Surveyors demand African Infrastructure Development Bank

This call was made in NIQS’ communiqué after its two-day international workshop in Oshogbo, Osun State recently.The surveyors maintained that similar financial bodies have helped economies of countries like in China, India and Malaysia. According the surveyors, this will provide the much-needed long-term finance at low interest rate to contractors, subcontractors and suppliers. The bank […]

This call was made in NIQS’ communiqué after its two-day international workshop in Oshogbo, Osun State recently.
The surveyors maintained that similar financial bodies have helped economies of countries like in China, India and Malaysia.
According the surveyors, this will provide the much-needed long-term finance at low interest rate to contractors, subcontractors and suppliers.
The bank is expected to be private-sector driven to minimize bureaucracy while government provides seed money.
Alternatively, the existing African Development Bank (ADB) could be reinforced to meet up with the challenges of affordable funding requirements necessary to generate enough capital for massive investment in infrastructure.
“Effective and efficient management of infrastructure projects in Africa should be given prominence and high priority by governments, organizations and individuals.
“Promoters and providers of infrastructure must develop and imbibe efficient cost management culture throughout the developmental process by engaging qualified and registered quantity surveyors for the cost and procurement management of infrastructure projects,” the communiqué suggested.
It called for integration of private sector investors into the conception, planning, design, construction and maintenance of infrastructure in Africa to enhance infrastructure provision to the citizenry.
The workshop demanded appointment of Quantity Surveyors (QS) in the departments of finance, budget and/or planning of all ministries at all levels of government to ensure probity and accountability of public funds invested in infrastructure.
The workshop which dwelt on infrastructure development had the theme “Towards Sustained Growth of Emerging Economies in Africa – The Infrastructure Imperatives”. It was held between 14th and 15th March, 2014.