The Minister of State for the Federal Capital Territory (FCT), Dr. Mariya Mahmoud, has said the newly inaugurated Phase 1 of the Kugbo International Market will significantly boost both local and national economies by promoting trade, commerce, and investment.
Speaking at the commissioning ceremony of the market, which was developed by Abuja Investment Company Limited (AICL), Dr. Mahmoud emphasized that the project marks a pivotal milestone in the FCT’s journey toward economic diversification, infrastructure expansion, and inclusive growth.
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“The Kugbo International Market is more than just a trading hub. It is a thriving ecosystem designed to support businesses, empower entrepreneurs, create jobs, and attract both local and international investors,” she stated.
She added that the market would not only generate revenue for the government through taxes, levies, and charges, but also create employment opportunities in line with the Renewed Hope Agenda of President Bola Ahmed Tinubu.
Dr. Mahmoud commended AICL for its steadfast commitment to impactful investments that drive economic development in the FCT. She called on traders, service providers, investors, and consumers to fully leverage the opportunities presented by the market.
Also speaking at the event, Ambassador Maureen Tamuno, Group Managing Director and Chief Executive Officer of AICL, said the project aligns with the company’s mandate to promote private sector investment through commercially viable Public-Private Partnership (PPP) initiatives.
Tamuno explained that the market was developed by Mesotho Group Limited under a Build-Operate-Transfer (BOT) model, which she described as an effective mechanism for delivering sustainable public infrastructure.
She underscored the importance of Small and Medium Enterprises (SMEs) as the backbone of any thriving economy, citing their role in job creation and sustainable economic growth. Acknowledging challenges faced by entrepreneurs particularly in accessing capital and business spaces Tamuno assured that the administration is committed to resolving these barriers.
In a gesture of empowerment, she announced that shops would be gifted to selected hardworking traders from all six area councils in the FCT.
“These shops are more than just business spaces. They symbolize renewed hope and economic independence for all beneficiaries,” she said.
She urged the beneficiaries to take full advantage of the opportunity to expand their enterprises, create jobs, and contribute to national prosperity.
The Phase 1 of the Kugbo International Market comprises over 1,600 business spaces, including lock-up shops, terrace shops, and warehouses. The market infrastructure was designed with convenience and sustainability in mind and includes key facilities such as an administrative block, clinic, fire station, banking halls, restaurants, and modern conveniences.
