Minister of State for FCT, Dr. Mariya Mahmoud on Saturday inaugurated Phase I of the disputed Kugbo International Market amid land grabbing accusation against the Abuja Investment Company Limited, AICL.
Recall that the United Kugbo Market Traders Association, comprising; Mararaba Building Material Market, Kugbo Market Traders Association for Timber, Furniture, Mechanic and Cement had in a statement warned prospective investors not to fall victim to the shops being advertised by the AICL in the market, contending that it was the lawful owners of the layout.
The association which vowed to reclaim the commercial layout argued that the contentious market which is now a subject of litigation was allocated to its members in 2003 by the FCDA.
However, while inaugurating the market, the minister said the market would promote trade and commerce, nothing that it would ultimately boosting local and national economies.
She said the market, constructed by 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 “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.
She said the market would provide 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. “These shops are more than just a business’ physical space; they symbolise renewed hope and economic independence for all the beneficiaries.”
