‘Lack of infrastructure impedes growth in real estate sector’

Experts in the nation’s real estate sector have described lack of good infrastructure as the reason for the slow pace of real estate growth in the country.

They spoke at the national conference and yearly general meeting of the Nigerian Institute of Quantity and Surveyors (NIQS) entitled: “Infrastructure cost management: contemporary issues and emerging trends” in Lagos.

Speaking at the forum, the Associate Partner, Consol Associates, Akintunde Munis, said lack of good infrastructure has been slowing down the growth of the country’s construction industry.

Munis stressed the need for good maintenance of existing infrastructure, adding that infrastructure cost management, facilitates Infrastructure effectiveness.

He said: “Why is Africa lagging behind other countries in terms of economic growth and poverty alleviation? There are many reasons and answers to these questions. However, one of the reasons, which is important, is that they have very good physical infrastructure. No nation develops without investing in infrastructure and indeed, this is why in the aftermath of the Second World War, the Western countries massively invested in infrastructure. It is also the reason Japan and South Korea and later China undertook a drastic improvement in their infrastructure.

By and large, be it contemporary or emerging infrastructure trends, their cost management requires techniques and skills. Therefore, as construction cost professionals, we must position ourselves for this mega business opening.”

Speaking on International Construction Measurement Standards, Framework and Implementation Strategy, the Managing Partner, Projects Associates, Mr. Adebowale Oyinleye, noted that consistent practice in presenting construction costs globally will bring significant benefits to construction cost management.