The Lagos State Government on Wednesday, distributed provisional letters of allocation to the first 180 traders affected by the ongoing redevelopment of the Transnational Market in Alaba, situated along the Lagos-Badagry Expressway.
Dr. Olajide Babatunde, Special Adviser to the Governor on e-GIS and Urban Development, confirmed the development, stating that traders will receive their official allocation letters once they make a 25% down payment on the cost of the shops. He also highlighted that paying 50% of the shop cost upfront will reduce interest charges, with the remaining balance to be paid over six months.
Dr. Babatunde emphasized that the redevelopment is part of the state government’s broader efforts to transform Alaba Market into an international-standard facility with modern amenities, reinforcing the government’s commitment to urban regeneration and economic growth.
Alhaji Mohammed Lajawa, Chairman of the Central Committee of Alaba Rago Market, commended Governor Babajide Sanwo-Olu for delivering on his promise of handing over the redeveloped shops. He also called for the swift completion of the access road to the market to facilitate the smooth relocation of traders and their goods into the newly allocated shops.
The newly redeveloped shops are priced as follows: ground floor shops at thirteen million naira, first-floor shops at twelve million naira, and second-floor shops at ten million naira. A total of 3,000 shops are expected to be completed by the end of Governor Sanwo-Olu’s tenure, with the redevelopment serving as a significant step in enhancing commercial activities in the area.