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Tag: Economic growth

  • IFAC advises ANAN on economic growth

    IFAC advises ANAN on economic growth

    The International Federation of Accountants (IFAC) has said the Association of National Accountants of Nigeria (ANAN) has huge leadership roles to play to enable the country achieve sustainable economic growth.

    The IFAC President, Mrs. Olivia Kirtley, disclosed this in Abuja at a Breakfast Meeting with ANAN President, Anthony Nzom, the Economic and Financial Crimes Commission (EFCC) Chairman,   Ibrahim Magu and other members of the association.

    She said to grow the economy, the roles of accountants are very important, adding that remarkably, Nigeria was named as one of the three countries that produced 75 per cent of accountants in Africa.  Nigeria has a strong base as far as accounting profession is concerned.

    “ANAN should educate politicians and governments at all levels on the need to have stronger professional Accountants. ANAN as an organisation, should be champions in knowing things that work well and those that do not work well for the economy. Accountants need to establish good relationship with government at all levels and the political class to have firm regulation of the profession,’’ Kirtley said.

    According to her, the capability of accountants to provide financial information to companies and government is vital if accountants are to grow the economy. She urged accountants to comply with the international code of ethics and do the right thing with the right information at their disposal if they are to move the economy in the right direction.

    ANAN president attributed the successes recorded by the association to the tremendous assistance from IFAC. “It is the acceptance of ANAN by IFAC that has made us all we are today. I thank you for coming to Nigeria and for visiting ANAN. Our relationship with IFAC will grow for many years,’’ Nzom said.

    He added: “We are delighted they came to Nigeria. Our discussions were based on improving the accounting profession, accountability and transparency that would bring good governance. IFAC said 75 per cent of accountants in Africa are only in three countries inclduing Nigeria.

    This means we have a role to play in developing accounting profession in other African countries.’’

  • Enhancing cassava output to boost economic growth

    Enhancing cassava output to boost economic growth

    A national drive to increase cassava production is gathering strength. The United Nations Development Programme (UNDP), the Federal Ministry of Agriculture and Rural Development and the Nigerian Incentive Risk-based System of Agricultural Lending (NIRSAL) are to roll out initiatives to support cassava farmers to boost production. This was the high point of African Agribusiness Supplier Development Programme (ASDP)   cassava value chain roundtable in Lagos. DANIEL ESSIET reports.

    HOW  to boost  national  economic growth through broad-based productivity measures topped discusssions at  the African Agribusiness  Supplier  Development Programme (ASDP) cassava value chain roundtable in Lagos.

    The forum was organised by the United Nations Development Programme(UNDP) Nigeria, in partnership with the Federal Ministry of Agriculture and Rural Development(FMARD) and the Nigerian Incentive Risk-based System of Agricultural Lending (NIRSAL).

    Resident Representative, UNDP, Mr Opia Kumah, noted that the fall in the price of commodities, especially crude oil, underscored the need to position agriculture as a major growth driver.

    Kumah said cassava was one of Nigeria’s most important crops and that there was a need to boost its yields.

    According to him. the efforts would not only support domestic demand but also strengthen productivity.

    He said: “The African Agribusiness Supplier Development Programme is one such initiative. The   ASDP aims to improve the productivity of small and medium agribusiness by facilitating support, including training, advice, access to inputs, organisations/ standardisation and linking them to off-takers. These benefit the industry by improving the reliability of supply and ensuring off-takers received high quality agricultural products for processing and marketing.”

    In Nigeria, he said, the ASDP was focused on cassava and rice—two crops with enormous comparative advantage across many states, and which can generate economic multiplier benefits.

    The project, according to him, is being implemented by the Federal Ministry of Agriculture, the Nigeria Incentive-Based Risk Sharing System in Agricultural Lending (NIRSAL)  with support from UNDP.

    He said the roundtable  was a step in ASDP’s approach, and that it would bring together stakeholders in the value chain to discuss some constraints and network for the long-term supply chain.

    Minister of  Agriculture and Rural Development Chief Audu Ogbeh  said agriculture was a priority of the administration to diversify the economy, with the private sector taking the lead while government  provides support infrastructure, control processes and oversight.

    Represented by the Director, Planning & Policy Coordination, Mrs. Olubunmi Siyanbola, Ogbeh observed that Nigeria was one of the leading producers of cassava, with about 40 million metric tonnes yearly.

    He added, however, that cassava  contributed close to zero percent in value added trade in cassava-based products because of Nigeria’s inability to exploit the high value derivatives from processing into starch, flour, sweetener, and  ethanol, among others.

