Categories: NewsOthers

Expert Decries Dominance Of Property Sector By Foreign Operators

Nduka, Vice President, Nigerian Institute of Building (NIOB) made the observation in an interview with the News Agency of Nigeria (NAN) in Lagos on Friday.

He said that the government, private individuals and corporate organizations were responsible for the dominance of the sector by foreigners.

Nduka said that most Nigerians gave preference to foreign operators while undermining the competence and capabilities of the local ones.

He explained that more than 80 per cent of construction works and contracts were being given to foreign contractors.

According to him, many Nigerians prefer foreign operators to local ones and thereby awards construction contracts to foreigners at the expense of their local counterparts.

“Local operators particularly in the construction industry have the capability and competence to deliver as better as the foreign ones if patronized and encouraged.

“Normally, construction works/contracts are supposed to be given to foreign contractors only when there is no local professional that has the competence to do such work.

“But in Nigeria, due to people’s over preference for foreign goods and services, virtually all construction contracts are being given to foreign companies.

“ And until Nigerians learn to appreciate, patronize, encourage and consume what they have locally, the country may not record significant economic growth.”

Nduka identified lack of adequate funding as a major challenge obstructing effective operation of the local operators in the building construction industry.

He said that some construction works required some kinds of lucrative machines which were too expensive to afford by the local operators.

“What makes foreign operators and contractors seem to be more competent is because they have the financial capacity to secure all kinds of expensive machinery that facilitate construction works.

“Meanwhile, there exists a policy which states that foreign contractors/companies coming into the country should collaborate with a local partner to operate.

“Unfortunately, such policy has not been enforced due to corruption and the local operators are being short-changed.”

Source: NAIJ.com

Recent Posts

24-Year-Old Kills 1-Year-Old Son Over Inability To Cater For Him

A 24-year-old woman, Sofia Nkwo, has been arrested by the Delta State Police Command for…

1 hour ago

Money Laundering: Court Adjourns Suit Against Binance Executives Till May 17

The trial involving money laundering filed against Binance Holdings Limited and two of its executives,…

3 hours ago

Mastermind of Abuja-Kaduna Train Attack Arrested

The Nigeria Police Force has announced the arrest of the alleged mastermind of the killing…

3 hours ago

Police Arrest Over 50 As Hoodlums Clash In Lagos

At least 50 people have been arrested by the Lagos State Police Command in connection…

3 hours ago

Court Issues Contempt Proceeding Against CBN Governor Over Non- Compliance

The Federal High Court in Abuja has authorised the issuance of notices of contempt proceedings…

3 hours ago

UniAbuja Lecturers Shutdown Campus Over Appointment Of New VC

Lecturers at the University of Abuja under the Academic Staff Union of Universities have paralysed…

3 hours ago

This website uses cookies.