The Joint Committee on Works in Nigeria’s National Assembly has emphasized the need for innovative financial solutions to empower local contractors, enabling them to contribute more effectively to national development.
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.
Proposed solutions to the funding challenge
To address these, Mpigi proposed solutions such as asset tokenization and tax credits to bridge financing gaps for contractors.
- According to him, asset tokenization would allow contractors to convert assets into digital tokens, giving them access to funds from a wider pool of…