Alaba Traders Get 25% Deposit Option for New Shops

By Love Oyedokun

In a significant milestone for urban renewal and economic infrastructure development, the Lagos State Government on Wednesday officially allocated 180 completed shops to beneficiaries of the redeveloped Alaba Transnational Market, formerly known as Alaba Rago, located in Ojo Local Government Area. The allocation ceremony, held at the headquarters of the Lagos State Building Control Agency (LASBCA), marked a critical phase in the transformation of what was once West Africa’s largest cattle market into a modern commercial hub.

Cablenews24 reports that Dr. Olajide Babatunde, Special Adviser to the Governor on E-GIS and Urban Renewal, presided over the distribution of allocation letters to the successful beneficiaries, emphasizing the administration’s commitment to inclusive development and economic empowerment. In a gesture that underscored the government’s sensitivity to the welfare of existing traders, Babatunde announced that former occupiers of the demolished structures were granted the first right of refusal, ensuring that long-standing market stakeholders retained priority access to the modernized facility.

“The administration of Governor Babajide Sanwo-Olu believes in balancing urban regeneration with social equity,” Babatunde stated while addressing the gathering of traders, government officials, and financial sector representatives. “We have not come here to disenfranchise those who have built their livelihoods here over the years. Rather, we are offering them a pathway to modernized commerce within a facility that meets international standards.”

The allocation comes with a carefully structured financial framework designed to accommodate varying economic capacities among the beneficiaries. The Special Adviser disclosed that recipients are required to make an initial payment of 60 percent of the total shop value, with the remaining 40 percent payable over a six-month instalment period. However, demonstrating the administration’s flexibility, Babatunde revealed that traders unable to meet the 60 percent threshold may qualify for an alternative arrangement requiring only a 25 percent initial deposit.

“We understand that economic realities differ among our people,” he explained. “While the 60 percent deposit option allows for quicker equity building and shorter completion timelines, those who opt for the 25 percent entry point will find it more convenient to manage their cash flow while securing their commercial spaces. The goal is to ensure that no willing trader is excluded from this opportunity due to temporary financial constraints.”

The financial architecture of the project, Babatunde revealed, rests on a robust public-private partnership model involving strategic collaborations with leading financial institutions. This syndicated financing approach, he noted, aligns seamlessly with Governor Sanwo-Olu’s THEME Plus Agenda, which prioritizes sustainable urban development and economic diversification across Lagos State.

“We are keeping every promise made to the people—these are the tangible dividends of democracy,” Babatunde affirmed. “Under the THEME Plus Agenda, we are simultaneously developing 21 major markets across Lagos, including Alaba Rago, Katangwa Market, Pelewura, Jankara, and several others. This particular project stands out because we are transforming what was essentially an informal cattle trading settlement into the Alaba Transnational Market—a world-class commercial destination.”

The scale of the development is ambitious. Upon completion, the market will house approximately 3,000 stalls, significantly expanding commercial capacity while introducing modern amenities and regulatory frameworks previously absent from the informal trading environment. Supporting infrastructure includes the construction of a 1.2-kilometer access road connecting the market complex to the main arterial road, facilitating seamless logistics and improving accessibility for wholesale and retail customers.

Pricing details released during the ceremony reflect the government’s subsidized approach to the project. Shops located on the ground floor, offering prime visibility and accessibility, are priced at N13 million each, while upper-floor units command N10 million. Babatunde was quick to contextualize these figures as substantially below market rates, representing significant state subsidies aimed at ensuring affordability for local entrepreneurs.

“What you are paying for these shops is a fraction of their actual commercial value,” he emphasized. “The state has absorbed considerable costs to ensure that our traders can own these spaces without being priced out by speculative investors. This is an investment in our people, not a revenue-maximization exercise.”

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The project’s successful execution involved inter-agency coordination across multiple government departments and private sector entities. Babatunde extended gratitude to the Lagos State Building Control Agency, Lagos State Urban Renewal Agency (LASURA), United Bank of Africa (UBA), the Debt Management Office, the Ministry of Finance, and the Office of the Accountant General of Lagos State for their collaborative efforts in bringing the first phase to fruition.

Responding on behalf of the beneficiaries, Alhaji Hussain Mohammed Lajawa, Chairman of the Central Alaba Rago Market, expressed profound appreciation to the Sanwo-Olu administration for honoring its developmental commitments. Recalling the inception of dialogue between the trader community and the state government in 2022, Alhaji Lajawa noted that skepticism initially surrounded the ambitious transformation plans, but Wednesday’s allocation ceremony served as vindication of the administration’s sincerity.

“We started this conversation with the government in 2022, and many doubted whether these promises would materialize,” Lajawa admitted. “Today, we stand as witnesses to the fact that when government operates with integrity and vision, transformative change becomes possible. We commend Governor Sanwo-Olu for not abandoning this project and for ensuring that those of us who have invested our lives in this market can continue to thrive in a modernized environment.”

The allocation of the initial 180 shops represents merely the beginning of a comprehensive regeneration project expected to reshape commerce in Ojo Local Government and establish Lagos as a premier destination for transnational trade. As traders begin occupying their new spaces, the market is poised to transition from its historical identity as a livestock trading post to a diversified commercial ecosystem capable of supporting multiple sectors and generating substantial economic value for the state.

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