The Nigerian Institute of Quantity Surveyors has made a revelation that the construction sector is currently grappling with shortages of materials due to the devaluation of the Nigerian naira.
In an official statement, the institute highlighted the scarcity of foreign exchange in the country as a significant factor contributing to uncertainty in pricing.
The statement elaborated, “Amidst today’s dynamic economic landscape, the construction field confronts a range of formidable challenges. These include the uncertainty of pricing due to limited forex availability and the devaluation of the naira, resulting in scarcities of essential materials and an atmosphere of unpredictable market conditions. Effectively managing construction projects during such turbulent periods stands as a pivotal requirement for the triumph and longevity of any organization.”
The Nigerian Institute of Quantity Surveyors gladly revealed an upcoming workshop titled ‘Navigating Construction Projects in Times of Uncertainty.’
As per the institute’s information, this two-day national workshop is scheduled to take place from August 30th to 31st in Benin, Edo State.
The statement underlined that the workshop warmly welcomes all professionals in the construction realm, spanning quantity surveyors, project managers, engineers, architects, and contractors alike. It further included, “Participants will have the valuable opportunity to partake in interactive dialogues and examine case studies that foster a collaborative and conducive learning environment.”
“Moreover, attendees will be presented with certificates of achievement, acknowledging their dedication to professional growth and their enriched grasp of effectively handling construction projects amid turbulent circumstances,” the statement affirmed.
Furthermore, during the 15th annual lecture series held by the Lagos State branch of the Nigerian Institute of Quantity Surveyors, Gabriel Ogbechie, the CEO of Rainoil Limited, conveyed that the discontinuation of subsidies has led to amplified operational expenses for businesses and has also yielded profound consequences for the construction industry.
Ogbechie emphasized that the resultant escalation in construction costs will inevitably impact the profitability of construction enterprises.