The Anambra State Investment Promotion and Protection Agency (ANSIPPA) has revealed the economic impact of the Ikenga Shopping Mall in Awka on the larger Anambra economy.
The agency, founded in 2014 and tasked with driving private-led investments in the state, revealed founding details of the project as well as the resulting impact of the mall on Anambra’s economy. They Include
Innovative PPP Model
ANSIPPA revealed that the mall is a product of a Public-Private partnership (PPP) with Sundry Markets Limited (SML) worth over N4.5 billion without government financing. According to the agency, the project safeguards public resources while attracting Private partnerships.
Urban Renewal
The New Ikenga Mall boosted the real estate property value of Awka, transforming a once-neglected and insecure part of the city into a commercial hub and retail outlet, attracting shoppers from all over the state.
Job Creation
The Ikenga Shopping Mall has directly and indirectly employed over 1000 individuals in the state across retail, construction, Hospitality, and services, as well as boosting Small and Medium businesses through partnerships.
Retail and Lifestyle Hub
The new mall, anchored by Market Square, is cited alongside other brands like Kilimanjaro, Medplus, and Miniso, creating a lifestyle ecosystem in Awka while positioning the city as a regional hub for lifestyle and Leisure activities.
Catalyst for Local Business Growth
Boasting 86 rentable shops, the Ikenga Mall is a serious driver of growth for Small and Medium businesses. The mall, arguably the largest in the country by size of occupancy, provides modern retail space for SMEs and fosters partnerships.
The Real Estate market in Awka is arguably among the top 1 percent in the state in terms of property Cost. The Ikenga Mall contributes to the collective value of the Awka Real estate market, creating jobs that positively impact the broader Economy of Anambra State.
