The Lagos State Government has begun handing over of 180 newly-completed shops at the Alaba Rago Transnational Market as part of efforts to deliver modern trading infrastructure under public-private partnership arrangements.
The News Agency of Nigeria (NAN) reports that the redevelopment of the market located in Iba Local Council Development Area began in November 2024 as part of the state’s THEMES Plus Agenda.
The Special Adviser on Electronic Geographic Information System (E-GIS), Dr Olajide Babatunde, made this known at the presentation of provisional letters of allocation to the beneficiaries, on Tuesday.
Babatunde said that the government was executing the project in collaboration with DC Engineering and D-Baccano, with financing support from United Bank of Africa (UBA).
He said that the 180 shops represented the first batch of a larger plan to deliver about 3,000 modern market stores within the redeveloped market.
“We are working towards providing 3,000 market stores at the same price structure.
“We have completed the first 180 shops in Alaba Transnational Market, and piling is already ongoing for another four blocks,” he said.
The official said that the redevelopment also included internal road construction and perimeter fencing to improve accessibility and security within the market environment.
He disclosed that beneficiaries were allowed to purchase the shops through a flexible instalment payment structure, beginning with a minimum of 25 per cent.
“Those who can afford 50 per cent or full payment are encouraged to do so.
” If you pay 50 per cent today, you remove the risk of additional financial exposure, and the balance can be spread over six months without interest,” he said.
According to him, once a beneficiary makes an initial payment of 25 per cent, 50 per cent or 100 per cent, the keys to the shop are released.
On pricing, the official said that some ground floor shops were priced at N10 million in spite a construction cost of about N12 million, while upper floor shops were also sold at subsidised rates to ensure affordability for traders.
“These shops have been heavily subsidised by the government to make them accessible to market men and women,” he said.
He added that all payments were being made into a designated UBA account for the Alaba Transnational Market project, with officials from relevant banking institutions overseeing the process to ensure transparency.
“The state is not taking anything out of this money. All payments go directly into the approved project account for proper accountability,” he said.
The special adviser urged market leaders, financiers and traders to sustain collective cooperation to guarantee the success of the redevelopment.
“If this market succeeds, it is because all of us have worked together.
“Let us continue to join hands to make Alaba Transnational Market a pride of Lagos and the biggest livestock market in Lagos,” he said.
Also speaking at the presentation, the Chairman of the Alaba Rago Central Committee Association, Mr Husseini Ahmed Lajawa.
He described the handover as the fulfilment of a long-standing promise made by the state government to modernise the market.
“This programme started in 2022 when we met the governor and expressed our desire to develop the market.
” Along the line, the government invited banks to support the contractors, and today we are seeing the result with three completed blocks allocated to 180 traders,” Lajawa said.
He commended the government for giving existing traders first consideration in the allocation process.
“The market is for us, not for outsiders. We were given the right of first refusal, and this has made us very happy.
“We sincerely appreciate the Lagos State Government for keeping its promise,” he said.
NAN reports that the project is designed to transform the market into a structured commercial hub with thousands of shops and facilities, including banking services, security posts and parking areas to enhance trading activities.(NAN)
