NIQS seeks finance option to develop infrastructural projects
As a measure to close the nation’s infrastructure gap estimated to cost about N3trillion yearly, quantity surveyors have advocated the adoption of private sector led project financing in the construction industry.
The President, Nigerian Institute of Quantity Surveyors (NIQS), Mrs. Mercy Iyortyer who spoke at the two-day national workshop organised in Lagos by the body, themed: “Finance and Development of Capital Projects- Emerging Solutions”, said the option has become necessary following the high demand of construction and the dwindling fund occasioned by the fall in oil prices and other macro-economic factors.
She stressed that infrastructure deficit would be recorded in Nigeria’s history as one of its most urgent concerns and her ability to deal with this challenges will no doubt define her future economic trajectory.
“It is therefore imperative to turn to Project Finance Options as a way to develop Nigeria’s Infrastructure projects”, she noted.
Mrs. Iyortyer also stressed the need for professionals to consider emerging solutions to these challenges and to benchmark other countries such as China and Dubai, who have had success stories in this area.
She said: “Progressively, project finance is being recognized as the best method of developing capital projects in Nigeria despite the associated risks and challenges of volatile economic activities.
Quantity surveyors, she said already have an understanding of the measurement of cost and value with the necessary combination of financial analytical skills and market knowledge. However, in order to take steps towards acquiring expertise in capital project finance and development, such set of core skills and competencies have to be broadened significantly.
“No matter the high cost of providing these services, potential investors are normally willing to engage specialists to provide this service gap for achieving their investment portfolio” she added.
