The Nigerian Institute of Quantity Surveyors (NIQS) has moved to establish a reliable national construction industry cost database to curb the effects of hyperinflation in the economy and its impact on the cost management of construction projects in the country.

NIQS President, Mr Kene Nzekwe made this known during a two-day South West Zonal workshop on the theme: 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.

He said: “This is geared towards contributing meaningful data and indices to the National Statistics when it comes to construction and to create a veritable database for estimation and cost management of construction projects.” According to Nzekwe, the development and growth of any country or state is highly dependent on its level of infrastructure development and the commitment of the leadership to continue to ensure infrastructure delivery.

While commending Governor Seyi Makinde’s commitment to bridging the infrastructure in the state, NIQS president also noted his dexterity in engaging the private sector to improve road infrastructure such as the use of the Alternative Project Funding Approach (APFA) to finance road projects.

“In a country like Nigeria, where infrastructure development is crucial for economic prosperity and societal well-being, and with the apparent interest of your government to develop infrastructure in various sectors, the role of quantity surveyors cannot be overstated.

“You can equate quantity surveyors to custodians of efficiency, who ensure that all types of construction projects are delivered on time, within budget, and to the highest standards of quality,” Nzekwe said.

Oyo State Commissioner, Ministry of Public Works and Transport, Prof Dahud Shangodoyin, noted that the construction industry is faced with a lot of challenges due to the instability of prices of goods and services.

He said that such a database would enable the government to get value for money, as well as the contractor to breakthrough in his business, adding, “It is pertinent for the professionals to rise to this challenge and save the country at this crucial time.

“In your position as the custodian of the projects cost estimators of the multi-million-naira investments in the construction industry, quantity surveyors perform a vital role in ensuring that government’s projects are implemented in line with global best practices.

Speaking on ‘Cost Database for Estimation and Management of Construction Projects’, a past president of the institute, Francis Adetola, said cost data is required in construction to avoid abandoned construction projects as statistics show that most projects worldwide go over budget. “It also shows that in the past 70 years, a high per cent of construction projects worldwide were completed over budget. Also, not less than 30 per cent of construction projects all over the world get abandoned due to poor management of construction costs.

MEANWHILE, the Deputy Vice-Chancellor Academic, University of Ibadan, Prof Aderonke Baiyeroju has appealed to NIQS to help the university sustain its fledgling Department of Quantity Surveying by giving it financial, as well as moral support to ensure the development of the students.

She stated this while receiving on behalf of Vice-Chancellor, Prof Kayode Adebowale, members of the NIQS National Executive Council (NEC) during a courtesy visit to the university. Baiyeroju said the university makes all efforts to ensure that its graduates are properly taught to enable them to compete favourably with others globally.

She, however, stated that the University and other federal universities are finding it increasingly difficult to meet their obligations granted the paucity of funds from the Federal Government and their inability to increase levies.

Nzekwe applauded the university for the significant strides made in advancing the field of quantity surveying with the establishment of the department, which commenced academic activities with a team of qualified academic staff and a cohort of 25 students.

He requested the provision of modern learning facilities, teaching tools, and a computerised quantity survey studio to enhance the competitiveness of graduates from the department in the labour market.