Stakeholders Admonish Govt on Cost-saving Measures

By Adibe Emenyonu

As a panacea to the dwindling resources nationwide, stakeholders have admonished government at all levels to adopt cost saving measure in project implementation.

The advice was given at the 19th International Cost Management Conference of the Chartered Institute of Cost Management of Nigeria (CICMN) yesterday in Benin-city, the capital of Edo State.

Those who spoke at the conference on the theme: ‘Cost Management Strategies: Formulation and Implementation for Optimum Impact’, described it as apt because the current economic reality in the country called for continuous review of cost management processes by the government. They also lauded the contribution of the CICMN to the growth of the Nigeria economy, and called for the body to organise more capacity building for cost managers, especially those in government.

In his keynote address, the Secretary to Edo Government (SSG) called on CICMN to use its platform to come up with initiative that would assist the public sector in its cost management strategies in the face of the present economic realities, with a view to promoting greater productivity at minimum cost.

Represented by Mrs. Deborah Enakhimion, the Permanent Secretary, Edo Government House, Ogie, who declared the conference opened, acknowledged the contribution of CICMN towards the development of the state, and called for continued support.

Ogie said: “The importance of the skills which members of your institute bring to bear on both public and private sectors of the Nigerian economy cannot be over emphasised.

“It is therefore expected that conference of this nature where minds come together to deliberate on topical issues affecting global economics should be taken seriously by all and sundry.”

Similarly, the Dean, Business and Management Studies, Igbinedion University, Okada, Prof. Ralph Adeghe, called on both public and private sector to avail themselves the concept of cost management in their responsibilities.

According to him, “It is needed in the face of the present economic realities and dwindling resources.”

Dr. Humphrey Masodgie and Prof. Chinwuda

Okafor, both of the University of Benin, who advocated capacity building in the knowledge of cost management with paradigm shift from the age-long traditional approach to a multidisciplinary perspective.

In his welcome address, CICMN Registrar, Mr. Nosa Omoregie, said the institute has produced and injected over 5,000 cost managers into the Nigerian economy.

He said: “We have also participated in many economic summits in Nigeria with substantial contribution to the development of Nigeria.

“Our Cost Management Conference is an annual event, which brings together Cost Managers from different organisations.

“This year’s conference with the theme: ‘Cost Management Strategies: formulation and implementation for optimum impact’, is expected to refocus members and other participants on the skill, knowledge and attitude to manage cost.”