The Nigerian Institute of Quantity Surveyors has disclosed that the construction industry is struggling with material shortages, caused by naira devaluation.
In a statement, the institute noted foreign exchange scarcity in the country had price uncertainty.
It stated, “In today’s ever-changing economic landscape, the construction industry faces numerous challenges, including price uncertainty due to forex shortages and naira devaluation leading to material shortages and unpredictable market conditions. The ability to effectively manage construction projects in such turbulent times is crucial for the success and sustainability of any organisation.
“The Nigerian Institute of Quantity Surveyors is pleased to announce an upcoming Workshop on ‘Managing Construction Projects in Turbulent Times’.”
It added, “Attendees will have the opportunity to engage in interactive discussions and case studies fostering a collaborative learning environment.
speaking at the 15th annual lecture series of the Lagos State branch of the Nigerian Institute of Quantity Surveyors, the Chief Executive Officer of Rainoil Limited, Gabriel Ogbechie, said the removal of subsidy had increased the operating cost of businesses and had come with far-reaching consequences on the construction industry.
According to him, the attendant rise in construction costs would affect the profitability of construction companies.
