Benue Ultra modern market to cost 4 million per stall – commissioner

Posted: March 21, 2015 in Business and Commerce, News
Tags: , ,

. Pegs actual cost at 20 million Naira each


Governor Gabriel Suswam of Benue State

The Benue state commissioner for Commerce and Industry, Mr Terfa Atoza has revealed that the state government is ready to give out stalls at the newly constructed ultra modern market at the cost of 4 million naira only.  He however added that the actual cost of a single unit of shop at the Benue Ultra modern market would have cost 20 million Naira if put up on sale.

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.

According to him, 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.

Mr Atoza, who said the inauguration would be done by the governor on Monday, stated that the market has a total of 1,500 different category of shops whose prices ranged between N4m and N300,000.

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

Atoza 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.

According to him the market would generate income for both the entrepreneurs and the state as well as create employment for the youths and women.

He however added that the payment would be based on owner occupier basis to enable shop owners stagger payment over a period of five years, after an initial deposit.

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

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