A number of serious issues confront the Nigerian economy, such as high taxes, corruption, inflation, a lack of foreign cash, and inadequate infrastructure. Living circumstances have gotten worse due to these problems, which have also resulted in higher rents and lower wages. Mr. Obafemi Onashile, the president of the Quantity Surveyors Registration Board, stressed the importance of resilience and adaptation in times of economic uncertainty during a conference held in Port Harcourt. In addition to embracing non-traditional positions including project management, facility management, arbitration, and technical training, he promoted flexibility in professional services.
Navigating these obstacles requires gaining new abilities via Education and certifications. Onashile maintained that despite their chaos, volatile times present chances for reform and innovation. Businesses and professionals need to take advantage of these opportunities by creating specialised software, publishing technical information, or providing specialist services. Likewise, Mr. Kene Nzekwe, President of the Nigerian Institute of Quantity Surveyors, emphasised the challenges facing the Construction Sector as a result of growing expenses. In order to overcome economic obstacles, he emphasised the significance of Infrastructure development and cost control.
South Africa adopted value engineering during the economic crisis.
Rivers State Governor Sir Siminalayi Fubara’s development initiatives, like as the Port Harcourt Ring Road, more health and education financing, and attempts to draw in Investment through economic diversification, were praised by Nzekwe. Quantity surveyors (QS) in nations like South Africa and the United Kingdom have shown resiliency during economic downturns by using creative methods. Project management, cost consulting, and risk assessment services, for example, became the primary emphasis of many QS experts in the UK during the global financial crisis of 2008.
The QS company Turner & Townsend, which added project monitoring for public-private partnerships (PPPs) to its portfolio, is a noteworthy example. This approach demonstrated flexibility in a volatile market by generating a 20% increase in sales between 2009 and 2011. In order to maximise resource utilisation in building projects, quantity surveyors in South Africa adopted value engineering during the economic crisis brought on by political unrest and exchange rate changes in the 2010s. For instance, through sustainable design and material substitution, QS businesses assisted in reducing costs by 15% during the Mall of Africa’s development, assuring the project’s viability in the face of economic challenges.
Some businesses may be reluctant to embrace tech advancements.
Construction costs have increased globally as a result of supply chain interruptions and inflation. In 2022 alone, Nigeria’s building expenses rose by more than 30% due to significant Inflation and currency devaluation. The cost of labour and supplies was directly impacted by Nigeria’s July 2023 inflation rate, which was 24.08%, according to the National Bureau of Statistics. These difficulties, nevertheless, also present chances. By 2027, the global project management market is expected to have grown from its 2022 valuation of $8 billion to $11 billion, providing a profitable avenue for QS experts who choose to expand into this field.
Additional training and certifications are necessary when moving into positions like project management or arbitration. For many QS professionals in Nigeria, however, access to relevant and reasonably priced education is restricted. The naira’s volatile value and the high cost of borrowing can deter people from investing in diversification or upskilling. Because they are afraid of failure or losing their reputation, some professionals and businesses may be reluctant to embrace technological advancements or accept unusual services. The lack of government incentives for adopting new technologies or developing new skills makes adaptation even more difficult.
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According to John Raftery, a QS specialist from the UK, adopting Technology is crucial because “digital tools like BIM and AI-driven cost estimation are no longer optional; they are essential for staying competitive in a volatile market.” “Economic turbulence often brings opportunities to rethink and innovate,” adds Azar Jammine, a South African economist specialising in building. This is an opportunity for QS specialists to reinterpret their function as essential strategic consultants. According to Babagana Mohammed, president of the Nigerian Society of Engineers, “the Construction sector can drive economic recovery, but professionals need access to training, funding, and a favourable business environment.” Mohammed has argued for more government support.