Abubakar, who is Chairman of the Board of Centenary Village Plc, disclosed this while presenting a report to President Goodluck Jonathan at the State House in Abuja.
Centenary Village Plc is a public liability company to be jointly set up by the private companies which will finance the project.
The former military Head of State, who led other members of the company's board to the Presidential Villa, said the Centenary Village would be wholly financed by the private sector.
Abubakar said the board had in the report also requested President Jonathan to grant certain concessions to the private investors who are willing and ready to be part of the project.
"Specifically, government should make the land for the project available with the status of an export free zone.
"Tax holiday should also be granted to the investors for equipment and materials to be imported for the projects, among others,'' he said.
President Jonathan thanked Abubakar and other members of the company's board for the work done so far.
He said the presentation by Abubakar was not only "fascinating'' but reassuring that "our dream that we will get a city better than Abuja is gradually coming to fruition''.
Jonathan said the centenary city would be planned in a way where the infrastructure would be centralised.
"People living there will not need to drill borehole or get personal cylinder for gas, and the management of solid waste and other environmental issues will be centralised,'' he said.
"It is a big dream but we are hopeful that we are getting close. With the board's commitment and the commitment of government, we will get there.''
Jonathan assured that he would consult with relevant cabinet ministers on the requests made by the company's board before giving approvals and directives.
Meanwhile, Abubakar in an interview with newsmen after the presentation, said he was in support of the national dialogue being planned by the federal government.
"It is better to `jaw-jaw' than to `war-war','' he said.
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