Benue Government Inaugurates N4.9b Ultra Modern Market

The Benue Government has concluded arrangements for the inauguration of its ultra modern market built by the administration of Gov. Gabriel Suswam at the cost of N4.9 billion.

Speaking to newsmen at the conference hall of the market on Friday in Makurdi, the State’s Commissioner for Commerce and Industry, Mr Terfa Atoza, said the inauguration would be done by the governor on Monday.

He said the market has a total of 1,500 different category of shops whose prices ranged between N4m and N300,000.

Atoza said the market, which was fireproof, has a police post, banks, and catering services, was among the best in the country.

He called on entrepreneurs to take advantage of the strategic location of the market to buy the shops, pointing out that the cost was “giveaway” considering the facilities at the market.

The commissioner said the market would generate income for both the entrepreneurs and the state as well as create employment for the youths and women.

He said the government did a technical evaluation of the shops and decided to sell them at such low prices to encourage the growth of local businesses.

“If we were to sell the shops according to their actual worth, each of the shops can go for nothing less than N20million, considering the cost of land, quality of building materials, the publicity, water, electricity and other facilities here in the market.

” But we decided to give them out at such prices to encourage the growth of our indigenous businesses, we deliberately avoided selling the shops in block for that same reason.

” We had offered to sell the whole market to single companies but we resisted the temptation and opted for this arrangement where individuals are buying units,” he said.

In addition, he said, the payment would be based on owner occupier to enable shop owners stagger payment over a period of five years, after an initial deposit.

Atoza said the management of the market would be in the hands of private entrepreneurs in line with best practices to ensure profitability.

News Agency of Nigeria (NAN) reports that the market has 300 lock-up shops, 600 open shops, 100 warehouses and a block of farmers shops. (NAN)