PRESS RELEASE

November 2, 2022

FEC approves establishment of Planetarium, Museum to boost tourism, generate N30bn

The Federal Executive Council on Wednesday approved the establishment of a Planetarium and Museum at the National Space Research and Development Agency (NASRDA).

The projects which will adopt an Equip, Operate and Maintain Public Private Partnership Model, followed regulatory guidance of the Infrastructure Concession Regulatory Commission (ICRC).  The project is designed to run for a concession period of 15 years and will generate a total of 30 Billion Naira to both the Federal Government and the Private Sector Investor.

A Planetarium is a domed building in which images of stars, planets, and constellations are projected for public entertainment or education.

The projects will be executed through the National Space Research and Development Agency (NARSDA) with Messrs Atlantic Factorial Limited as the concessionaire.

Giving insights into the Planetarium and Museum projects, the Director General of the ICRC, Michael Ohiani said that the projects will boost the nation’s tourism sector and stem capital flight.

He said that a total of 2,160 visitors are expected every week, out of which 360 will engage in the sky diving section and 1800 visitors for other tourist activities.

Following the approval by FEC, the next stage of the project is the signing of agreement between the NASRDA(Grantor) and Milky-Way Visuals Ltd, the Special Purpose Vehicle (SPV) set up by the concessionaire to specifically handle the project. END.

Signed:

Manji Yarling

Ag. Head, Media and Publicity

For enquiries send a mail to: info@icrc.gov.ng