    According to him, this was due to the disconnect among stakeholders in the value chain.

    He said it was hampering the uptake of cassava roots produced by farmers, thereby limiting the efficiency of processors, among other supply concerns.

    He said the government had put  some fiscal measures in place to encourage the cassava value chain.

    “These include zero duty on equipment and machinery, 15 per cent levy on imported wheat, establishment of cassava bread development fund and distribution of 24 million stems of improved cassava varieties to encourage production of high quality cassava flour (HQCF). With these measures, government was able to attract reputable starch production companies to the sector. Consequently, the following large starch factories were established: 100,000 metric tonnes (MT)/year Starch factory in Kwara State, by Green Tech in Agbarra, Ogun state; Iseyin in Oyo State and another 12,000 (MT)/year was built in Kogi State,” he added.

    He noted that the ministry was working with the African Development Bank (AfDB) to reposition the Staple Crop Processing Zone (SCPZ) and that the cassava value chain was key in the arrangement to attract local and world-class firms to invest in the  chain.

    NIRSAL Managing Director Mr Aliyu Abdulhameed said the agency would  empower farmers to increase their wealth and food production.

    Represented by Executive Director, Technical, Mr Babjide Arowosafe, Abdulhameed said NIRSAL was  focusing on ensuring availability of agriculture finance, by promoting risk mitigation products.

    He said the organisation was ready  to work with the government and development partners to position  cassava as  a major transformational crop, which could be a game-changer in national development agenda.

    Programme Specialist, Regional  Private Sector, African Facility for Inclusive Markets (AFIM), Regional Service Centre for Africa,UNDP, Ms Pascale Bonzom, said 80 per cent of farms in sub-Saharan Africa were under small-holder production, supplying up to 90 per cent of the food in some countries.

    She said ASDP intended to improve the productivity of farmers and agribusiness suppliers by facilitating support in form of training, advice, access to input, organisation, standardisation and linking up with lead firms.

    She said six countries—Angola, Benin, Côte d’Ivoire, Democratic Republic of Congo (DRC), Kenya and Nigeria—have carried out a feasibility study for a national ASDP and prepared a project document or a concept note.

    Rural Institutions Development Specialist, Third National Fadama Development Project (FADAMA111),  Federal Ministry of Agriculture and Rural Development, Dr Thomas Arokoyo, said cassava  farmers struggled with low agricultural productivity.

    He said public-private partnerships in the sector would make it more attractive for the private sector to venture into agro-processing and investments in the sector.

    Nigeria Cassava Growers Association (NCGA) President Pastor  SegunAdewumi said cassava was an industrial crop, which could reduce imports, increase exports, create employment and increase small-holder farmers’ incomes.

    He called for a more-conducive policy environment to promote public-private-partnership (PPP) in the sector. This, he said, would make the sector more attractive as there were lots of opportunities in the industry as well as challenges.

    According to him, market prospects for cassava was bright if the supply challenges could be addressed through policy interventions.

    Niji Group Chief Executive Adeniji Kolawole said the cassava value chain, if structured properly, could be an economic transformational tool.

    He  urged farmers to  use machines produced by indigenous engineers to boost produce.

  • Ambode to FG: Unbundle potentials of states for economic growth

    Ambode to FG: Unbundle potentials of states for economic growth

    Lagos State Governor, Mr. Akinwunmi Ambode on Thursday said the Federal Government has a critical role to play in addressing the fundamental structural challenges undermining sustainable and inclusive economic growth in the states of the federation, among which is unbundling the potentials of each of the federating units.

    Speaking in Kaduna at the 4th Progressive Governance Lecture Series organized by Governors of the All Progressives Congress (APC) with the theme: “Building The Economy of States: Challenge of Developing Inclusively Sustainable Growth,” Governor Ambode said the Federal Government must allow the states to develop the natural resources within their domain and create the necessary infrastructure that would attract investors.

    Governor Ambode, who spoke on the Lagos experience of de-emphasizing reliance on oil, said Governors must also be encouraged to tap into multiple streams of income within their domain, especially with the Federal Government allowing the states to develop their potentials.

    The Governor lamented the situation whereby Governors have power over the land in their domain but cannot tap into the resources under the land and even the water, saying that such must stop so that Governors can have power over both the land and resources underneath, thereby unbundling the potentials of the states.

    “We need to start looking at some changes that we need to make within and among ourselves as a government irrespective of whether it is federal, state or local government – that will now unbundle the potentials of each state which is the cornerstone of the whole message we are talking about.

