The Director General of the Federation of Construction Industry (FOCI), Mrs. Olubunmi Adekoje, has said that the construction industry in Nigeria has been a strong economic partner to government in the development of the country.
Mrs. Adejoke stated this recently when the association paid a visit to the Minister of Power, Works and Housing, Babatunde Fashola, in Abuja.
She said the multiplier effect of the industry had brought economic empowerment and development all over the country, but noted that, presently, the construction industry was in a prostrate state due to the adverse effect caused by accumulated delays in payment for contracts executed, which she advised must be looked into with a view to finding a solution.
“We recall that as at 2015 many FOCI members were distressed as a result of huge debts of over N600bn owed by the government. We appreciate the effort of the current government in payment of a substantial amount of this debt. We also acknowledge the creative provision of funds for capital projects, in particular, the Sukuk Bond to finance infrastructure.
“The above initiatives have brought immerse relief to our members. Also, worthy of appreciation are the results obtained in a number of fields like the ease of doing business, the business confidence in Nigeria and the Corruption Perception Index (CPI) which are all proof of a slow but systematic improvement and change in the way the system works now,” she said.
She further said FOCI which was incorporated in 1954, and currently with 100 members, had a very high capacity for employing a large number of professionals: technicians and tradesmen, and that it was the largest employer of labour after government.