Surveyors Board: Naira Devaluation Threatens Nigeria’s Construction Industry

The President of the Quantity Surveyors Registration Board of Nigeria, Obafemi Onashile, has raised concerns over mounting challenges confronting Nigeria’s construction industry, warning that hyperinflation, naira devaluation and lack of development funding are putting pressure on the sector.

Delivering his welcome remarks at the 2026 Quantity Surveyors’ Annual Assembly and induction of 363 newly qualified quantity surveyors in Abuja, Onashile said the industry is increasingly strained by rising costs and shrinking financial resources.

“Globally, the construction industry is steadily becoming more competitive day-by-day under the stress of global inflation from worldwide threats of wars and other crises. In Nigeria, the construction industry especially is faced with hyperinflation, devaluation of the naira and lack of development funding,” he argued.

He explained that the evolving complexity of infrastructure projects, tighter budgets and increasing stakeholder expectations have made financial management more critical.

“The magnitude, complexity and expectations of modern construction and infrastructure projects are evolving rapidly. Budgets are tighter, stakeholders are more demanding, risks are more dynamic, and the margin for error continues to shrink,” he said.

According to him, the role of quantity surveyors has expanded beyond traditional cost measurement to strategic financial leadership.

“The role of the quantity surveyor is no longer confined to measurement and cost reporting; it has become central to strategic financial leadership,” Onashile added.

He stressed the need for professionals to adapt to emerging realities, including technology and changing global standards.

“Today’s Quantity Surveyor must be more than technically sound; they must be financially astute, technologically adaptive, and strategically proactive,” he said.

In his remarks, the Minister of Housing and Urban Development, Ahmed Dangiwa, represented by the Permanent Secretary, Shuaib Belgore, said the federal government was repositioning the housing sector as a key driver of economic growth, noting that housing delivery must be scaled up without compromising quality and affordability.

“The demand for housing and infrastructure across Nigeria continues to grow rapidly. Millions of Nigerians aspire to decent homes and better urban systems, and these expectations are legitimate,” he said.

He added that the government was addressing sectoral challenges through reforms and strategic initiatives, while strengthening oversight to improve project delivery and eliminate inefficiencies.

“We are strengthening project oversight systems and improving infrastructure frameworks to ensure efficiency, transparency and professionalism. The era of abandoned projects and poor-quality delivery must give way to better standards,” he added.

Also speaking, former Secretary to the Government of the Federation (SGF), Boss Mustapha, underscored the strategic importance of the profession in national development, describing quantity surveyors as central to prudent management of public resources.

“Too often, when we speak about infrastructure, attention goes first to what is visible, yet behind every credible and sustainable asset is the discipline of cost intelligence, value management and financial prudence,” he said.

Mustapha noted that Nigeria must maximise limited resources and strengthen governance around public expenditure.

“This Assembly is not just another professional gathering. It is a strategic forum. It comes at a time when Nigeria must do more with limited resources, tighten governance around public expenditure and improve value for money,” he noted.

He emphasised that professional competence in cost planning and project management is critical to national development.

“Every naira saved through sound project costing and transparent financial management creates room for another school, another health facility, another road corridor,” he added.