Costain: How We Survived Global Financial Crisis
Costain West Africa has stated that although it was not directly impacted by the financial crisis that has rocked Nigeria and other parts of the world between 2008 and 2010, some small scale suppliers and service providers in its chain took a hit with indirect implication for their own operations.
According to Karim, the construction giant had to provide credit lines for some of the small companies in its chain to enable them fulfill their obligations, which were strategically relevant to their own objectives.
“The banking crisis took its toll mostly on the private sector and we had a few of our client running out of funds to continue with their project but during this period our projects in the public sector enabled us to stay above water because the public sector was not affected much by this crisis,” he said.
According to him, with the Nigerian Railway's N7.5 billion contract awarded recently, the company has a “looking forward order book in excess of N25 billion, which is a record for the business over the last two decades.”
The Costain boss added that the company was merely interested in lifting its operations without impacting on the industry.
To this end, he said the company had invested in the training of all manners of masonry through specialised workshop construction, where young Nigerians were trained to fill the gap.