COST ENGINEERS PUSH REFORMS TO CURB WASTE

The Nigerian Institute of Cost Engineers (NICE) has called for urgent reforms in project planning and execution to curb waste and improve efficiency in public and private sector projects.

The institute made the appeal on Friday during its annual conference in Abuja. President of NICE, Engr. Olumide Ogunmefun, said poor cost management and lack of proper oversight have led to massive waste of resources in many projects across the country.

“We must reform the way we plan and execute projects. Cost engineering should be given its rightful place in the project lifecycle to ensure value for money and prevent waste,” Ogunmefun stated.

The conference, themed “Cost Engineering for Sustainable Development,” brought together professionals from various sectors to discuss strategies for improving cost control, project delivery, and resource management. Participants advocated for the mandatory involvement of cost engineers in all major projects and the strengthening of regulatory frameworks to enforce compliance.

The Minister of Works, Mr. Dave Umahi, who was represented at the event, assured the institute of the government’s commitment to improving project delivery and reducing waste. He said the ministry is reviewing procurement processes and will incorporate cost engineering best practices in future projects.

Stakeholders agreed that effective cost management is critical to achieving sustainable development and maximising the impact of public spending. They called for greater collaboration between government, professionals, and the private sector to promote best practices in cost engineering.

The Nigerian Institute of Cost Engineers has pledged to continue advocating for reforms and providing training to build the capacity of professionals in the field. The institute also called for the establishment of a National Cost Engineering Regulatory Council to standardise practices and ensure quality service delivery.

As Nigeria continues to invest heavily in infrastructure and development projects, the push for cost engineering reforms is seen as critical to ensuring that resources are used efficiently and projects deliver maximum value to the people.