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

As contained in the statement, the project is expected to adopt the Equip, Operate, and Maintain Public Private Partnership Model, following the regulatory guidance of the Infrastructure Concession Regulatory Commission (ICRC).

The statement reads:

“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.”

Similarly, the project is expected to be executed through the National Space Research and Development Agency (NARSDA) with Messrs Atlantic Factorial Limited as the concessionaire.

Meanwhile, the Director General of the ICRC, Michael Ohiani, said the projects would 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.

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

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