Federal government to establish construction bank

The federal government plans to float a construction bank that will provide low interest loans to estate developers.

Vice President Namadi Sambo made the announcement on Tuesday in Abuja, at the closing ceremony of ‘ARCHIBULT 2011’, a forum organised by the Nigerian Institute of Architects (NIA).

Represented by Bashir Yugudu, minister of State for Works, Mr Sambo said the aim of establishing the bank is to boost development in the building and construction sector.

He said the theme of the event, ‘Application of Local and Indigenous Building Materials,’ underscores the preparedness of NIA to partner with the federal government in its transformation agenda.

“This partnership is expected to culminate in the establishment and revival of the manufacturing concerns that are indigenously based.” He commended the NIA for the consistency it exhibited in the past 22 years, in ensuring healthy competition in the building and construction sector.

Mr Sambo urged the institute to lay emphasis on skill acquisition and capacity building needed to sustain national growth.

The NIA president, Olatunji Bolu, expressed delight over the proposed bank, which he said would be of immense economic benefit to the country.

He urged the federal government to collaborate with professional bodies in the execution of its projects.

Mr Sambo inspected exhibitions mounted by many players in the building and construction industry.