NIQS to Create National Database for Construction Project Cost Estimation
The Nigerian Institute of Quantity Surveyors (NIQS) has announced plans to establish a comprehensive national cost database for the construction industry. This initiative aims to mitigate the effects of hyperinflation on the cost management of construction projects across Nigeria.
NIQS President, Mr. Kene Nzekwe, disclosed this during a two-day South West Zonal workshop themed “Building a Resilient Cost-based Knowledge Economy in the Nigerian Construction Industry (NCI): Evolving a Cost Database for Estimation and Cost Management of Construction Projects,” held at the University of Ibadan, Oyo State.
“This initiative will contribute valuable data and indices to national statistics related to construction, creating a reliable database for cost estimation and management of construction projects,” Nzekwe stated.
Nzekwe emphasized that the growth and development of any country depend heavily on its infrastructure and the leadership’s commitment to infrastructure delivery. He praised Governor Seyi Makinde for his dedication to improving infrastructure in Oyo State, particularly through the Alternative Project Funding Approach (APFA) for road projects.
“In Nigeria, where infrastructure development is vital for economic prosperity and societal well-being, the role of quantity surveyors is crucial. Quantity surveyors act as custodians of efficiency, ensuring construction projects are completed on time, within budget, and to the highest quality standards,” Nzekwe added.
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Oyo State Commissioner for Public Works and Transport, Prof. Dahud Shangodoyin, acknowledged the challenges faced by the construction industry due to price instability. He noted that the proposed database would help the government get value for money and assist contractors in thriving, urging professionals to meet this challenge to benefit the country.
Speaking on the importance of cost data in construction, former NIQS President, Francis Adetola, highlighted that accurate cost data prevents projects from being abandoned due to budget overruns, a common issue worldwide.
Meanwhile, Prof. Aderonke Baiyeroju, Deputy Vice-Chancellor Academic at the University of Ibadan, appealed to NIQS for financial and moral support to sustain the university’s Department of Quantity Surveying. During a courtesy visit by the NIQS National Executive Council (NEC), she emphasized the university’s efforts to ensure its graduates are globally competitive despite financial challenges.
Nzekwe commended the university for its strides in advancing quantity surveying education and requested modern learning facilities, teaching tools, and a computerized quantity survey studio to enhance the competitiveness of its graduates.
