UMUAHIA—The ongoing efforts to redevelop and re-position markets in Abia State got a fillip when the state Governor, Dr Okezie Ikpeazu approved the formal engagement of foreign and local investors for select major markets.
Ikpeazu
This was in fulfillment of his pre-election promise to, among other things, “transform Abia State into a functional private sector-driven economy; create better opportunities for her citizens; improve the quality of their lives and shape the state into a hub for regional entrepreneurship through good governance, appropriate developmental and environmentally sustainable policies.”
Subsequently, the Abia State Markets Development Committee, ASMDC, the state’s special purpose vehicle for engaging various stakeholders to remodel, upgrade and manage existing markets for viable economic activities, has commenced a rigorous process of evaluation and shortlisting of local and foreign investors for the redevelopment of select markets in the state.
The ASMDC had earlier requested for the expression of interests and proposals from interested, qualified and competent investors/developers.
The investors will be selected after completion of the evaluation of their proposals and due diligence to ascertain the pedigree, integrity and ability of the potential investors/developers to undertake the massive infrastructural re-engineering of the select markets in the state in line with Governor Ikpeazu’s vision.
Some of the investors under consideration include GES GmbH, a German investment group which provides financial, commercial and project management support for clients and partners and utilizes its specialist expertise and skilled resources to support the entire project development process; Briscoe Properties Limited (a subsidiary of RT Briscoe Plc), which offers management and engineering services related to the property industry and Donchez SL of Spain with extensive operations in several countries with specialization in project management and financing.
ASMDC chairman, Chief Nwaigwe Solomon Nwaigwe, expressed satisfaction with the companies and investment groups under consideration and confirmed their ability to deliver timely and value-driven service to Abia state.
ASMDC chairman, Chief Nwaigwe Solomon Nwaigwe, expressed satisfaction with the companies and investment groups under consideration and confirmed their ability to deliver timely and value-driven service to Abia state.
He said the committee’s doors are still open to more investors in its avowed bid to ensure the remodeling and redevelopment of major markets in the state, particularly in Aba, the commercial nerve centre of the state and Umuahia, the state capital.
Chief Nwaigwe also reiterated his committee’s commitment to the vision of the state governor and determination to deliver on their mandate. He praised the governor for his great vision for the state and called on all market stakeholders and indeed all citizens of the state to support the governor and ASMDC in its effort to make Abia the state of our dream.
The ASMDC is proposing to use five major markets including the Ariaria International market, Ngwa Road Market[Ahia Ohuu] and the Eziukwu/Cemetery Road market as pilot scheme for the re-development of the market systems in the state not only for the revitalization of viable economic activities but for improvement of revenue generation to the government.
It is expected that the markets post redevelopment will contribute about 5 billion Naira monthly to the state’s internally generated revenue [IGR].
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