The concept of the city was conceived as a legacy project to mark the 100 year anniversary of Nigeria by January 1, 2014, during the administration of President Goodluck Jonathan.

There are over 30 FTZ operating in Nigeria approved by the government in order to boost the economy and attract foreign direct investments (FDI).

As of August 2018, plans were afoot for the project to get back on track after three years of administrative and land acquisition setbacks.

He revealed that the local and foreign investors led by Nigerian businessman, Alhaji Baba Dantata and Front Range, have so invested $40 million on the master plan and other preliminary works.

Work has commenced in 2018 on the first Co-development Project of Centenary City namely "The GROVE".