By Juliana Taiwo-Obalonye, Abuja
The Minister of State for the Federal Capital Territory, Mariya Mahmoud, today launched Phase 1 of the Kugbo International Market, built by the Abuja Investment Company Limited (AICL). She said the market will boost local and national economies through trade and commerce. It will also raise government funds via taxes and levies while creating jobs, aligning with President Bola Ahmed Tinubu’s Renewed Hope Agenda.
Her media aide, Austine Elemue, shared this in a statement. Mahmoud called the project a key step towards economic growth, infrastructure progress, and sustainable investment in the FCT.
She said, “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.”
Mahmoud praised AICL for its strong commitment to economic development through smart investments. She urged traders, service providers, investors, and consumers to make the most of the market’s opportunities.
Maureen Tamuno, Group Managing Director and CEO of AICL, also spoke. She said one of AICL’s goals is to draw private investment into key sectors via profitable Public Private Partnership (PPP) projects. The Kugbo market was built with Messrs Mesotho Group Limited under a Build, Operate, and Transfer (BOT) deal. This combines government and private efforts to create lasting public infrastructure.
Tamuno called Small and Medium Enterprises (SMEs) the backbone of a strong economy, as they create jobs and drive growth. She noted challenges like limited capital and business spaces for entrepreneurs.
However, she promised the FCT Administration’s support to fix the issue of unavailable business spaces. Tamuno said shops would be given to hardworking traders from all six FCT area councils. She said, “These shops are more than just a business’ physical space and location; they symbolise renewed hope and economic independence for all the beneficiaries.”
She congratulated the shop recipients and encouraged them to grow their businesses, create opportunities, and help FCT and Nigeria prosper. Phase 1 of the market offers over 1,600 shops and spaces, including lock-up shops, terrace shops, and warehouses. It features modern amenities like an administrative block, clinic, fire station, restaurants, banking halls, and conveniences, all designed for ease and sustainability.