• Tuesday, October 03, 2023
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Quantity surveyors canvass reduction in cost of governance, increased infrastructure funding

Quantity surveyors canvass reduction in cost of governance, increased infrastructure funding

Quantity surveyors have canvassed a drastic reduction in the over-bloated cost of governance and also increased funding for infrastructure projects in the country.

The quantity surveyors under the aegis of the Nigerian Institute of Quantity Surveyors (NIQS) have also called for the adoption of the International Cost Management Standard (ICMS) to tackle infrastructure challenges in the areas of funding, transparency and timely project delivery.

Olayemi Shonubi, president of the institute, who made these calls at a press briefing to herald the institute’s 2022 conference and annual general meeting, explained that ICMS was set up by the International Professional Association of Construction Cost experts of which NIQS is a member.

He added that the body was set to provide global consistency in classifying, defining, measuring, recording, analysing, presenting and comparing the entire lifecycle costs and carbon emissions of construction projects and constructed assets at regional, states, national or international level.

“Adoption of this standard in our country will not only enhance transparency in the management of scarce resources, but also ensure that our nation gets value on the money spent on the projects while enhancing investment on the infrastructure by private sector participants and multilateral development institutions,” Shonubi said.

Read also: Nigeria’s infrastructure gap may close in 300 years- WorldBank

The president added that the standard would also enhance the reportage of infrastructure project costs in Nigeria and give value for money provided for infrastructure development.

Meanwhile, the 2-day conference scheduled to hold on November 23 to November 24, will focus on the theme, ‘ Infrastructure Cost Management: Contemporary Issues and Emerging Trends’.

According to Shonubi, “the theme for this year’s conference is informed by the growing need by Nigerians for improved infrastructure amidst the current global economic crisis which has made it difficult to access funding for infrastructure development with other pressing needs of the citizenry in focus. It is imperative therefore that whatever funding that is available is not only Judiciously spent but seen as so.”

The event which will be held at The Podium, Lekki, Lagos will attract both Nigerian and International experts in the sector to discuss and examine the theme from the global and national perspective with a focus on achieving the goal of ICMS in Nigeria’s infrastructure development.

Also, he added that the globalisation of the construction business has informed and increased the need to make a meaningful comparative analysis between countries, not least by international organisations such as the World Bank Group, IMF, United Nations, various regional development banks and non-governmental organisations.

Meanwhile, the institute disclosed that its annual general meeting will be held on November 25, at the Queens Park Event Center, Victoria Island, followed by a presidential award dinner which will be presented to worthy individuals.

Babajide Sanwo-Olu, Governor, Lagos State, Yahaya Inuwa, governor, Gombe state, Adeleye Ogunlewe, former minister, works and housing, among others will receive the presidential award which will take place at Eko Hotels and Suites.

The Investiture of the new fellows of the institute will also follow up at the event