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Title : Fed Govt needs N3tr annually to bridge infrastructure gap, say quantity surveyors
link : Fed Govt needs N3tr annually to bridge infrastructure gap, say quantity surveyors

Fed Govt needs N3tr annually to bridge infrastructure gap, say quantity surveyors

The Nigerian Institute of Quantity Surveyors has said the Federal Government needs N3 trillion annually to cover up the huge infrastructure deficit in the country.

The position of the Institute is contained in a communiqué signed by its President, Mrs. Mercy Iyortyer, at the end of a two- day workshop on Finance and Development of capital projects held in Lagos.

Iyortyer noted that while the demand for construction is high, the money to fund the demand is dwindling because of the fall in oil prices and other macro economic factors, stressing that the ability of the country to deal with this challenge will no doubt define her future economic trajectory.

According to her, it is imperative to turn the attention of the Federal Government to Project Finance Options as a way to develop Nigeria’s Infrastructure Projects.

“The National Executive Council of the NIQS, in keeping with our Institutes constitutional mandate to organize continuing education and professional development and with the quest to continuously develop capacities of our members in emerging competencies felt compelled to organize this specialized workshop” the communiqué said in part.

She said the traditional approach where governments at all levels finance the construction of infrastructure projects such as roads, bridges, power plants, airports, railways,  ports and the like from their fiscal budgets, with little or no support from the private sector was unsustainable.

“This approach of project financing is unsustainable given the present economic pressures (i.e. falling oil prices, high exchange rate, double digit inflation rate, unstable foreign exchange rate, low budget performance and liquidity constraints) on the fiscal

budget,” she said.

The communiqué said there was the need for professionals to consider Emerging Solutions to these challenges and to benchmark other countries, such as China and Dubai who have had success stories in this area.

She explained that there is the need for the private sector to become increasingly involved in the creation of financing solutions to develop Nigeria’s frail infrastructure.

The communiqué noted that with the understanding of the measurement of cost and value among others, quantity surveyors would lead the way in the quest to ensure private sector financing of capital projects.

Thus Article Fed Govt needs N3tr annually to bridge infrastructure gap, say quantity surveyors

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