Traders, entrepreneurs, and investors in the Federal Capital Territory (FCT) have received a significant boost with the inauguration of a brand-new, modern market in the Karmo District of Abuja. The expansive market, boasting an impressive 2,500 stalls, was officially opened yesterday by the Federal Government, marking a key step towards enhancing commercial infrastructure and driving economic development within the FCT.
Speaking at the inauguration ceremony, the Minister of the Federal Capital Territory (FCT), Nyesom Wike, emphasized that the project was a collaborative effort with Rural Homes Limited. He stated that the Karmo District Market has been strategically developed to serve as a well-structured and contemporary business hub for a wide range of commercial activities.
Representing the Minister at the event, the Minister of State for the FCT, Dr. Mariya Mahmoud Bunkure, highlighted that the development aligns perfectly with the current administration’s overarching plan to foster robust economic growth, generate much-needed employment opportunities, and establish a more organized and efficient trading environment within the capital.
“Additionally, it is designed to create more job opportunities and tap into the untapped value chain of real estate, driving further economic expansion and investments within the sector, eradicate the use of informal markets, and maintain the urban culture, driving further economic expansion and investment within the sector,” Minister Wike stated in his address.
Dr. Bunkure further noted that the newly inaugurated Karmo District Market is equipped with state-of-the-art facilities designed to support seamless commercial activities. These include spacious shop units to accommodate various businesses, ample parking space for traders and customers, comprehensive security provisions to ensure safety, and essential modern amenities to enhance the overall trading experience.
Highlighting the significance of this transformative project, the Managing Director of Rural Homes Limited, Hajia Sa’adatu Aliyu, revealed that the market is situated on a substantial 10 hectares of land and is a collaborative venture with the Abuja Investment Company Limited market.
Hajia Aliyu emphasized the forward-thinking design of the market, stating, “We have zoned this market into a farmers market separately which you don’t typically see in most markets but we understand that times are going on, modernisation is coming and Nigeria also needs to move forward. This is what we try to achieve with this market. It is a 2,500 shop and stalls unit with cold rooms, standard warehouses (measuring 100 square meters with a 12-meter height), and conventional stalls.”
The market’s infrastructure goes beyond just trading spaces, as Hajia Aliyu further elaborated: “We have duplexes here, you can do your offices, your microfinance, we have banks available in this very market. We have a clinic, fire service, a 99 square meter area which we call the hub of the market, over 750 shops of nine square meters which is going to cater to SMEs as well as the 44 square meters that are here as well. So this market really is a testament to young people coming together to put an initiative in partnership with the government and this is something that works and we’re so grateful to the FCDA, especially our Minister, Honorable Minister.”
Addressing the crucial aspect of affordability for prospective traders, Hajia Aliyu assured that flexible payment plans are available to ease the financial burden on buyers. She also pointed out that the prices of the stalls are lower compared to other markets in the FCT. Notably, over 50 percent of the market has already been sold, a testament to the strong demand and the attractiveness of the investment. This success, she explained, was achieved through strategic partnerships with cooperatives, banking institutions, and various financing mechanisms.
The inauguration of the Karmo District Market represents a significant step forward in bolstering Abuja’s commercial infrastructure and providing a more organized and conducive environment for businesses to thrive. With its modern facilities, strategic zoning, and flexible payment options, the market is poised to become a vital economic hub within the FCT, creating numerous job opportunities and contributing to the overall economic growth of the capital.
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