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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

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