Over 10,000 projects require $42.9trn to complete – Quantity surveyors

The Nigerian Institute of Quantity Surveyors (NIQS) says Nigeria requires about $42.9 trillion to complete over 10,000 projects taking place all over the country. QS Chijioke Iwuagwu, made the disclosure in Abuja as a guest speaker during a two-day national workshop themed “Innovative and Sustainable Construction Practices: Building a Resilient Cost-Based and Knowledge-Driven Industry with […]

The Nigerian Institute of Quantity Surveyors (NIQS) says Nigeria requires about $42.9 trillion to complete over 10,000 projects taking place all over the country.

QS Chijioke Iwuagwu, made the disclosure in Abuja as a guest speaker during a two-day national workshop themed “Innovative and Sustainable Construction Practices: Building a Resilient Cost-Based and Knowledge-Driven Industry with Integrity,” held in Abuja.

He lamented the state of Nigeria’s infrastructural development adding that “Despite substantial investments over the past 14 years, the country still faces significant challenges, including ongoing inefficiency and corruption”.

“Over the past 14 years, Nigeria has spent about $42.98 trillion on infrastructures. Currently, we have over 10,000 ongoing projects, requiring approximately $40 trillion to complete. If these infrastructures are in place, our social lives and job security will improve,” Iwuagwu noted.

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In his remarks, NIQS President, Kene Nzekwe, has called for cost effective projects and greater involvement of quantity surveyors in all construction projects nationwide, emphasizing their role in ensuring accountability and implementing essential checks and balances.

He stated the critical role of quantity surveyors in ensuring that projects are delivered on time, within budget, and to the highest standards of efficiency and sustainability cannot be over-emphasized, adding that the NIQS is developing a comprehensive cost database, which will enhance transparency and accountability in the construction sector.