Market

By Philip Yatai

Abuja, April 5, 2025 (FBN) Dr Mariya Mahmoud, Minister of State, Federal Capital Territory (FCT), has inaugurated Phase I of Kugbo International Market to boost local and national economies.

She added that the shops and business spaces ranged from lock-up shops to terrace shops and warehouses.

“The infrastructure in the market was designed with both convenience and sustainability, incorporating modern amenities such as administrative block, clinic, fire station, restaurants, banking halls and modern convenience,” she said.

She said that the market would equally generate revenue for the FCT Administration, through taxes, levies, and other charges.

This, she said, was in addition to providing job opportunities for a wide range of people in line with the Renewed Hope Agenda of President Bola Tinubu.

She emphasised that the project marked a significant milestone in the commitment to economic growth, infrastructure development, and sustainable investment in the Federal Capital Territory.

“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,” she said.

Mahmoud commended the management of the AICL for its unwavering dedication to driving economic development through impactful investments.

She encouraged all stakeholders — traders, service providers, investors, and consumers to take full advantage of the opportunities the market presents.

Earlier, the Group Managing Director and Chief Executive Officer AICL, Amb. Maureen Tamuno, explained that the market was developed through Mesotho Group Ltd, under a Build Operate and Transfer (BOT) arrangement.

Tamuno identified Small and Medium Enterprises (SMEs) as the backbone of any prosperous economy, adding that they created jobs that drove sustainable economic growth.

She, however, acknowledged the challenges affecting entrepreneurs, ranging from  inadequate access to capital  to affordable business spaces.

She assured business men and women of FCT Administration’s support in addressing the problem of unavailability of business spaces.

The managing director said that the shops would be given to hardworking traders from all the six area councils of the FCT.

“These shops are more than just a business’ physical space;  they symbolise renewed hope and economic independence for all the beneficiaries.”