Tinubu Mulls Construction Industry Bank, Vows To Combat Insecurity From All Angles

Presidential candidate of the All Progressives Congress (APC), Bola Ahmed Tinubu, has said he would consider the Construction Bank proposed by members of the Federation of Construction Industry in Nigeria (FOCI).

The former Lagos State governor however said the problem of the industry is the paucity of long term funding instruments.

Tinubu who spoke during his consultative session with members of the FOCI at Wells Carlton Hotels in Abuja yesterday also vowed to tackle insecurity from all angles, including introducing technology, recruiting more personnel into the army and police as well as engaging in training and re-training of security personnel.

“If there are employment opportunities, good education and other opportunities for advancement, security would improve.

“In addition, we shall deploy technology and security assets to protect travellers and ensure the safety and integrity of our railway infrastructure,” he noted.

Tinubu sought the support of the construction industry in order to achieve his administration’s target of massively developing the country’s infrastructure if elected president.

“We must work together and collaborate to look at the bottlenecks impeding the realisation of the full potential of the construction industry and make realistic efforts to address them,” he said.

The APC candidate said he would further the developmental feats achieved by the administration of President Muhammadu Buhari in the sector. He said, “God willing, as we assume the mantle of leadership, we shall build an even more prosperous economy. This means additional investment in relevant infrastructure: roads, bridges, rail, airports, schools, power facilities, hospitals and more. These will enhance efficiency, support industrial growth, spur trade and investment, and improve the Ease of Doing Business.

“My commitment to increase annual Gross Domestic Product (GDP) growth will heavily depend on the quality of the infrastructure we shall build to facilitate and sustain growth in all facets of our national life.”

Tinubu assured that his administration would focus on transportation infrastructure, building more roads, rails and improving water transport for easier movement of humans and goods.

“Overall, the transportation sector is valued at NGN37 trillion. Transport activities contributed 1.84% to real GDP in Q2 2022.  Sustaining the political will and technical capacity to move people and goods in a safe, affordable and accessible manner will create a better future for Nigerians.

“We will, therefore, work hard to improve our various transportation systems and, in the process, unlock the value chain of opportunities therein,” he added.

The former Lagos State governor said his administration would continue the rehabilitation and expansion of existing federal roads and expressways, accelerate construction of new roads as well as the rehabilitation of existing ones through already established funding mechanisms, including accessing capital markets.

Fielding questions from members of the association, he said he would consider the Construction Bank proposed by one of them, but added the problem of the industry is the paucity of long term funding instruments.

On rail infrastructure, he said, “My government will enhance the use of our railways to reduce the cost of moving goods and services across the nation. We will sustain the investments already made by the Buhari administration and deepen ongoing reforms in the sector. Apart from its cost-effectiveness, enhanced rail use will reduce strain and congestion on our roads and expressways thereby significantly lowering the number of vehicular accidents. My administration will also encourage state governments to build public transportation or metro systems in their capital cities.

He added that this would involve promoting greater private sector inclusion and working with the National Assembly to review the organization, structure and operations of the Nigerian Railway Corporation.

He also said his administration would prioritise the completion of critical ongoing national railway projects such as: Lagos – Kano; Benin – Abakaliki; Port Harcourt – Maiduguri; Lagos – Calabar; and Kano – Maradi.

Tinubu further promised that his administration will help decongest Apapa Port by modernising other existing ports.

Earlier, the minister of works and Housing Babatunde Raji Fashola, noted that infrastructure is the backbone of a nation’s economy, saying if elected, Tinubu would continue with the infrastructure rebuilding started by President Buhari.

Also, the president and chairman of FOCI Council, High Chief Vincent Barrah, thanked the APC candidate for honouring the invitation of the body to interact with him.