Nigerian National Assembly seeks innovative financing options for local contractors 

This call was made at the Abuja summit titled “Empowering Local Contractors for National Development: Bridging Gaps and Building Partnerships.” 

Senator Barinada Mpigi, Chairman of the Senate Committee on Works, outlined the primary obstacles facing local contractors, including limited financing, inadequate equipment, and security challenges.

These issues, he said, hinder their potential to contribute meaningfully to national infrastructure goals.

To address these, Mpigi proposed solutions such as asset tokenization and tax credits to bridge financing gaps for contractors.

“By unlocking these new financing opportunities, tokenization can empower local contractors to raise capital, enable fractional ownership, and improve liquidity in the sector,” said Mpigi.

He also advocated for fair procurement processes, active engagement with local communities, and sustainable practices that ensure long-term project viability.

Also speaking at the meeting, House Committee on Works Chairman, Akin Alabi, highlighted the need for partnerships that prioritize local contractors, in alignment with Executive Order 5.

 “We need a construction industry that is driven by local content, benefiting our people and fortifying our economy,” he said.

In her goodwill address, Nigerian Society of Engineers (NSE) President Margaret Oguntala, represented by Kam-Salem Bukar, President of the Association of Consulting Engineering in Nigeria, stressed the importance of collaboration across the infrastructure sector.