After Week-Long Closure, Onitsha Market to Reopen Amid Huge Economic Losses

After Week-Long Closure, Onitsha Market to Reopen Amid Huge Economic Losses

The Onitsha Main Market in Anambra State is set to reopen tomorrow after Governor Prof. Chukwuma Soludo and market leaders reached a landmark deal to end a week-long closure that paralysed trade and cost traders an estimated over N200 billion.

The market had been shut following a sit-at-home directive observed by some traders, despite state government calls for normal operations. To enforce compliance, Governor Soludo had temporarily closed the sprawling commercial hub, which is one of West Africa’s largest markets, affecting daily business and economic activity.

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During intensive negotiations, led by market chairman Chijioke Okpalugo, traders agreed to resume full operations on Mondays, aligning with government directives. They also requested enhanced security measures, improved motor parks to attract buyers, and action against individuals promoting sit-at-home orders that disrupt trade.

Governor Soludo reaffirmed his commitment to overhauling market security and infrastructure, warning that traders must modernise the market through renovation or rebuilding to improve safety, organisation, and commercial flow. He described the agreement as a “major step toward restoring economic normalcy and attracting investment to Onitsha.”

Chinedu Nwonu, Chairman of the Onitsha Chamber of Commerce, disclosed that the six-day closure led to daily losses of nearly N20 billion, accumulating to more than N200 billion in direct and indirect losses, including missed trade opportunities and reduced business activity.

The reopening signals a return to normalcy for traders and buyers, with authorities indicating that a phased remodelling plan will be implemented to make the market safer, more organised, and more attractive to investors and customers. The agreement is expected to revive economic activity and restore confidence in one of Nigeria’s most vital commercial centres.

After Week-Long Closure, Onitsha Market to Reopen Amid Huge Economic Losses