Cost management critical in construction sector – NIQS

The President of the Nigerian Institute of Quantity Surveyors, Kene Nzekwe, has emphasised the pivotal role of cost management in addressing the challenges facing Nigeria’s construction industry.

Speaking at the unveiling of the official car of the NIQS President in Abuja on Friday, Nzekwe highlighted the impact of hyperinflation on the sector and outlined the Institute’s ongoing efforts to provide solutions.

“Everybody should know that the hyperinflation of the economy has indeed affected the building construction industry in a way that people have to go back to the drawing table to see how we can navigate the challenges and come up with solutions to be able to remain afloat,” he said.

Nzekwe explained that the NIQS, as the custodian of cost management in the construction industry, has been proactive in advising stakeholders.

“For anything to happen in the construction industry, the focal point is cost. And we have been coming up with solutions for those who are in the position of taking that advice to deploy,” he noted.

The President also expressed optimism about the potential for economic factors to alleviate some of the industry’s burdens.

“Very recently, I heard that the pump prices are coming down. And I know that the pump price has a multiplier effect on the construction industry. If it keeps coming down, there will be benefits that will be translated in the construction industry,” he said, adding that the exchange rate’s stabilisation could further contribute to the sector’s recovery.

He further urged the government to recognise the value of the profession in national development.

“We can even render services to them to make a case and tell them that with the engagement of quantity surveyors, the nation will be the better for it,” Nzekwe said.

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