About 56,000 construction projects valued at N12tn by private and public organizations have been abandoned across the country, the Nigerian Institute for Volume Measurement Engineers said on Sunday.
NIQS President Abba Tor said the institute’s results showed that most of the projects were abandoned due to poor research on the monetary estimates required for them.
Speaking at a workshop, Tor, speaking at a workshop, said private and public organizations should strive to deliver projects in a timely manner, according to a statement released by NIQS in Abuja on Sunday.
“There are N12 trillion worth of abandoned projects scattered across the country’s six geopolitical zones,” he said.
The NIQS president said the institute is determined to curb the incidence of project errors and abandonment by providing effective construction estimates.
He found that the key to reducing project failures and abandonments was well-researched and thoroughly executed construction appraisals.
As for the reasons some of the abandoned projects exceeded their original contractual framework, Tor explained that not all project failures were due to corruption.
He explained that most projects failed due to a lack of precise estimates that were required before construction began during a period of price volatility.
Tor said the aim of the workshop is to improve the skills of NIQS members and to deepen their knowledge in the tools and techniques of estimating for projects, especially in the face of new technology.
“Estimates are key to ensuring that the resources that will go into construction are well calculated and recorded so that projects are delivered in terms of expectations and value,” he said.
He acknowledged that the galloping cost of building materials was no match for the surveyors, but added that their responsibility as professionals was to make sure they estimate the cost of materials as accurately and accurately as possible.
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