FCT Minister inaugurates construction of 618-shop modern market in Abuja
Minister inaugurates construction of 618-shop modern market
FCT Minister inaugurates construction of 618-shop modern market in Abuja
Mahmoud said during the inauguration in Zuba on Saturday, that the market would be constructed by Khuntex Engineering Company Ltd. under a Public Private Partnership (PPP) arrangement.
She added that under the arrangement, the Area Council would provide the land, while Khuntex would fund the construction of the market, 100 per cent.
She said that the project would be delivered within 20 months in two phases of 10 months each, adding that it would foster economic resilience and social inclusion.
The minister added that the market would also generate employment opportunities, enhance income levels, and promote skill development among rural youths.
According to her, the development is a testament to the FCT Administration’s commitment to the provision of critical infrastructures to residents, in line with the “Renewed Hope” agenda of President Bola Tinubu.
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“To solve the problem of protracted funding, the Gwagwalada Area Council decided to explore private sector funding options.
“The move leverages the utilisation of the private sector in exchange for land as a resource for the development of the Zuba Modern Market, amongst other PPP initiatives,” she said.
The minister stressed the importance of market infrastructure in rural areas, which she described as a lifeline for countless communities.
“However, inadequate infrastructure often hampers their efficiency and accessibility, hindering economic growth and perpetuating poverty.
“Public-private partnerships, therefore, offer a pragmatic solution to this challenge.
“By leveraging the strengths of both sectors, we can create sustainable marketplaces that cater for the diverse needs of rural populations,” Mahmoud said.
She explained that markets provide a platform for farmers and artisans to sell their produce, goods, and services, and in turn, improve the quality of life of rural dwellers.
Mahmoud said that the market would be equipped with modern facilities that would enhance the efficiency of agricultural value chains.
She added that the market was also designed to empower rural entrepreneurs to access larger patronage and better prices for their products.
The Chairman of Gwagwalada Area Councils, Abubakar Giri, said that the Zuba Modern Market, when completed, would boost the revenue base of the area council.
Giri also promised to revive other abandoned markets within the area council and urged the contractor to complete the project within the 20-month period.
In his remarks, the Chairman and Chief Executive Officer of the Khuntex Engineering Company, Dayo Jigan, promised that the first phase of the project would be delivered in 10 months.
Jigan said that a set of 250 units of the shops would be completed in the first phase of the project.
He explained that the market would consist of mixed units of open/lock-up shops, warehouses, eatery, banking hall, restaurants, police posts, fire station, public toilet, bus loading bay and other amenities in line with global standards.
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