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

Ms Mahmoud said during the event in Abuja on Saturday that the market would promote trade and commerce, ultimately boosting both local and national economies.

She said that the market, constructed by the Abuja Investment Company Limited, (AICL) had more than 1,600 shops and business spaces in Phase I.

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

Ms Mahmoud stated, “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 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.

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

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

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

Ms 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.

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

 (NAN)