BY EMMANUEL EBUBE
ASABA International Market (AIM), later renamed Delta International Commercial City (DICCA), has been on the drawing board for almost two decades, presumably being suffocated by what could be described as surmountable bureaucratic wrangling and bottlenecks involving foreign and local partners, and this is while anxious investors standby and wait, their patience starting to run out.
This massive market project cited just across the River Niger from the bustling Onitsha market was supposed to be the first and biggest of its kind in West Africa, perhaps even the biggest in Africa, the modeling being championed mainly by experienced professionals from Italy and particularly Dubai, where the most modern of similar commercial cities now exist, attracting tens of millions of local and international visitors for shopping and recreational activities yearly, providing much needed boost to their economy and a catalyst for improved standard of living powered by massive gainful youth employment, a panacea for fighting endemic poverty and crime.
The first C of O for the 310 hectares large project was approved by His Excellency Governor Udugahan in 2015, the cancellation of which was followed by the approval of another C of O by His Excellency Governor Okowa in 2017, which C of O was again cancelled, prompting a request for renewal of the C of O for the designated and allocated land space (allocation letter REF No. LB/A.6807/24) to accommodate this overdue “Mother of All Markets” as it is popularly called destined as it were to serve as a unique legacy project when completed.
Nigeria is the largest of 15 member countries of ECOWAS with a population of over 230 million, and a population growth rate of over 2.5 percent. This makes the projected plan for a market of this size and sophistication very realistic.
Most investors are confident and comfortable with the long term prospects of such joint real estate projects and markets with the consequential national income boosting purchasing potentials.
This estimated $1.83 billion Asaba International Market Project, or DICCA, dwarfs similar projects by the Delta State Government, which have successfully boosted employment and commercial activities, and these include the $20 billion Gas Industrial Park covering 2,700 hectares of land, the Delta Leisure Resort and Wild Life Park, The 186 hectare Leisure facility at Oleri, and others.
The Asaba International Market, or Delta International Commercial City as it has come to be called, will accommodate 130,282 units of lock up shops (wholesale and retail), warehouses, abattoir and large, banks, offices, department stores accommodated on 7 floors of space, with hotels and other hospitality facilities on the 8th floor.
There will be an industrial sector with small and medium scale industries, equipped with fuel service stations, Police station, Trade exhibition center, 250 bed 5-star hotel, Schools, hospital. The project sponsors as constituted are Delta State Government, Al Huda Property & Contracting Services Limited, affiliated with Al Huda Dubai.
Also, D’ Acarno Nigeria Services Ltd must be mentioned Expected list of products and wares to be sold is virtually endless, including Building materials, IT products, Assorted hardware, etc.
The Market is expected to provide International standard facilities to complement the aging, overcrowded Onitsha Market on the opposite side of the Niger.
It is expected to transform Asaba/Onitsha axis into a first class business zone. Onitsha market is presently the largest in West Africa with over 100,000 traffic of persons daily, to and fro.
There is a huge demand from Onitsha traders for spaces in the new facility of Asaba international Market, or DICCA, and a large number have already expressed written interest in relocating or expanding to the new facility at Asaba. Also a large number of entrepreneurs in the diaspora, from Atlanta, Houston, New York, and Paris have expressed interest to locate businesses in the Asaba ‘Mother of All Markets. (MAM)’.
These will all pay in hard currency such as dollars, pounds, and Euros. Recent survey shows that Asaba International Market, or DICCA, has no competitor within 60 kilometers of Asaba, with the target customers as the trade and business sectors of Onitsha.
DICCA has already received indication of interest letters from thousands of traders, including Onitsha Electronics traders’ Association with membership of thousands of traders.
The strategy is to build and sell 80% of the commercial spaces and retain 20% for rental basis.
Also it is intended to transform the market into a prime tourism, entertainment, hospitality, commercial, and industrial location in Nigeria.
It is expected to create a hub for development of Industrial Park along the shores of the River Niger on the Delta State side The C of O is required to enable the development partners to source for funds.
The projected net income is $25,085,362 for the first year, $25,251,501, for the second year, $31,004,227, for the third year, $36, 2756, 907, for the fourth year and $41,121,234 for the fifth year. DICCA or Asaba International Market will be a place where people want to live, work, play, and invest.
Sandwiched between two states, Delta and Anambra, with cumulative population of over 15million, it is located on a site that serves as gateway to the South East, with its attendant high commercial activities.
The Delta International Commercial City will become a model in Africa having seen what Dubai represents to the world with unrivaled facilities for tourism and commerce.
The Asaba international market will host. a) 130, 282 lockup shops in a 3-floor complex of international standard b) Shopping malls, department stalls, on a 7-floor complex c) 5-Star hotel (250 Bedroom of suite) d) Trade exhibition Centre, School, Bank, Hospital, Police Station, Recreation Park, fuel service stations abattoir, large, industrial warehouse(s), Residential apartment and houses within the city.
An important element of the construction work is Land Preparation and Dredging. In view of the fact that the land is generally low-lying and requires more than an embankment for protection against flooding, there is need to raise the level of the land.
This will be achieved through dredging, leveling of the land and installation of a most appropriate drainage system.
The AIM, or DICCA, project owners and sponsors, allied in a private sector venture, are the Delta State Government and Oshimili South Local Government, in partnership with AL HUDA Property and Contracting Services Ltd aim in special purpose vehicle to exercise legal and corporate ownership of the project.
Board of AIM (Asaba International Market) was originally headed by late Chief Joe BardI, (Umuezei qtrs, Asaba) as Managing Director Chief Executive Officer, succeeded by Barr. Olawele Rhodes-Vivour, as Head of AL HUDA Property and Contracting Services Limited, and a major player in DICCA.
