Works Committee Hosts Local Contractors Summit
On November 11, 2024, the National Assembly Joint Committee on Works, in collaboration with Optimum Horizon Limited, hosted the inaugural Local Contractors Summit, a landmark event aimed at fostering stronger ties between the government, local contractors, and construction stakeholders to empower indigenous players and advance Nigeria’s infrastructure. Held under the theme, “Bridging Gaps and Building […]
akin alabi
On November 11, 2024, the National Assembly Joint Committee on Works, in collaboration with Optimum Horizon Limited, hosted the inaugural Local Contractors Summit, a landmark event aimed at fostering stronger ties between the government, local contractors, and construction stakeholders to empower indigenous players and advance Nigeria’s infrastructure.
Held under the theme, “Bridging Gaps and Building Partnerships,” the summit drew a significant turnout from legislators, industry leaders, and representatives from key engineering and regulatory bodies.
Hon. Akin Alabi, Chairman of the House of Representatives Committee on Health, delivered a keynote address, underscoring the urgency of integrating local contractors as pivotal partners in Nigeria’s development.
“It is time we embrace our local contractors, not only as stakeholders but as partners in our journey toward national development,” Hon. Alabi declared, highlighting the role of local content in driving sustainable economic growth, job creation, and resource optimization within Nigeria.
The event was graced by Sen. Osita Ngwu, Deputy Minority Whip of the Senate, representing Sen. Barry Mpigi, Chairman of the Senate Committee on Works.
Sen. Nwugu reiterated the National Assembly’s dedication to advancing local content initiatives and voiced support for policies that would enable indigenous contractors to flourish. Other notable attendees included representatives from the Nigerian Society of Engineers (NSE) and the Council for the Regulation of Engineering in Nigeria (COREN), emphasizing the industry’s unified commitment to empowering local contractors.
This summit gathered a broad spectrum of contractors, including those specializing in construction, roads, buildings, and general contracting, reflecting the diversity of Nigeria’s infrastructure needs.
A highlight of the event was an interactive session where contractors engaged directly with the Joint Committee on Works, articulating their challenges and advocating for greater access to funding and improved local content provisions.
Engineer Adekahunsi Tomiwa of Qtech led a spirited discussion on the importance of trust and branding in elevating the credibility of Nigerian contractors, emphasizing that trust is essential to compete with international firms and succeed on a global scale.
A dedicated finance panel, featuring representatives from Infracorp, major commercial banks, and the Federal Inland Revenue Service (FIRS), explored potential funding avenues and financial solutions for local contractors.
The FIRS provided insights into how the new tax reform bill could offer benefits to contractors, streamlining tax processes and fostering a more favorable business environment.
Panelists further discussed innovative funding models aimed at expanding capital access and emphasized the need for a robust financial ecosystem to support indigenous contractors as they work to meet Nigeria’s infrastructural needs.
“Let us work diligently to bridge the gaps and build the partnerships that will drive our construction industry forward,” Hon. Alabi concluded, encapsulating the collaborative spirit of the summit.
His call to action highlighted the event’s central message — that Nigeria’s construction sector can thrive through active partnerships that prioritize local talent, trust, and resources.
The Local Contractors Summit is anticipated to be the first in a series of engagements, establishing a foundation for sustained dialogue and actionable steps to elevate Nigeria’s infrastructure.
With the collaborative tone set by this inaugural summit, stakeholders are optimistic about ushering in a new era of government-contractor synergy focused on fostering a resilient, self-reliant construction industry.