The National Assembly Joint Committee on Works, in partnership with Optimum Horizon Limited, recently hosted Nigeria’s first-ever Local Contractors Summit, marking a significant milestone in strengthening relationships between the government, local contractors, and key stakeholders within the nation’s construction sector. The event, themed “Bridging Gaps and Building Partnerships,” brought together legislators, industry leaders, and representatives from regulatory bodies and engineering groups.
Hon. Akin Alabi, Chairman of the House of Representatives Committee on Health, delivered the keynote address, emphasizing the pivotal role local contractors must play in Nigeria’s national development. “It’s time we embrace local contractors not just as stakeholders, but as partners in our journey toward national development,” Alabi stated. He further underscored the importance of local content in driving sustainable growth, creating jobs, and optimizing national resources.
Sen. Osita Ngwu, Deputy Minority Whip of the Senate, represented Sen. Barry Mpigi, Chairman of the Senate Committee on Works, reiterating the National Assembly’s commitment to promoting local content and formulating policies to support the growth of indigenous contractors. The summit also featured key stakeholders, such as the Nigerian Society of Engineers (NSE) and the Council for the Regulation of Engineering in Nigeria (COREN), emphasizing a unified effort to empower local contractors.
The summit brought together contractors from diverse sectors, including roads, buildings, and general construction, focusing on Nigeria’s expansive infrastructure needs. A major highlight was an interactive session where contractors shared their challenges, advocating for improved access to funding and enhanced local content provisions.
Engineer Adekahunsi Tomiwa of Qtech led a session on trust-building and branding, stressing the need for Nigerian contractors to elevate their credibility in order to compete effectively with international firms. He highlighted that building trust is essential for Nigerian contractors to succeed in the global market.
A finance panel featuring experts from Infracorp, commercial banks, and the Federal Inland Revenue Service (FIRS) discussed financial solutions and opportunities for local contractors. The FIRS shared insights on how the new tax reform bill could benefit contractors by streamlining tax processes and creating a more business-friendly environment.
The panel also explored innovative funding models to increase capital access and emphasized the importance of building a robust financial ecosystem to support local contractors in meeting Nigeria’s growing infrastructure demands.
In closing, Hon. Alabi issued a call to action: “Let’s work diligently to bridge the gaps and build the partnerships that will drive our construction industry forward.” His remarks encapsulated the summit’s central message that Nigeria’s construction sector can thrive through collaboration that prioritizes local talent, trust, and resources.
The Local Contractors Summit is expected to be the first in a series of ongoing engagements aimed at advancing Nigeria’s infrastructure. With the foundation set by this inaugural event, stakeholders are optimistic about the dawn of a new era of cooperation between the government and contractors, leading to a more resilient and self-reliant construction industry in Nigeria.
