In order to promote transparency in the provision of funds for infrastructural projects, professionals under the auspices of the Nigerian Institute of Quantity Surveyors (NIQS) are seeking the adoption of International Cost Management Standard 3 (ICMS) in the country.
According to the President of NIQS, Mr Olayemi Shonubi, the adoption of ICMS would not only enhance transparency in the management of scarce resources but also ensure that the nation gets value for money spent on the projects.
Besides, he said it would enhance investment in the infrastructure by private sector participants and multilateral development institutions.
“Should I also state that it will equally ease as well as enhance your reportage of infrastructure project cost,” he said.
The NIQS president said “this would form the main discussion during the annual conference and general meeting of the institute in Lagos from the 22nd to the 23rd of November 2022 at the Podium, Lekki, Lagos.
“The conference is themed:” Infrastructure Cost Management: Contemporary Issues and Emerging Trends.”
According to the president of NIQS, the theme for this year’s conference was informed by the growing need by Nigerians for improved infrastructure amidst the current global economic crisis which had made it difficult to access funding for infrastructural development with other pressing needs of the citizenry in focus.
He said it has become imperative therefore that whatever funding is made available is not only judiciously spent but seen as so.
He said, “The International Cost Management Standards (ICMS) Coalition was set up in May 2015 subsequent to a meeting at the International Monetary Fund (IMF) Headquarters in Washington when some International Professional Associations of Construction Cost experts decided to set up the Standards Setting Committee with the Nigerian Institute of Quantity Surveyors being one of them and had since remained a Trustee of the body.
“This body muted the idea of developing the first global standards for the classification, presentation and benchmarking of construction cost across the globe.
“The journey which started in June 2015 has since led to the production of three editions, International Construction Measurement Standards 1 and 2 and now the International Cost Management Standard 3. The editions evolved from the provision of construction cost only to now include the provision of construction and other life cycle costs including carbon emissions.
“The Institute shall hold a formal Induction ceremony for its newly qualified members, hold On Friday 25th November 2022, hold a formal dinner for Presidential Awards to some deserving, distinguished individuals amongst whom are the Executive Governor of Lagos State, Mr Babajide Olusola Sanwoolu, the Executive Governor of Gombe State, Malam Yahaya Inuwa, the former Minister of Works and Housing, Senator Adeseye Ogunlewe as well as the investiture of the new Fellows of the institute,” he said.
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