Kugbo Market to boost local, national economies -Mahmoud

FCT Minister of State, Dr. Mariya Mahmoud, has stated that the Kugbo international market would undoubtedly promote local and national economies through increased trade and commerce.

Mahmoud opined that the market would generate revenue for the government through taxes, levies, and other charges; and more importantly, provide employment opportunities for a wide range of people in line with the Renewed Hope Agenda of President Bola Ahmed Tinubu.

She made these assertions during the official inauguration of phase 1 Kugbo international market constructed by the Abuja Investment Company Limited, (AICL).

She emphasized that the project marks a significant milestone in the commitment to economic growth, infrastructure development, and sustainable investment in 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 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 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 hardworking traders from all the six area councils of the FCT.

This, she said would demonstrates 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’ physical space and location; they symbolize 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 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.

Also, the infrastructure of the Kugbo International market was designed with both convenience and sustainability in mind, incorporating modern amenities, that is., an administrative block clinic, fire station, restaurants, banking halls, and modern convenience.