SOCIAL AND FINANCIAL CAPITAL OF CRAFTSMEN IN THE CONSTRUCTION INDUSTRY

The construction industry is one of the largest employers of labour with the ability to generate jobs for local people resulting in a multiplier effect on the national and local economy. However, intense competition from migrant craftsmen has reduced the volume of work available to indigenous craftsmen which negatively affects their income. Social capital has been found to provide a good platform for enhancing the human capital of households, thereby improving their financial status. This study assessed the social and financial capital of 50 construction craftsmen in Lagos, Nigeria. Cross-sectional survey research design with the use of structured questionnaire was used to obtain information from the respondents based on a purposive sampling technique. The study indicated that social capital of the craftsmen surveyed was poor. Majority of the craftsmen did not belong to any crafts association. Lack of trust was found to be the most significant factor discouraging craftsmen from joining crafts association. From the study, the average daily wage of the craftsmen was between $6 and $15 while average savings was between $150 and $300. Leaders of crafts associations should be selfless, empathic and transparent. This will encourage more craftsmen to join crafts associations so as to benefit from skills development and more job opportunities