The Lagos State Government has commenced the handover of 180 newly completed shops at the Alaba Rago Transnational Market, as part of efforts to provide modern trading infrastructure through a public-private partnership arrangement.
The redevelopment of the market, located in Iba Local Council Development Area, began in November 2024 under the state’s THEMES Plus Agenda.
The Special Adviser on Electronic Geographic Information System (E-GIS), Dr Olajide Babatunde, disclosed this on Tuesday during the presentation of provisional letters of allocation to beneficiaries.
Babatunde said the project is being executed in partnership with DC Engineering and D-Baccano, with financing support from United Bank of Africa (UBA).
He explained that the 180 shops represent the first phase of a broader plan to deliver about 3,000 modern market stores within the redeveloped complex.
“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.
According to him, the redevelopment also includes internal road construction and perimeter fencing to enhance accessibility and security within the market.
He added that traders are allowed to purchase the shops through a flexible instalment payment plan starting with a minimum deposit 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 reduce additional financial exposure, and the balance can be spread over six months without interest,” he said.
Babatunde noted that once a beneficiary makes an initial payment of 25 per cent, 50 per cent or full payment, the keys to the shop are released.
On pricing, he stated that some ground floor shops are being sold for N10 million despite a construction cost of about N12 million, while upper floor shops are also offered at subsidised rates to ensure affordability.
“These shops have been heavily subsidised by the government to make them accessible to market men and women,” he said.
He further explained that all payments are made into a designated UBA account for the 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 added.
Babatunde urged traders, market leaders and financiers to sustain cooperation to ensure 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, the Chairman of the Alaba Rago Central Committee Association, Mr Husseini Ahmed Lajawa, described the handover as the fulfilment of a long-standing promise 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 prioritising existing traders 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.
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 boost trading activities.