Nigerian Institute of Quantity Surveyors (NIQS) has called on the authorities to put in place clear regulatory framework to promote transparency and accountability in the construction industry.
 
Chairman, NIQS Lagos State chapter, Olanrewaju Farotimi, made the call while briefing newsmen on 2023 QS Week, which ends tomorrow, in Lagos.
The QS week, which witnessed a symposium, football competition and visit to Pacelli School for the Blind & Partially Sighted Children, Surulere, has as its theme: “Challenges to Sustainable Cost Management of Construction Projects in the Nigerian Dynamic Economy: Proffering Solutions.”
 
 Expressing worries over increasing malfeasance in the sector, he noted that a clear regulatory framework will not only promote transparency and accountability but will address the issue of corruption in the construction industry.
 
Farotimi identified challenges of sustainable cost management of construction projects to include: inflation, currency fluctuation, corruption and lack of technical expertise. He called for enthronement of accountability.

He said: “Overall, corruption can make it difficult to maintain a sustainable cost management system, since it can result in significant financial losses.
 
“The lack of technical expertise among construction professionals can also have a significant impact on sustainable construction management. 
 
“Without the necessary knowledge and skills, construction managers may be unable to properly evaluate costs and benefits of different options, leading to sub optional decisions and increased costs.”