Login Register
feel free to call 09056000005

NIQS to Create National Database for Construction Project Cost Estimation

 
The Nigerian Institute of Quantity Surveyors (NIQS) has announced plans to establish a national database for construction project cost estimation to mitigate the effects of hyperinflation on cost management in the industry. This initiative aims to provide reliable data for the construction sector and contribute to national statistics.
 
NIQS President, Mr. Kene Nzekwe, disclosed this at 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.
 
 
Nzekwe emphasized that the database would supply crucial data and indices for construction cost management, supporting the country's infrastructure development. He praised Governor Seyi Makinde for his commitment to infrastructure improvement in Oyo State, particularly through engaging the private sector and utilizing the Alternative Project Funding Approach (APFA) for road projects.
 
“Infrastructure development is vital for economic prosperity and societal well-being, and quantity surveyors play a key role in ensuring that construction projects are delivered on time, within budget, and to high-quality standards,” Nzekwe stated.
 
Oyo State Commissioner for Public Works and Transport, Prof. Dahud Shangodoyin, highlighted the challenges in the construction industry due to price instability. He noted that a national cost database would help the government achieve value for money and assist contractors in succeeding in their businesses. He urged professionals to rise to this challenge to benefit the country.
 
Former NIQS President, Francis Adetola, discussed the necessity of cost data in construction to prevent project abandonment, citing statistics that most construction projects worldwide exceed their budgets, with many being abandoned due to poor cost management.
 
During a courtesy visit to the University of Ibadan, Deputy Vice-Chancellor (Academic), Prof. Aderonke Baiyeroju, appealed to NIQS for financial and moral support to sustain the university's Quantity Surveying Department. She highlighted the difficulties faced by federal universities due to funding shortages and the inability to increase fees.
 
Nzekwe commended the university for its advancements in quantity surveying education and requested modern learning facilities, teaching tools, and a computerized quantity survey studio to enhance the competitiveness of its graduates.

Source: Guardian.ng

Similar Topics

Nigeria’s digital real estate company, Sytemap, has raised concerns over the ongoing trust...

13 days ago Read More

Governor Babajide Sanwo-Olu of Lagos State has urged for more investment to address the persistent...

14 days ago Read More

Housing sector stakeholders have raised concerns that the rising interest rates in the country are...

14 days ago Read More

Lagos State Governor, Babajide Sanwo-Olu, has emphasized the significance of innovation,...

24 days ago Read More

The Association of Private Practicing Surveyors of Nigeria (APPSN), a subgroup of the Nigerian...

24 days ago Read More

Nigeria has been admitted into WorldSkills International, marking a historic milestone in the...

28 days ago Read More

The Federal Government has launched the Ministry of Finance Incorporated Real Estate Investment...

28 days ago Read More

The National Board for Technical Education has inaugurated the Sector Skill Council for...

a month ago Read More

The Environmental Defense Fund has partnered with Africa Practice to combat climate change in...

a month ago Read More

The Minister of Housing and Urban Development, Ahmed Dangiwa, has reiterated the crucial role of...

a month ago Read More

The Real Estate Developers Association of Nigeria has announced initiatives aimed at enhancing...

a month ago Read More

The Global Environment Facility has approved $3.28m to tackle land degradation in Kebbi State under...

a month ago Read More

The commercial real estate market is currently grappling with several major challenges, including...

a month ago Read More

Real estate development is a key driver of economic growth in any region, and Africa is no...

a month ago Read More

The Federal Government has signed a Memorandum of Understanding with Shelter Afrique...

a month ago Read More

The Federal Government has issued a 90-day deadline for subscribers of the National Housing...

a month ago Read More

The Minister of Housing and Urban Development, Ahmed Dangiwa, has disclosed that plans are underway...

a month ago Read More

A real estate firm, Gestpoint Nigeria Limited, has implored the Federal Government to simplify the...

a month ago Read More

Ahmed Dangiwa, minister of Housing and Urban Development, has said that unlocking Nigeria’s...

2 months ago Read More

Experts in the built environment have emphasized that effective urban planning and infrastructure...

2 months ago Read More