The Minister of State for the Federal Capital Territory (FCT), Dr. Mariya Mahmoud, has expressed optimism that the newly inaugurated Kugbo International Market will significantly enhance both local and national economies through increased trade and commerce.
Mahmoud stated that the market is poised to become a major economic driver by boosting internally generated revenue for the government through taxes, levies, and other statutory charges. More importantly, she said it would create employment opportunities across various sectors in line with President Bola Tinubu’s Renewed Hope Agenda.
The Minister made these remarks during the official commissioning of Phase 1 of the Kugbo International Market, a project developed by the Abuja Investment Company Limited (AICL).
According to her, the 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.
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Mahmoud praised the Abuja Investment Company Limited for its commitment to driving economic transformation through meaningful investments and public-private partnerships. She also called on all stakeholders — traders, service providers, investors, and consumers — to fully explore and embrace the opportunities that the new market offers.
Also speaking at the event, the Group Managing Director and Chief Executive Officer of AICL, Ambassador Maureen Tamuno, noted that the development aligns with AICL’s mandate to promote private sector participation in critical sectors through commercially viable Public-Private Partnership (PPP) models.
Tamuno explained that the Kugbo International Market was developed in partnership with Messrs. Mesotho Group Limited under a Build-Operate-and-Transfer (BOT) arrangement. The model, she said, reflects a strong collaboration between the government and private sector to deliver sustainable public infrastructure.
She underscored the importance of Small and Medium Enterprises (SMEs) as the bedrock of a thriving economy, emphasizing their role in job creation and sustainable growth.
While acknowledging the hurdles that entrepreneurs face — such as inadequate access to capital and the scarcity of affordable business spaces — Tamuno assured that the FCT Administration is taking deliberate steps to address these challenges.
As part of efforts to support entrepreneurship, she announced that shops would be allocated to industrious traders drawn from the six area councils of the FCT, free of charge.
She said, “These shops are more than just a business’ physical space and location; they symbolize renewed hope and economic independence for all the beneficiaries.”
Tamuno congratulated the beneficiaries and urged them to take full advantage of the initiative to scale their businesses, create jobs, and contribute to the prosperity of the FCT and the nation at large.
The Phase 1 of the Kugbo International Market comprises over 1,600 shops and business spaces, including lock-up shops, terrace shops, and warehouses.
The market’s infrastructure incorporates modern amenities such as an administrative block, clinic, fire station, banking halls, restaurants, and contemporary conveniences.