The International Finance Corporation, a member of the World Bank Group, has said it has staked $9.5m investment in Jabi Lake Mall to support the demand for modern business infrastructure and retail space in the Federal Capital Territory.

According to a statement by the IFC, the project will help create about 350 construction jobs and 900 long-term retail sector jobs.

The shopping mall, worth $120m, is being built on five hectares of land on the Jabi Lake waterfront and is expected to be the country’s largest shopping facility with over 30,000 square meters of space.

The project’s primary sponsor is Actis Africa Real Estate Fund 2, while Duval Properties is the joint venture partner.

The statement quoted the Director, Actis Africa Real Estate Fund 2, Ms. Amanda Jean Baptiste, as saying that investing in the Jabi Lake Mall was a demonstration of Actis’s commitment to developing world-class retail destinations, adding to the domestic infrastructure in the country.

“It is also our support for the growing demands of a rapidly changing economy. Our partnership with the IFC will help us draw on their expertise in international best practice in the environmental and social aspects of the project that affect property development,” she was quoted as saying.

The IFC Country Manager for Nigeria, Mr. Solomon Adegbie-Quaynor, was also quoted as saying, “Our investment is part of IFC’s strategy to help strengthen business infrastructure, contribute to economic growth, and increase job opportunities in Nigeria. Actis is a strong partner in this regard, that can also transfer best modern retail practices.”

The statement added that upon completion, the Jabi Lake Mall, would be the largest retail development of international standard in Abuja and would create links to the local economy throughout its construction and operation.

“It will create new sales channels for Nigerian retailers, including local small and medium enterprises. Its construction will also provide business opportunities for local suppliers of food, construction materials and services, and will serve as a catalyst for urban development in the area around the mall,” it stated.

According to the statement, construction began on the project in late 2013 and is expected to be completed in 2015.

2014-06-23