The Nigerian Institute of Quantity Surveyors (NIQS) has advocated the need for the federal government to unbundle the housing and construction sector from the energy industry in order to boost the growth of national economy.
The president of Nigerian Institute of Quantity Surveyors (NIQS), QS Obafemi Onashile stated this in Abuja yesterday at a 2-day workshop on, ‘Project Monitoring and Reporting Services for Financial Institutions/ 3rd Party Funded or Sponsored Project Developments”, organised by the Institute.
He noted that the energy industry is wider and more complicated than the telecommunications industry that is currently booming and unilaterally directed under one federal ministry.
To this end, the president suggested that the energy industry should be set apart to run unilaterally but with input from relevant professions including the Infrastructure Cost Management Professionals (ICMP), adding that quantity surveyors should be allowed to operate effectively.
Onashile pointed out that once the suggestions are implemented, that the construction industry would become a beehive of activities, thereby attracting Direct Foreign Investments (DFI’s).
He harped on the need for governments to protect public and private sector investments, bank loans and international development agencies investments to avoid waste of resources and opportunities, saying that government and professionals should adopt international best practices implemented by successful nations.
”As part of our focus on promoting reforms in the construction industry, the NIQS has deemed it necessary to prepare and equip her members for special expertise of protecting development investments such as project monitoring that will ensure the successful and enviable growth of the construction industry”, He said.
He recommended project monitoring services for project funders undertaking any sizeable project investment valued at $3 million and above as well as loan, grant and public funded projects in excess of $30 million.
Onashile said while the services is recommended by World bank, that the Central Bank of Nigeria (CBN) adopted and directed commercial banks to utilise independent project monitoring consultants when undertaking project-financing transactions in order to ensure safety of bank, customer and public funds.
The president wondered why its only the Nigeria Liquefied Natural Gas (NLNG) company that utilised project monitoring service for its investment in the Bonny-Bodo road development.
In his presentation on ‘Project Monitoring and Reporting Services’, the former president of NIQS, QS Olusegun Ajanlekoko disclosed that project monitoring and reporting involved the actual project performance from initiation through to closing.