The Nigerian Institute of Quantity Surveyors (NIQS) has launched a major initiative to develop a comprehensive cost databank aimed at enhancing transparency and accountability in the construction sector. This move is designed to facilitate effective monitoring of construction expenditures and ensure that value for money is consistently achieved.
Lawrence Nzekwe, President of NIQS, made the announcement during a national workshop titled “Innovative and Sustainable Construction Practices: Building a Resilient Cost-Based and Knowledge-Driven Industry with Integrity.” He explained that the cost databank will play a crucial role in tracking financial outlays on construction projects, thus ensuring that funds are utilized efficiently.
Nzekwe highlighted that the quantity surveying profession is fundamentally rooted in principles of financial probity and accountability, which are essential throughout the lifecycle of construction projects. He stressed that quantity surveyors are integral to ensuring that projects are completed on time, within budget, and to the highest standards of efficiency and sustainability.
He called on the government to involve quantity surveyors in construction projects nationwide to enhance accountability and ensure that national resources are managed judiciously. According to Nzekwe, such involvement will also ensure that development goals are achieved with integrity and professionalism.
The NIQS President further emphasized that the workshop’s theme reflects the importance of integrating knowledge, integrity, and innovation in building a sustainable and resilient construction industry. “Over the years, our members have demonstrated exceptional ingenuity and integrity. Through precise cost management and expert advisory, they have helped prevent wastage of valuable resources, contributing significantly to national development,” Nzekwe said.
He added that the workshop is designed to empower NIQS members by providing them with the latest knowledge and skills, thereby enhancing their capacity to deliver greater value to the nation.
