The Nigerian Institute of Quantity Surveyors has revealed that the construction industry is grappling with material shortages due to the devaluation of the naira.

In an official statement, the institute highlighted the scarcity of foreign exchange in the country, which has led to uncertain pricing. It emphasized that the ever-shifting economic landscape has brought about various challenges for the construction sector, including material scarcities and unpredictable market conditions stemming from forex shortages and naira devaluation. Effectively managing construction projects during such tumultuous times is essential for the prosperity and longevity of any organization.

The Nigerian Institute of Quantity Surveyors is excited to announce an upcoming workshop titled ‘Managing Construction Projects in Turbulent Times’. This two-day national workshop is scheduled for August 30-31 in Benin, Edo State.

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The statement emphasized that the workshop is open to all professionals in the construction field, including quantity surveyors, project managers, engineers, architects, and contractors. Participants will have the chance to engage in interactive discussions and delve into case studies, fostering a collaborative environment for learning.

Attendees will also receive a certificate upon completion, recognizing their commitment to professional growth and their enhanced grasp of managing construction projects during challenging periods.

Similarly, at the 15th annual lecture series of the Lagos State branch of the Nigerian Institute of Quantity Surveyors, Gabriel Ogbechie, the Chief Executive Officer of Rainoil Limited, remarked that the removal of subsidies has elevated operational costs for businesses, profoundly impacting the construction industry. He highlighted that the consequent increase in construction expenses will inevitably affect the profitability of construction companies.