The Nigerian Institute of Quantity Surveyors (NIQS) has publicly reaffirmed its dedication to promoting cost-effective construction practices in Nigeria, particularly in light of the country’s current economic difficulties. This commitment was emphasized by NIQS President, Kene Nzekwe, during the unveiling of the institute’s new presidential vehicle in Abuja. Nzekwe’s address highlighted the significant impact of hyperinflation on the construction industry, stressing the urgent need for innovative strategies to overcome these economic obstacles and maintain project viability. He underscored the role of quantity surveyors as critical advisors in cost management, advocating for their involvement in every stage of construction projects to ensure efficient resource allocation and project success.
Nzekwe elaborated on the multifaceted challenges posed by hyperinflation, explaining how it forces stakeholders to constantly re-evaluate project plans and explore alternative approaches to stay within budget and maintain progress. The fluctuating costs of materials, labor, and other essential inputs require continuous monitoring and adjustments, making the expertise of quantity surveyors even more crucial. Their specialized knowledge in cost planning, estimation, and control enables them to provide valuable insights and recommendations for navigating the volatile economic landscape, ultimately helping projects stay on track and within budget.
The NIQS president emphasized the unique position of quantity surveyors as cost management specialists within the construction industry. He highlighted their responsibility to advise stakeholders on cost-effective strategies, ensuring that projects are executed within allocated budgets and deliver value for money. Nzekwe stressed that engaging quantity surveyors from the outset of a project is not merely a best practice, but a necessity for achieving project objectives within the constraints of available resources. Their involvement allows for proactive cost control, minimizing the risk of cost overruns and ensuring that projects remain financially viable despite economic fluctuations.
While acknowledging the prevailing economic challenges, Nzekwe expressed cautious optimism about recent positive trends in fuel prices and exchange rates. He noted that a decrease in fuel prices has a positive ripple effect on the construction industry, reducing transportation costs for materials and equipment, which can translate into overall project cost savings. He also acknowledged the impact of exchange rates on the cost of imported construction materials and equipment, highlighting how favorable exchange rate movements could further contribute to reducing project costs and enhancing the financial viability of construction projects in Nigeria.
Nzekwe urged the Federal Government to fully utilize the expertise of quantity surveyors in public projects to optimize resource allocation and ensure value for money. He emphasized that quantity surveyors can provide invaluable advice on efficient resource utilization, enabling the government to achieve project objectives within budgetary constraints. By engaging quantity surveyors, the government can benefit from their specialized knowledge in cost planning, control, and risk management, leading to more efficient and cost-effective execution of public projects, ultimately benefiting the Nigerian economy and the citizens it serves.
In conclusion, the NIQS has reiterated its commitment to cost-efficient construction practices, particularly in the context of Nigeria’s current economic challenges. The institute emphasizes the critical role of quantity surveyors in navigating the complexities of hyperinflation and ensuring the successful completion of construction projects within budget. By advocating for the involvement of quantity surveyors in all stages of construction, the NIQS aims to promote best practices in cost management, ultimately contributing to the sustainable growth and development of the Nigerian construction industry and the broader economy. The institute’s call to the Federal Government to leverage the expertise of quantity surveyors reinforces the importance of their contribution to efficient resource utilization and the successful delivery of public projects.
