The Lagos State Government has commenced the empowerment of traders at Alaba Transnational Market by issuing 180 stall allocations to trader as part of the first phase of the market’s redevelopment.
The allocations, approved by Governor Babajide Sanwo-Olu, form part of the state’s THEMES Plus Agenda initiative to modernise Alaba Transnational Market, which is set to feature over 3,000 stalls, banks, clinics, police posts, and improved road networks.
The Special Adviser on Electronic Geographic Information System (E-GIS), Olajide Babatunde, disclosed this during the presentation of provisional letters of allocation to the beneficiaries on Wednesday.
Speaking at the event, Babatunde said the government is executing the project in collaboration with DC Engineering and D-Baccano, with financial support from United Bank of Africa (UBA).
According to him, the 180 shops represent the first batch of a larger plan to deliver about 3,000 modern market stores within the redeveloped livestock market in Iba Local Council Development Area.
“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.
Giving further details on the allocation, Babatunde explained that beneficiaries can purchase the shops through a flexible installment payment structure, starting with a minimum of 25 per cent.
“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,” he said.
“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.”
On pricing, Babatunde noted that some ground floor shops are priced at N10 million, despite a construction cost of about N12 million, while upper floor shops are sold at subsidized rates to ensure affordability for traders.
He added that all payments are being made into a designated UBA account for the Alaba Transnational Market project, with officials from relevant banking institutions supervising the process to ensure transparency.
The special adviser also urged market leaders, financiers, and traders to maintain collective cooperation to guarantee the success of the redevelopment.
Also speaking at the presentation, the Chairman of the Alaba Rago Central Committee Association, Husseini Lajawa, described the handover as the fulfillment of a long-standing promise by the state government to modernize the market.
