rationale

Healthy Economics for the community

Risks and Limitations

What are the key risks, constraints and dependencies related to the project?

i. There are no negative risks, constraints and dependencies and there will be none of them against the counter party, as far as this life saving economic project is concerned because of the structures under point 1(d) of previous posting of this file.

Risk mitigation and continuity

Because this particular project is of ultimate importance to the continued life existence of the society as a whole, we therefore see no negative political impact, irrespective of political changes or interactions.

Financing

Type of Investment

Debt

Financing Structure

Public Private Partnership

Secured Investment

$30,555.6. Institute of the Environment Limited, Port Harcourt, Nigeria. ii. $125,000. Ministry of Niger Delta Affairs, Abuja, Nigeria.

Committed Government Funding

Yes. 139

National and Subnational Investors

$13.9Mio. National Estimates, Federal Republic of Nigeria. National.

Committed Private Funding

No

Support

Technical Support Required

Specialists in the areas of hydrologists, engineers, architects , designers, craftsmen and craftswomen and others that will contribute to the success of the projects.

Stakeholders

Governmental Buy-in

Yes. National Level, Other.

Other Forms of Governmental Support

Concessional backbone from the Federal Government

National Ministries Involved

Ministries of Niger Delta Affairs (MNDA), Abuja, Nigeria. Engr. Martins Jenewari

SubNational Ministries Involved

N/A

Other Entities Involved

i.Institute of the Environment Limited, Port Harcourt, Nigeria. Mr. Onwusameka Ogbowuokara/
ii.Banking & Securities Law, Vaduz, Leichtenstein. Dr. Monday Dakoru, LL.M.

Licenses and Permits

No

Updates

  • 10th February 2020

    Cities Investment Platform in progress - updates pending

  • 10th February 2020

    Project featured on the Cities Investment Platform, which was launched at the Tenth Session of the World Urban Forum (WUF10)

Supporting Documents

No supporting documents included.

FAQs

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