NIQS introduces cost databank for projects

The Nigerian Institute of Quantity Surveyors is set to unveil a cost data bank aimed at improving project decision-making.

The NIQS President, Kene  Nzekwe, announced this at a press conference recently, ahead of its Annual General Meeting.

He added that the introduction of the cost databank is a key component of the Institute’s broader efforts to enhance the quality and efficiency of project delivery in the country.

According to Nzekwe, the databank will serve as a critical tool for the benchmarking of capital project costs across the construction sector.

“One of our key achievements is the ongoing development of a comprehensive cost databank for the construction industry,” Nzekwe said.

“This databank, when completed, will be an invaluable resource for benchmarking the costs of capital projects. It will provide reliable data that stakeholders can use for accurate cost estimation, fostering informed decision-making in project planning and execution,” he added.

He said the databank will not only help in estimating costs but also promote greater financial accountability in the industry.

By providing stakeholders with accurate and reliable data, it is expected to reduce the risk of cost overruns and ensure that resources are allocated efficiently.

In addition to the cost databank, the NIQS President highlighted other initiatives that the Institute has implemented to strengthen the profession and improve project outcomes.

These include the Building and Engineering Standard Method of Measurement, a standardized set of rules for measuring construction work. Nzekwe stressed the importance of adopting BESMM 4R, noting that it could significantly improve transparency and consistency in the cost of building and civil engineering projects.

“We strongly encourage the adoption of BESMM 4R by professionals and stakeholders to improve project quality and enhance financial accountability,” Nzekwe said.

Another initiative introduced by NIQS is the Standard Method of Resource Scheduling, designed specifically for small-scale construction projects and the informal sector.

He said this initiative aims to provide a structured framework for resource allocation and scheduling, which is expected to improve the sustainability and success of smaller projects.

Looking ahead, Nzekwe emphasised the need for both practitioners and the government to take proactive steps to ensure the success of these initiatives.

“Practitioners must embrace these tools and initiatives to enhance their work and deliver greater value through efficient project cost management,” he said.

He also called on the government to ensure that only qualified quantity surveyors are involved in construction and infrastructure projects.

“Most importantly, we urge the government to ensure the involvement of qualified quantity surveyors in all construction and infrastructure projects to maximize efficiency and sustainability,” Nzekwe emphasized.

He said the 2024 NIQS AGM, scheduled to take place in Port Harcourt from November 26-29, will provide an opportunity for the Institute’s members to reflect on the progress made over the past year and discuss new strategies for the growth and development of the profession.

Nzekwe reaffirmed the Institute’s commitment to advancing the profession and contributing to Nigeria’s economic growth.

He urged all stakeholders to collaborate, innovate, and adopt best practices to ensure a sustainable and prosperous future for the country’s construction sector.

“The Nigerian Institute of Quantity Surveyors remains steadfast in its commitment to advancing the profession and supporting Nigeria’s development agenda,” Nzekwe added.