Federal lawmakers have called for the inclusion of local contractors in the country’s construction industry to foster national development.
The lawmakers, drawn from the Senate and the House of Representatives.
The lawmakers made the call in Abuja at a summit on local contractors organised by the National Assembly Committee on Works in collaboration with Optimum Horizon Limited.
The theme of the summit was “Empowering Local Contractors for National Development: Bridging Gaps and Building Partnerships
Addressing participants at the event on Monday, the Chairman of the Senate Committee on Works, Barinada Mpigi, highlighted Nigeria’s vast and diverse infrastructural landscape, which offers numerous opportunities for growth and transformation under President Bola Tinubu’s administration.
However, he lamented that indigenous contractors have not been given sufficient opportunities in the nation’s infrastructural sector over the years.
He said, “Our local contractors face significant challenges that hinder their potential to contribute to national goals. Challenges such as limited access to long-term financing, inadequate equipment, lack of insurance facilities, and issues of insecurity have long been obstacles to their growth and success.
Globally, other nations have implemented strategic measures to support their local contractors. From government financing and public-private partnerships to streamlined procurement processes, these countries have recognised the importance of providing practical solutions to empower local businesses. We must follow suit by promoting fair procurement processes, engaging with local communities, and prioritising environmental sustainability, ensuring that our infrastructure projects are built with the future in mind.”
To bridge the financial gap between local contractors and their foreign counterparts, Mpigi urged the Securities and Exchange Commission to explore innovative approaches, such as the tokenisation of assets.
“This process allows local contractors to convert their assets into digital tokens, facilitating access to funds from a broader pool of investors. By unlocking these new financing opportunities, tokenisation can empower local contractors to raise capital, enable fractional ownership, and improve liquidity in the sector.
“The Federal Inland Revenue Service can play a crucial role in supporting our local contractors by introducing easier access to tax credits, which will ease their financial burden. Such incentives can encourage investment in the sector, providing them with much-needed relief and fostering growth,” he added.
Also speaking, the Chairman of the House Committee on Works, Akin Alabi, called for a partnership that prioritises the inclusion of local contractors in building the nation’s infrastructure.
He said, “Today, we gather with a shared purpose to strengthen the bridges between the government, stakeholders, and our local contractors and construction companies, fostering partnerships that will empower our indigenous industries and transform our country’s infrastructure.
“Nigeria has a diverse landscape that holds immense potential for growth and development. However, to truly unlock these potentials, we need an approach that maximises local resources, skills, and talents. It is time to embrace our local contractors not only as stakeholders but as partners in our journey to national development.
