Surveyors report a shortage of materials in the construction sector
The Nigerian Institute of Quantity Surveyors has revealed that the construction sector is currently grappling with material shortages, which can be attributed to the devaluation of the Naira.
In an official statement, the institute highlighted the challenge posed by the scarcity of foreign exchange in the country, leading to price fluctuations. It emphasized the impact of these factors on the construction industry, resulting in material shortages and an unpredictable market environment. The institute stressed the critical importance of effectively managing construction projects during such turbulent times for the success and sustainability of organizations involved.
The Nigerian Institute of Quantity Surveyors is delighted to announce an upcoming two-day national workshop titled 'Managing Construction Projects in Turbulent Times.' The workshop is scheduled to take place from August 30-31 in Benin, Edo State, and is open to all construction professionals
, including quantity surveyors, project managers, engineers, architects, and contractors. Attendees will have the opportunity to participate in interactive discussions and case studies, fostering a collaborative learning atmosphere.
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Furthermore, participants will be awarded a certificate of completion, acknowledging their commitment to professional development and their improved grasp of managing construction projects in challenging circumstances.
In a related context, during the 15th annual lecture series organized by the Lagos State branch of the Nigerian Institute of Quantity Surveyors, Gabriel Ogbechie, the Chief Executive Officer of Rainoil Limited, voiced concerns about the removal of subsidies. He emphasized that this move has raised operating costs for businesses, with far-reaching consequences for the construction industry. Ogbechie pointed out that the resulting increase in construction costs is likely to impact the profitability of construction companies.