Property

NIOB chief calls for Construction Industry Development Bank

By Dada Jackson

The Immediate Past Executive Secretary of the Nigerian Institute of Building (NIOB) Adesina Aladeloba has advocated for a Construction Industry Development Bank (CIDB) for the built environment in order to fast track development  in the industry.

He dropped the hint in an interview with Nigerian NewsDirect.

According to him, the need for the establishment of the bank had become imperative due to the high cost of doing business in the sector. He added that unless such a bank was established for the industry, the desire for the common man to own a roof over his head would continue to be a “mirage”.

The NIOB former helmsman said that with the coming on board of the bank, practitioners and developers would be availed the opportunity of borrowing at a very low interest rate. He was quick to add, that the high rate being charged by conventional banks was largely responsible for the spate of building collapse being witnessed across the country.

Aladeloba noted that contractors borrow at high rate hence the need to rush construction thereby resulting in shoddy jobs. He said that if the rate at which developers borrow was “minimal”, they would be compelled to do a very thorough job thereby reducing the spate of building collapse nationwide.

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