Nigeria Prioritizes Local Firms for Road Construction Projects, Boosting Economy & Capacity
Lagos, Nigeria – In a move designed to strengthen NigeriaS economic foundations and bolster domestic expertise, the Ministry of Public Works has announced that all road construction projects funded by the Nigerian National Petroleum Company Limited (NNPC LTD) with contracts valued under 20 billion Naira (approximately $13.2 million USD) will now be awarded to local businesses.
The decision, officials say, aims to stimulate the Nigerian economy, generate employment opportunities, and curb the outflow of capital. This policy builds upon an existing initiative launched under the Buhari administration,which saw the NNPC fund infrastructure projects in exchange for tax credits. That program, with commitments totaling nearly 3000 billion Naira, will continue under new financing arrangements established by the current government.
“This is a meaningful step towards empowering Nigerian businesses and fostering self-reliance in crucial infrastructure progress,” a spokesperson for the Ministry of Public Works stated.
Analysts believe the policy will provide a much-needed boost to local construction firms, granting them access to larger, nationally significant projects. Furthermore, undertaking these projects will provide valuable opportunities for Nigerian companies to refine thier technical skills and expertise.
However, the success of this initiative hinges on transparency. Experts emphasize the need for robust and impartial contract awarding processes to prevent favoritism and ensure fair competition. Establishing clear mechanisms for accountability will be critical to maximizing the benefits of this policy and building trust in the process.
By Henoc Dossa
Edited by Feriol Bewa
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