National Assembly hosts first Local Contractors Summit

In a historic step towards strengthening Nigeria’s infrastructure sector, the National Assembly Joint Committee on Works, alongside Optimum Horizon Limited, hosted the inaugural Local Contractors Summit on 11 November 2024. The summit aimed to foster robust collaboration between the government, local contractors, and construction stakeholders, setting a new course for empowering Nigerian contractors and advancing infrastructure development.

Under the theme Bridging Gaps and Building Partnerships, the event welcomed legislators, industry leaders, and representatives from prominent engineering and regulatory bodies, all committed to bolstering local content in Nigeria’s construction landscape.

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In a keynote speech, Hon. Akin Alabi, Chairman of the House of Representatives Committee on Works, emphasised the importance of recognising local contractors as key partners in the nation’s growth. “It is time we embrace our local contractors, not only as stakeholders but as partners in our journey toward national development,” Alabi stated, underscoring the role of local content in creating sustainable economic growth, employment, and efficient use of resources within the country.

The event also featured Sen. Osita Ngwu, Deputy Minority Whip of the Senate, who represented Sen. Barry Mpigi, Chairman of the Senate Committee on Works. Ngwu reinforced the National Assembly’s dedication to local content initiatives, voicing support for policies that enable Nigerian contractors to flourish in the industry. Leaders from the Nigerian Society of Engineers (NSE) and the Council for the Regulation of Engineering in Nigeria (COREN) echoed this commitment, signalling the industry’s unified focus on nurturing local talent.

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. 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.

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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,” 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.