Nigeria’s Minister of State for the Federal Capital Territory (FCT), Dr Mariya Mahmoud, has affirmed that the newly inaugurated Kugbo International Market will significantly contribute to both local and national economic growth through enhanced trade and commercial activities.
Speaking during the official commissioning of Phase 1 of the market, constructed by the Abuja Investment Company Limited (AICL), the minister highlighted the market’s potential to generate substantial government revenue through taxes, levies, and related charges.
More importantly, Dr Mahmoud noted that the market would create employment opportunities for a broad segment of the population, aligning with President Bola Ahmed Tinubu’s Renewed Hope Agenda aimed at inclusive economic development.
She described the project as a notable step forward in advancing infrastructure development, stimulating investment, and fostering sustainable economic growth within the Federal Capital Territory.
According to her, “The Kugbo international market is a testament to what can be achieved when public and private sectors collaborate with purpose.
“It is more than a trading hub. It is a thriving ecosystem designed to support businesses, empower entrepreneurs, create jobs, and attract both local and international investors.
“It is our hope that this market will become a vibrant centre of commerce, where ideas are exchanged, cultures are celebrated, and livelihoods are uplifted.”
The minister hailed the Abuja Investment Company Limited for its unwavering dedication to driving economic development through impactful investments.
She also encouraged all stakeholders, such as traders, service providers, investors and consumers, to take full advantage of the opportunities the market presents.
Also speaking during the event, Group Managing Director and Chief Executive Officer of Abuja Investment Company Limited, Amb. Maureen Tamuno explained that one of the mandates of AICL is to attract, encourage, and promote private investment into key sectors through commercially viable Public-Private Partnership Projects (PPP).
Tamuno further explained that the Kugbo international market was developed through a development partner, Messrs. Mesotho Group Limited, under a Build Operate and Transfer (BOT) arrangement where the government combines with the private sector to create profitable and sustainable public infrastructure.
She identified small and medium enterprises (SMEs) as the backbone of any prosperous economy because they create jobs that drive sustainable economic growth.
She, however, acknowledged entrepreneurs’ challenges, such as inadequate capital access and business spaces, just as she assured the support of the administration to address the problems of the unavailability of business spaces.
While highlighting the commitment of the present FCT Administration in promoting and encouraging entrepreneurs, she said shops would be gifted to hard-working traders from all six area councils of the FCT.
This, she said, would demonstrate the commitment of the current administration, led by President Bola Ahmed Tinubu, to make the empowerment of SMEs a reality.
According to her, “These shops are more than just a business’s physical space and location; they symbolise renewed hope and economic independence for all the beneficiaries.”
While congratulating beneficiaries of the shops, she urged them to seize this opportunity to grow their businesses, create more opportunities for others, and contribute to the prosperity of the FCT and Nigeria.
Recall that there are over 1,600 shops and business spaces for Phase 1 of the market. These shops and business spaces range from lock-up shops to terrace shops and warehouses.
The infrastructure of the Kugbo International Market was designed with both convenience and sustainability in mind, incorporating modern amenities such as an administrative block clinic, a fire station, restaurants, banking halls, and modern convenience.
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