The Nigerian Institute of Quantity Surveyors has said bridging the nation’s infrastructure gap will require a significant annual investment of $150bn from both public and private sectors.
This was disclosed at the recent Golden Jubilee Anniversary Edition of the Distinguished Lecture Series organised by the Nigerian Institute of Quantity Surveyors, Lagos Chapter, themed ‘Building a Resilient Lagos Megacity: The Role of Sustainable Infrastructure in Economic Growth,’ which was held at Muson Centre in Lagos State.
The Managing Partner, CEP Limited, Olusegun Ajanlekoko, said Africa’s infrastructure crisis, marked by a sharp drop in equity investment to $1.4 bn in 2024 and a $100 bn annual funding gap, demanded urgent action.
“One of the major problems that third-world countries are faced with is how to build, maintain, and sustain their infrastructural needs.
This is aside from their day-to-day huge operating deficits.
“Equity investment in Africa’s infrastructure dropped to $1.4bn in 2024 from $2.3 bn in 2023. The whole continent faces critical gaps in infrastructure from power to digital connectivity, with an annual $100bn financing hole needed for such projects. Investment in infrastructure has accounted for 42 per cent of private capital deployed in Africa since 2023. According to data from the Global Private Capital Association, Nigeria alone faces a substantial infrastructure financing gap estimated at over $3tn over the next 30 years, $100 bn.
“Bridging this gap requires significant investment; the estimated projection on an annual basis is put at $150bn from both public and private sectors.”
The surveyor noted that a quantity surveyor globally played a crucial role in infrastructure projects, focusing on cost management, budgeting, and ensuring financial viability and cost-benefit analysis.
He added, “Infrastructure projects often involve multiple contractors and suppliers, each responsible for different aspects of the project. A quantity surveyor plays a critical role in managing these contracts to ensure that all parties deliver on their contractual obligations.
“Infrastructure projects are often funded by public money or large investments from private entities. As a result, there is a significant emphasis on delivering value for money. Quantity surveyors are responsible for ensuring that the project delivers maximum value while staying within the budget.
“In summary, therefore, infrastructure projects, such as roads, bridges, harbours, airports, and public transportation, require precise cost management to ensure timely completion and budget adherence. QS Professionals help stakeholders make informed decisions, optimise resources, and deliver projects efficiently. In conclusion, the day the Q.S. is given a role in infrastructure development, the more positive will be the successful outcome of the project in significant cost savings and value for money.”
Meanwhile, the Chairman of the NIQS Lagos Chapter, Rilwan Balogun, noted that the expertise and knowledge of quantity surveyors can contribute significantly to the development of Lagos as a megacity.
He said, “As we celebrate 50 years of excellence in quantity surveying, we recognise the pivotal role sustainable infrastructure plays in driving economic growth, improving quality of life, and mitigating climate change. Our theme is particularly relevant, given Lagos’ rapid growth and the need for innovative solutions to urban challenges.
“I would like to take this opportunity to commend the Lagos State Government for its visionary leadership and commitment to making Lagos a megacity. Under the leadership of Governor Babajide Sanwo-Olu, the state has made significant strides in infrastructure development, economic growth, and sustainable urban planning. Initiatives such as the Lagos State Mega City Development Programme, the T.H.E.M.E.S. Plus agenda, and the Lagos Resilience Strategy demonstrate the government’s dedication to creating a more sustainable, resilient, and prosperous city for all.”
“The Lagos State Government’s efforts to improve infrastructure, promote economic diversification, and enhance the quality of life for its citizens are truly commendable. Their commitment to sustainable development and urban planning has positioned Lagos as a model for other cities in Africa. As quantity surveyors, we understand the importance of sustainable infrastructure in driving economic growth and improving the quality of life for citizens. We believe that our expertise and knowledge can contribute significantly to the development of Lagos as a megacity.
