Key Takeaways
- Engineers are pushing for stronger application of engineering valuation and cost engineering principles
- This aims to address cost overruns, waste, and inefficiencies in Nigeria's project execution
- The call was made at the 2026 National Technical Conference of the Institute of Appraisers and Cost Engineers
The recent 2026 National Technical Conference of the Institute of Appraisers and Cost Engineers (IACE) in Abuja highlighted the importance of adopting engineering valuation, cost engineering, and engineering economy principles to mitigate the issues of cost overruns, waste, and inefficiencies in project execution across Nigeria. The conference, themed “Engineering Valuation, Cost Engineering and Engineering Economy Solutions in Emerging Economies,” brought together industry professionals to discuss innovative solutions.
According to the President of the Nigerian Society of Engineers (NSE), Engr. Ali Rabiu, represented by Engr. Dauda Musa, nations worldwide face the challenge of maximizing limited resources while meeting the growing demands for infrastructure, economic growth, and improved quality of life. He emphasized that in emerging economies like Nigeria, engineering evaluation, cost optimization, and sound economic analysis are crucial for ensuring public and private investments deliver maximum value and sustainable outcomes.
Conference Objectives
The conference aimed to provide a platform for participants to exchange ideas, share experiences, and explore innovative approaches to support the efficient management of scarce resources, accelerate infrastructure delivery, and promote sustainable national development. Outgoing National Chairman of the Institute, Engr. Ike Iwenofu, noted that the combination of engineering valuation, cost engineering, and engineering economy offers a framework for improving efficiency, reducing waste, and maintaining tighter control over project budgets and timelines.
As Nigeria strives to improve its infrastructure and economic landscape, the application of these principles could significantly impact the success of projects. By adopting a more strategic approach to project management, Nigeria can work towards minimizing losses due to inefficiencies and maximizing the value of its investments.
Why This Matters
The implementation of engineering valuation and cost engineering principles is crucial for Nigeria's development, as it can lead to more efficient project execution, reduced waste, and enhanced economic growth. By understanding the importance of these principles, stakeholders can work together to create a more sustainable and prosperous future for the country.
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