Hyperinflation, Naira Devaluation Threaten Construction Sector — Surveyors

The President of the Quantity Surveyors Registration Board of Nigeria, Obafemi Onashile, has warned that hyperinflation, naira devaluation and inadequate development funding are exerting significant pressure on Nigeria’s construction sector.

Onashile raised the concern at the 2026 quantity surveyors’ annual assembly and induction of 363 newly qualified quantity surveyors in Abuja.

He said the industry is increasingly strained by rising costs and shrinking financial resources, noting that global economic pressures have intensified competition within the sector.

“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 said.

Speaking on the theme, Upskilling Quantity Surveyors’ Efficiency in Financial Management of Building, Engineering, and Infrastructure Developments, Onashile said the growing complexity of infrastructure projects, tighter budgets and rising 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 added.

He noted that the role of quantity surveyors has expanded beyond traditional cost measurement to strategic financial leadership, stressing the need for professionals to adapt to emerging technologies and 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, former Secretary to the Government of the Federation, Boss Mustapha, described quantity surveyors as central to prudent management of public resources and national development.

“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 emphasised the need for Nigeria to 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 said.

He warned against weak project planning and poor cost control, which he said continue to undermine infrastructure delivery.

“Sometimes projects are announced without proper costing; sometimes contract variations spiral out of control. These are not abstract issues; they affect citizens directly,” he said.

Also speaking, the Minister of Housing and Urban Development, Ahmed Dangiwa, represented by the Permanent Secretary, Shuaib Belgore, said the federal government is repositioning the housing sector as a key driver of economic growth.

He noted that housing delivery must be scaled up without compromising quality and affordability, as demand for housing and infrastructure continues to rise.

“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 is strengthening oversight and improving infrastructure frameworks to enhance efficiency, transparency and professionalism in project delivery.

“The era of abandoned projects and poor-quality delivery must give way to better standards,” he said.