She said, “Quantity Surveyors, indeed hold the key to unraveling the mystery behind high project costs, especially those ones not derived from inflationary factors within the economy but which arise from factors other than market forces. “Take, for instance, the common practice whereby contractors attempt to mitigate perceived risks associated with projects for which they […]
High cost of construction worrisome – Eyankeyi
She said, “Quantity Surveyors, indeed hold the key to unraveling the mystery behind high project costs, especially those ones not derived from inflationary factors within the economy but which arise from factors other than market forces. “Take, for instance, the common practice whereby contractors attempt to mitigate perceived risks associated with projects for which they are bidding by translating those risks into monetary values which are invariably transferred to the overall project costs. Some of such risks include design, funding, high interest rate, security, foreign exchange, fluctuation etc. All these risks have huge impact on the cost of projects in Nigeria.’’ She said that a template has to be designed for determining cost bands and ranges for various types of projects so as to instill sanity in the planning and preparation of capital budgets.
