‘Kugbo Int’l Market To Boost Economic Activities In FCT’

The Minister of the Federal Capital Territory (FCT), Nyesom Wike, has commended the managing director/CEO of Abuja Investment Company Limited (AICL), Amb. Maureen P. Tamuno, for completing Phase 1 of the Kubwa International Market in Abuja.

Speaking during an inspection of the first phase of the market yesterday in Abuja, Wike emphasised that the market will not only enhance economic activities but also attract local and international investments into the FCT, in line with President Bola Ahmed Tinubu’s Renewed Hope agenda.

The minister highlighted the importance of encouraging investment in international markets.

He expressed concern over encroachments and substandard structures and directed the development control team to immediately demolish any illegal structures obstructing road corridors around the market area.

He urged contractors to channel more funds to ensure the full realisation of the market project. “I asked the contractors when they expect the entire project to be completed, and they reassured me that by January 2025, it will be finished. Once the first phase is completed, we will open it for traders currently operating on the roadside to move into the new market and expand their businesses,” he said.

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He also stressed the need to support traders: “We will do everything possible to assist our people, especially those who have not yet shown interest in the market. We will help them through empowerment programs under President Bola Ahmed Tinubu’s Renewed Hope agenda.”

The minister added that the government would provide additional support to ensure smooth relocation to the market, expressing satisfaction with the progress made. He remarked, “This market will create more economic activities and employment opportunities for our youths and decongest the roads, as traders will have a proper place to conduct their businesses.”

Meanwhile, Maureen P. Tamuno, the managing director/CEO of AICL, revealed that Phase 1 of the market covers approximately 8 hectares, with an additional 4.8 hectares still to be developed.

She stated that the Kubwa International Market will address congestion issues experienced in roadside markets around Abuja, featuring about 5,312 shops with solid infrastructure and well-constructed road networks.

Tamuno said, “This market will significantly stimulate economic growth by attracting traders from across Africa and Nigeria. It will create job opportunities for Nigerians and contribute to the economic development of Abuja and the nation.”