Business
Minister, Builders Meet Over Building Collapse
The Federal Government says it will collaborate with building professionals to uphold standards in the industry in a bid to reduce the spate of building collapse in the country.
The Minister of Interior, Rauf Aregbesola, during a meeting with the leaders of the Nigerian Institute of Building in his office in Abuja was quoted as saying the safety of all Nigerians remained important to the federal government.
“We are not leaving any stone unturned to achieve this. As a ministry that is saddled with the responsibility of ensuring internal security in Nigeria, our goal is to partner relevant professional bodies and organisations to achieve our mandate,” he said.
The President of the NIOB, Mr Kunle Awobodu said the institute had earmarked March 13, the day a five- storey building collapsed at 63, Massey Street on the Lagos Island, killing over 20 people, who were mostly school children, as Builders’ Day.
He explained that the sad and painful incident caused by substandard building construction had become common in the country.
He noted that it should serve as a reminder to stakeholders in the building industry on the fatal implications of non-compliance with appropriate building construction process.
According to Awobodu, the Builders’ Day, which would be an annual event would commence this year and would be a nation-wide sensitisation campaign against substandard building construction.
He said the NIOB needed the support of the Ministry of Interior to realise the objective.
Aregbesola said his ministry would collaborate with the NIOB to train artisans in building and ensure standardisation of all materials being used in building construction so as to avert the frequent incident of building collapse across the country, which he noted had claimed the lives of many Nigerians.
The minister enjoined the NIOB to help provide building skills at the correctional centres where inmates could be engaged in more productive activities, as well as generating income for themselves and the country.
“Among the causes of massive unemployment and insecurity in Nigeria is the failure of people to recognise key primary service providers such as the building artisans, so we are addressing this trend as part of our efforts at removing all threats to the security of lives and property of the citizenry,” he added.
Aregbesola also called for the training of artisans in various building and construction fields towards national development.
He also said the problem of incursion of foreign building personnel would be addressed by ensuring that the building expatriates were duly registered with the NIOB and licensed by the appropriate regulatory body, the Council of Registered Builders of Nigeria.
The minister said considering the pragmatic approach to solving building collapse, the Lagos State Government should be commended on its new building regulations that had assigned professional builders the responsibility of managing construction work at all building sites in the state.
Business
SMEs Dev: Firms Launch N100m Loan Scheme
The facility will be disbursed through participating Microfinance Institutions (MFIs), which will in turn extend the loans to their customers, particularly SMEs, as they directly interface with businesses at the grassroots level.
The Executive Director of COMCIN, Mr. Micheal Ogbaa who represented the Chairman, Dr. Iredele Oyedele (FCA, FCCA), said the initiative is designed to strengthen micro-lending institutions and expand access to finance for grassroots entrepreneurs, particularly women and youths in the informal sector.
Ogbaa explained that COMCIN does not lend directly to individuals but works through its network of microfinance and cooperative institutions, which in turn provide loans to end users.
“We came together to advocate for the microfinance ecosystem. Commercial banks often exclude people at the grassroots, but our members are positioned to reach them. This facility will empower them to do more,” he said.
He noted that the loan scheme offers low interest rates and flexible repayment plans, making it more accessible to small business owners.
According to him, about 90 percent of beneficiaries are expected to be women, who play a key role in sustaining families and driving economic activities at the local level.
“Our focus is on traders, service providers, and players in the informal sector. These are the real movers of the economy. By supporting them, we are strengthening families and contributing to national development,” he added.
Ogbaa disclosed that eligible SMEs with proven integrity and business track records could access up to N5 million each through participating micro-lending institutions. The rollout has commenced in Lagos and will extend to Abuja, Enugu, and other regions, including the South-West, South-East, and North-East.
He said 12 micro-lending institutions have already benefited from the scheme, while 85 applications are currently being processed under the pilot phase.
“Our target is to reach at least 100,000 SMEs nationwide. We are building a platform that connects funding partners with credible micro-lending institutions, creating a reliable channel for financial inclusion,” Ogbaa said.
He added that COMCIN is also working to attract larger funding pools from development finance institutions and private investors, noting that successful implementation of the pilot phase would boost confidence and unlock more capital for SMEs.
“We have seen encouraging testimonies from early beneficiaries. As we demonstrate transparency and efficiency, more institutions will be willing to channel funds through us,” he said.
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