The Nigerian Institute of Quantity Surveyors (NIQS) is on the brink of launching a cost data bank, a significant initiative aimed at transforming project decision-making processes within the construction industry. This announcement was made by the NIQS President, Kene Nzekwe, during a recent press conference preceding the Institute’s Annual General Meeting. The cost data bank is envisioned as a pivotal tool not only for enhancing the quality and efficiency of project delivery but also for ensuring that stakeholders have access to reliable data that can inform their decision-making. Nzekwe highlighted the databank’s role in benchmarking capital project costs, stating that it will serve as an invaluable resource, fostering more accurate cost estimations and contributing to improved financial accountability within the sector.
The creation of this cost databank is part of a broader strategy by NIQS to address some of the prevalent challenges faced by the construction industry in Nigeria. Nzekwe articulated that the databank will provide a foundation of reliable data from which stakeholders can reduce the risk of cost overruns and ensure that resources are allocated efficiently. The initiative aims not just at mitigating financial discrepancies but also at fostering a culture of transparency within the industry. With accurate benchmarks and data, stakeholders will be encouraged to make informed decisions that could lead to better project outcomes and enhanced overall performance in construction delivery.
In conjunction with the cost databank, Nzekwe also introduced other initiatives that NIQS has been working on to further enhance the profession and improve project results. One such initiative is the Building and Engineering Standard Method of Measurement (BESMM 4R), which provides a systematic approach to measuring construction work. This standard is expected to greatly improve transparency and consistency in cost estimation for building and civil engineering projects. Nzekwe strongly advocated for the adoption of BESMM 4R by professionals in the industry, emphasizing that it is a critical step toward improving project quality and ensuring financial accountability.
Moreover, NIQS has recognized the particular challenges faced by small-scale construction projects and the informal sector. Nzekwe discussed the introduction of the Standard Method of Resource Scheduling, which is designed to provide a structured framework for resource allocation and scheduling in these contexts. This initiative aims to enhance the sustainability and success rates of smaller projects by offering guidelines that optimize resource management. By focusing on both small and large projects, NIQS is committed to fostering an environment where all construction projects, regardless of size, can flourish and achieve their objectives effectively.
Looking to the future, Nzekwe emphasized the responsibility shared by practitioners and the government in nurturing the success of these innovative initiatives. He urged practitioners to embrace the tools and methodologies being introduced by NIQS, which are tailored to enhance work practices and deliver greater value through efficient project cost management. Additionally, he made a strong appeal to the government, emphasizing the importance of involving only qualified quantity surveyors in construction and infrastructure projects. This involvement is crucial in maximizing efficiency and sustainability in the sector, ensuring that construction practices adhere to the highest standards.
The upcoming NIQS Annual General Meeting, set to take place in Port Harcourt from November 26-29, will provide an important platform for reflecting on the progress made over the past year and for strategizing future developments within the profession. Nzekwe reiterated NIQS’s commitment to advancing quantity surveying as a profession and its contributions to Nigeria’s economic growth. He called on all stakeholders within the construction sector to foster collaboration, embrace innovation, and adopt best practices that will pave the way for a sustainable and prosperous future for the industry in Nigeria. Ultimately, Nzekwe’s vision for NIQS is one of continuous development and support for the nation’s construction agenda, reinforcing the role of quantity surveying in enhancing the integrity and efficiency of project delivery.
