The Federal Capital Territory Administration, FCTA, has signed a Memorandum of Understanding with MAG International Links Ltd, a private investor, for the development of City Walk Abuja.
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Speaking during the ceremony in Abuja on Wednesday, the FCT Minister, Nyesom Wike, said that the project would be a replica of City Walk Dubai.
The project, which would cover about 200 hectares, was inspired by the City Walk concept in Dubai. It will bring together a thoughtfully curated mix of residential, commercial, retail, hospitality, institutional and healthcare facilities.
Wike said that the MoU was to ensure the company delivers the project based on agreed work plans and timelines.
“I wish to say that the company has submitted their drawings, which have been approved, and their Certificate of Occupancy, C-of-O, is ready.
“But we have to sign an agreement such that if you don’t comply within the outlined specification and agreed timeline, then we have the right to revoke the land.
“We are not going to just give you a C-of-O and then nothing happens. We will not accept that again,” he said.
He pointed out that many people had collected land for mass housing and other developments “but ended up as land speculators, selling the land. We will not accept that.
“People have collected 200 hectares, 300 hectares and in 20 years nothing has happened. We have changed that pattern, so we are going to monitor the developments strictly,” he said.
He said that Abuja City Walk would be developed in the area earlier designated for Abuja Technology Village, located along Airport Road, which had remained undeveloped for the past 20 years.
“I want to make it clear that we have had problems with land grabbers in Abuja Technology Village, even those in the technology village are part of the problems.
“In the past 20 years, nothing has happened in the area and therefore, I would not like to lose this opportunity that we have seen investors who really want to invest and develop the land for the good of the city.
“If anybody has gone to Dubai and has seen the City Walk, there is no way you will not appreciate and encourage investors that are willing to do the same in Abuja.
“This is because the whole essence of the ‘Renewed Hope Agenda’ is not only to bring investors, but also to create employment for our people,” he said.
The minister said that the project would be developed in phases, with foundation laying expected to take place between July and August. He added that the first phase of the project would be completed and delivered in May 2026, to celebrate President Bola Tinubu’s third year in office.
Describing the project as crucial to the development of Abuja, Wike assured the investor of full support, as directed by Tinubu, to encourage investors to invest in the FCT for national development.
He said that the FCT would provide access roads to enable the investor to begin work on the site immediately.
“The Executive Secretary, Federal Capital Development Authority is doing his best to see that there is no delay in this project.
“We have made sure that legally nothing will hinder the company from executing the project.
“To encourage them, Director Development Control is here to make sure that nobody obstructs them and the Director of Land is here to make sure they have access to their land,” he added.
The Executive Director of the company, Dr Kassim Gidado, noted the ongoing transformation in the FCT, which he said had increased investors’ confidence to make returns on investment.
Gidado assured the minister that the City Walk Abuja would not replicate the one in Dubai but edge it.
According to him, the project of the City Walk would be built to suit local cultural and traditional flavour and transform the Lugbe axis completely.
“This development represents a bold new direction for real estate in Nigeria, blending elegance, sustainability, and economic value to create a truly world-class destination.
“The City Walk Abuja, a landmark master-plan will redefine urban experience in the FCT,” he said.
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, the fund will provide credit-risk protection to participating financial institutions, helping them lend to businesses that might otherwise struggle to meet conventional lending requirements. The model is designed to support up to $1 billion in outstanding credit capacity. The initiative will bring together lenders, business-support organisations, investors and other financing partners to create a structured route for eligible businesses to obtain commercial loans. Unlike a conventional loan programme that directly disburses money to applicants, the fund will share part of the lending risk with participating financial institutions. Banks will still assess applications, approve loans and manage repayments. ## How the $200 Million SME Fund Will Work The financing initiative targets businesses that have moved beyond the early stages of development and are ready to borrow to support further growth but face difficulties securing adequate credit. Under the proposed arrangement, eligible businesses can initially access loans in local currency equivalent to $250,000, subject to approval by participating lenders. The initiative aims to make loans of up to $1 million available when fully funded. The fund will work with venture capital firms, business accelerators and other SME ecosystem partners to identify and recommend potential borrowers. These organisations can help demonstrate a business's track record and readiness for debt financing. The fund will then apply its eligibility criteria, guarantee requirements and portfolio-risk assessments. Its assessment process will also use artificial intelligence-powered underwriting and due diligence. Participating financial institutions will retain responsibility for independently evaluating borrowers, deciding whether to approve applications, disbursing funds and monitoring repayments. According to [BusinessDay](https://businessday.ng/technology/article/cascador-sterling-target-sme-collateral-barriers-with-200m-credit-backstop/), the model is intended to reduce the collateral and guarantee burden on businesses with proven commercial traction. Cascador chief executive officer Trish Thomas said Nigerian entrepreneurs often struggle because the capital available to them does not match their business needs or stage of development. She explained that sharing risk with lenders could help more established businesses obtain the financing needed to scale and generate employment. Sterling Bank Group Executive Obinna Ukachukwu said the partnership combines additional credit protection with referrals from venture funds and studios familiar with the businesses they support. This approach, he noted, could give lenders greater confidence to offer larger loans with longer repayment periods. ## Why the Initiative Matters to Nigerian SMEs Access to affordable and appropriate financing remains a significant obstacle for businesses seeking to expand in Nigeria. Many enterprises require capital to purchase equipment, improve production, enter new markets and recruit workers, but conventional lending conditions can make borrowing difficult. Cascador's white paper, *The Multiplier Model*, highlights the wider challenge. According to the organisation, only 22 per cent of businesses in Sub-Saharan Africa have a bank loan or line of credit, compared with a global average of 36 per cent. The new fund seeks to bridge this gap by encouraging commercial lenders to finance businesses that have demonstrated demand for their products or services but cannot easily secure suitable debt. For entrepreneurs, the potential benefits include access to larger loans, longer financing periods and reduced pressure to provide extensive collateral or guarantees. However, the arrangement does not guarantee approval, and businesses will still need to satisfy the relevant eligibility requirements and lender assessments. The fund is also expected to attract contributions from philanthropic organisations, impact investors and development finance institutions to support its risk-sharing structure. ## Back Story: Sterling Bank and Cascador Expand an Existing Partnership The announcement builds on an earlier financing partnership between Sterling Bank and Cascador. In May 2025, the organisations introduced a $2 million Catalytic Fund to provide growth financing to businesses emerging from Cascador's entrepreneur development programme. As reported by [PUNCH Newspapers](https://punchng.com/cascador-sterling-bank-unveil-2m-fund-for-nigerian-smes/), the earlier initiative combined debt financing with business support, flexible repayment arrangements and reduced collateral requirements. The new $200 million fund represents a broader approach, designed to bring additional ecosystem partners into the financing process rather than rely solely on businesses connected to Cascador. Cascador said it had supported 80 ventures since 2019, with those businesses collectively raising more than $150 million in capital. For Nigeria's SME sector, the success of the expanded initiative will depend on how effectively it mobilises funding, attracts participating lenders and makes financing accessible to qualified businesses. If implemented successfully, the model could help more Nigerian enterprises secure the capital needed to grow, strengthen local industries and create sustainable employment.](https://naijaeyesblog.com/wp-content/uploads/2026/10/Sterling-Cascador-768x432.avif)
