Elevating Wudil Market: A path to sustainable growth – Mahmud Aminu Hanga

By solacebase.com On Sep 24, 2024

Wudil market Kano — Elevating Wudil Market: A path to sustainable growth-Mahmud Aminu Hanga

By Mahmud Aminu Hanga

Wudil Market, an agricultural cornerstone in Kano State, plays a crucial role in the region’s economy with a weekly turnover of ₦2.5 billion and over 8,000 vendors. Historically, Wudil Market in Kano State dates back several decades, rooted in its strategic location along the trade routes connecting Kano with other parts of northern Nigeria.

The market evolved from a small trading post to a key hub for grains, vegetables, and livestock, serving traders from neighbouring states and beyond. Despite its vital position, poor infrastructure, inadequate storage facilities, and logistical challenges have limited its potential, especially with a 25% loss in perishables like tomatoes and peppers.

The market is divided into segments by commodity type, with sections for grains, cattle, vegetables, and general goods. Associations like the Wudil Grains Traders Union and Livestock Traders Association help manage operations but struggle with inefficiencies due to the absence of digital systems.

This lack of modernization has led to reduced transparency and slower growth in tax revenue, while inadequate transportation infrastructure and seasonal road challenges continue to impact the market’s overall functionality. However, by tapping into digital platforms and payment systems, Wudil can modernize its financial and operational framework, potentially increasing its tax revenue by 20-30%.

Public-Private Partnerships (PPPs) offer a sustainable solution for upgrading Wudil’s infrastructure. With an investment of ₦8-10 billion, necessary improvements could include better access roads, modern cold storage facilities, and a redesigned market layout for better traffic flow. Investments in digital payment systems could also reduce inefficiencies and facilitate tax collection, helping Wudil meet the growing demands of both local and international markets.

A significant opportunity exists for Wudil Market to tap into the global halal meat market, particularly in the Middle East. By aligning its livestock sector with international halal standards, Wudil could become a major exporter of halal-certified meat products. Creating modern slaughterhouses and upgrading logistics to meet export needs could make Wudil a key player in the global halal market. This would not only improve the market’s turnover but also create jobs in logistics, digital services, and packaging while enhancing Kano State’s overall economic profile.

The market could look to similar success stories in Africa, such as the Johannesburg Fresh Produce Market, which effectively integrated digital systems and improved logistics to minimize waste and expand its reach. Additionally, adopting sustainable packaging practices for grains and perishables will help extend the shelf life of products, improving their quality and appeal to international buyers.

By investing in infrastructure, digitalization, and logistics, Wudil Market can increase its global reach, contributing to a more dynamic economy for Kano State. The market’s potential to become a leader in the halal meat industry and a major player in agricultural exports is within reach, provided the necessary investments and partnerships are secured. With proper modernization, Wudil Market’s tax revenue could increase by up to 50%, providing a robust platform for sustainable growth and development. An estimated investment of ₦10-15 billion will not only address current challenges but position Wudil Market for a future of expanded trade networks and international partnerships, ensuring its continued relevance in the global marketplace.

Hanga is a Co-founder of Earn Integrated Resources and Services Ltd (SaaS Corporation) as well as a Member of the Harvard Business Review Advisory Council, an Economist, Accountant, Entrepreneur, and Financial Modeling Expert with over 19 years of experience.