‘Use Cost Engineering Practices To Tackle Project Waste, Boost Delivery’

Engineers at the Institute of Appraisers and Cost Engineers (IACE) have urged government and private sector project owners on Thursday to adopt rigorous cost‑engineering and valuation practices to curb waste, reduce overruns and speed up delivery of infrastructure across Nigeria.

Speaking at the 2026 National Technical Conference of the IACE, in Abuja, the Nigerian Society of Engineers (NSE) president, Ali Rabiu, said nations worldwide were under pressure to make the most of limited resources while meeting rising infrastructure and development needs.

Rabiu, who was represented at the conference by Dauda Musa, said emerging economies such as Nigeria needed sound engineering evaluation and economic analysis to ensure public and private investments delivered sustainable value.

He said the conference offered a valuable forum for participants to share ideas, exchange experiences and explore innovative approaches to manage scarce resources more efficiently, speed up infrastructure delivery and support national development.

At the conference with the theme: “Engineering Valuation, Cost Engineering and Engineering Economy Solutions in Emerging Economies,” the outgoing IACE national chairman, Ike Iwenofu, told delegates that combining engineering valuation, cost engineering and engineering economy provided a clear framework for improving efficiency, cutting waste and keeping tighter control of project budgets and timelines. He said the practices also helped align projects with strategic goals and deliver long‑term value.

Iwenofu said the conference created an opportunity for professionals and stakeholders to work on solutions that would improve engineering project outcomes and support sustainable national development. He added that IACE had been strengthening its membership through capacity building, mentoring and partnerships with local and international organisations since its founding.

Iwenofu recalled that the institute was established in 2003 as a division of the NSE and was admitted to the International Cost Engineering Council (ICEC) in 2008. He said the institute’s mandate was to promote engineering valuation, cost engineering and engineering economy across Nigeria.

After completing two terms, Iwenofu handed over the IACE leadership to Mohammad Kwalli.

In his acceptance speech, Kwalli said IACE had the capacity to play a larger role in Nigeria’s economic development, pointing to more than 700 accredited members across varied professional disciplines.

Kwalli said the institute’s expertise covered cost engineering, engineering economy and valuation of property, plant and equipment, infrastructure, intangible and biological assets.

He also said IACE professionals supported mergers and acquisitions, government privatisation, taxation, insurance and other areas where accurate valuation and cost advice were essential.

He added that the institute’s work was critical to protecting investments, improving financial reporting and strengthening the quality of economic decision‑making in Nigeria.

He however identified visibility, funding and lack of patronage from government and private sector actors as the main challenges the institute faced.

“These are not insurmountable obstacles — they are challenges that call for vision, advocacy and collaboration,” Kwalli said, pledging to increase the institute’s visibility, secure sustainable support and position IACE as a trusted partner in national development.

He called for closer collaboration with the Council for the Regulation of Engineering in Nigeria (COREN), the Nigerian Society of Engineers, the Industrial Inspectorate Department of the Federal Ministry of Industry, Trade and Investment and other relevant bodies. Kwalli also urged stronger cooperation with accountants, surveyors, business valuation professionals and other stakeholders to boost the credibility of valuation practice, add value for investors and improve Nigeria’s standing in the global economy.