The Nigerian Institute of Quantity Surveyors (NIQS) has lamented the country’s huge gap in infrastructure, stating that about $150 billion yearly investment from both public and private sectors is needed to close the deficit.
The body disclosed this at its Golden Jubilee Anniversary Edition of the Distinguished Lecture Series organised by its Lagos Chapter, themed: ‘Building a Resilient Lagos Megacity: The Role of Sustainable Infrastructure in Economic Growth’, held in Lagos State.
Leading the discussion, a past president of the body and Managing Partner of CEP Limited, Olusegun Ajanlekoko, said Africa’s infrastructure crisis, marked by a sharp drop in equity investment to $1.4 billion in 2024 and $100 billion yearly funding gap, demands urgent action.
According to him, one of the major problems that third-world countries face is how to build, maintain, and sustain their infrastructural needs, aside from their huge day-to-day operating deficits.
He noted that equity investment in Africa’s infrastructure dropped to $1.4 billion in 2024 from $2.3 billion in 2023.
“The whole continent faces critical gaps in infrastructure from power to digital connectivity, with a yearly $100billion financing hole needed for such projects. Investment in infrastructure has accounted for 42 per cent of private capital deployed in Africa since 2023.”
According to data from the Global Private Capital Association, Nigeria alone faces a substantial infrastructure financing gap estimated at over $3trillion over the next 30 years, $100 billion.
“Bridging this gap requires significant investment; the estimated projection on an annual basis is put at $150billion from both public and private sectors,” he said.
Ajanlekoko noted that quantity surveyors globally play a crucial role in infrastructure projects by focusing on cost management, budgeting, and ensuring financial viability and cost-benefit analysis.
He said: “Infrastructure projects often involve multiple contractors and suppliers, each responsible for different aspects of the project. A quantity surveyor plays a critical role in managing these contracts to ensure that all parties deliver on their contractual obligations.
“Infrastructure projects are often funded by public money or large investments from private entities. As a result, there is a significant emphasis on delivering value for money. Quantity surveyors are responsible for ensuring that the project delivers maximum value while staying within the budget.”
In his remarks, Chairman of the NIQS Lagos Chapter, Rilwan Balogun, noted that the expertise and knowledge of quantity surveyors can contribute significantly to the development of Lagos as a megacity.
He said: “The Lagos State government’s efforts to improve infrastructure, promote economic diversification, and enhance the quality of life for its citizens are truly commendable.
Their commitment to sustainable development and urban planning has positioned Lagos as a model for other cities in Africa.”
Lagos State governor, Babajide Sanwo-Olu, who was the guest of honour, congratulated the leadership and members of the NIQS on their golden jubilee, which marks 50 years of professionalism, impact, and growth.
