By Donald Iorchir
Kuje’s market in the Federal Capital Territory (FCT) will undergo modernization under a build, operate and transfer contract, Blueprint learnt.
The Kuje Area Council under the leadership of the chairman, Honourable Ishaku Shaban Tete, has signed a contract to that effect.
The multi-million Naira contract which is a partnership between the Area Council and Greenhouse International Ventures Limited was signed on August 15, 2014.
The Managing Director of Greenhouse International Venture Limited, Barrister Ose Ogunkorode said, in the memorandum of understanding evidencing the contract, that the company will rebuild the market and transform it into a market of international repute. The company is expected to rebuild the market, manage it for twenty five years and later transfer it to the council.
According to him, it is expected that the developer will be able to recoup the financial resources put into the project within the twenty five years.
He stressed that, “this contract is a great example of the federal government’s Public, Private, Partnership initiative designed to promote the development of infrastructure in the country. When completed, the market will have facilities such as 532 Lock up shops, Two warehouse, 500 Open shops, 72 Plaza stores, one modern Abattoir, Day care centre, Medical centre, places of worship, police post, toilets and conveniences, one bank, fire service post, organized car park, central refuse evacuation point, modern and well secured gates, security cameras and other convenient facilities which will uplift the status of the market. The major objective of this project is to improve the economic and social development of the Kuje community making it compete effectively with similar markets in the federal capital territory.”
Barrister Ogunkorode continue that, the market under this arrangement will cater for the needs of different categories of traders, thereby giving the market a cosmopolitan profile.
Even though the land housing the market is limited to about 3.2 hectares, it will be designed to have many modern infrastructure that traders will be proud of. Because of the centrality of its location, the market will provide excellent aesthetic value for the town of kuje and make it comparable to similar infrastructure in the FCT, he said.
Meanwhile the developer is making arrangement with reputable banks in the community to provide mortgage facilities to traders to enable them buy the shops with ease.
The banks are being encouraged to grant mortgage facilities at low interest rate repayable over a period of five years. The management of Aso Savings and Loans bank in kuje has given his words to partner with the developers and the traders to provide loans which will assist the traders not only to buy the shops but promote their businesses.
The area council is making efforts to relocate the existing traders in the market to a location to be used temporarily while the construction work lasts.
This will be done in phases to minimize the inconvenience brought by this social change. The developer said he has agreed to minimize the inconvenience which their construction efforts will bring to the traders.
The managing director stated that the market will provide opportunity for traders to do business under a conducive environment. He said every trader should take advantage of the facilities at the market when completed and give it adequate patronage.
A part from enhancing the economic development of Kuje Community, traders will be proud to have a place of work that meets most of their needs outside their homes.