    “There is a great need for all of us to decide once and for all to unbundle the potentials of each state; take the comparative advantages of each state and fuse them together for the needs of our people.

    “Governors are the owners of the land in their states but underneath the land and even inside the water, the Federal Government is structured in a way that it controls those potentials. In a situation where the states are being spoon-fed, because I call the federation account more or less like spoon-feeding. The federal government collects total revenue on Value Added Tax (VAT) and various revenues on behalf of all of us and make us to come to Abuja and more or less share it to us as peanuts thereby not allowing us to reach our potentials as competitive states individually,” the Governor said.

    While alluding to the fact that insignia of progressivism in Nigeria should be first seen in the APC states, Governor Ambode said all critical actors must work together in the common interest of the people.

    He said: “There is just one economy in this country and so we need to first of all accept the fact that there is nothing like private sector as against public sector; there is nothing like Federal Government as against State Government. We are collaborating together to drive the economy of this country. So if that describes what Nigeria is and what it ought to be, we also want to say that government should be seen as an enabler; a platform that more or less creates the enabling environment for the public sector to thrive.

    “If we see ourselves as messengers to allow enabling environment to thrive, that means that whatever it is that we are doing, we must do it in such a way that will allow that enabling environment so that commerce, industry and our people can feel that sense of inclusion and that is why all of us are here. We are making progress because we are there because of our people and if we are there because of our people, it is just those basic little things that our people need that we should go ahead and address.

    “We all must be in one set and whatever that we are doing in terms of policy; what it is that we are doing in terms of what I now refer to as re-arrangement, we should now focus on people and then we should be people-friendly. And that is the only was we can create that inclusive growth,” he said.

  • ‘Enforcement of business pacts vital to economic growth’

    Lagos State Attorney-General and Commissioner for Justice  Mr Adeniji Kazeem has said the enforcement of contracts and business agreements is the most important determinant of economic development.

    He was delivering a keynote address on “Contract formation, disputes avoidance and resolution”, at a stakeholders’ meeting organised by Directorate of Commercial Law, Lagos State Ministry of Justice, at the Adeyemi Bero Auditorium in Alausa, Ikeja.

    Kazeem argued that countries with predictable property rights protection as well as predictable rules for resolving businesses and contract disputes provide a better environment for economic growth than those that do not.

    He contended that contract formation and contract disputes avoidance and resolution play crucial roles in economic development by allowing individuals to conduct their transactions with some level of predictability.

    The meeting, Kazeem added, would provide an opportunity for the Directorate of Commercial Law and parties involved in project execution for the state government to bring their challenges to the fore, discuss them and together chart a new way forward.

    He listed such contractual agreement to include those relating to abandoned projects, technical glitches with the Advance Payment Guarantees and bonds from banks, non-compliance with terms and conditions of the contract agreement, bureacracy within the system, poor monitoring of projects and messy legal disputes between the state and contractors.

    In a welcome address, Lagos State Solicitor-General Mrs Funlola Odunlami explained that the forum was organised to ensure that those who undertake projects on behalf of the government “come together in order to have a clearer understanding and brainstorm to ensure that such assignments are better executed by ensuring compliance with the contract agreements.”

  • Govt to partner states for economic growth

    Govt to partner states for economic growth

    The Federal Government will partner state governments with workable strategy for economic development, President Muhammadu Buhari has said.

    He said the Federal Government will work with governors to come out with right policies and programmes that will secure the future generation of Nigerians, who, according to him, are entitled to a prosperous heritage.

    President Buhari was delivering an address at the ongoing Katsina State Investment and Economic Summit. He wished that the private sector will be more active in the ongoing efforts to revamp the country’s ailing economy.

    He lamented that the country’s challenges were huge and as such, the Federal Government alone could not deliver on the people’s expectations. He, therefore, called for collaboration from stakeholders.

    His words: “The Federal Government will continue to partner with any state government that shows incentive under a workable strategy, such as demonstrated by the Katsina State government.

    “The private sector should be the engineer of economic growth; it should be the largest investor in the economy; it should be the quickest, the most efficient and sustainable in the industrialisation process.

    “At the same time, the state government must sit closely with the private sector, each bringing to the table their competencies and success to be achieved.

    “I earlier promised to bring all resources together to end poverty and corruption, increase economic growth and create employment. It is on this premise that Katsina state has taken a bold step to assembly these critical stakeholders.

    “Employment is the quickest way to escape poverty and there is the need to galvanise our natural endowments that will in turn attract investors, where the government provides a conducive atmosphere for them to come out and invest in the country.”

    Governor Alhaji Aminu Bello Masari said the blueprint of his administration, with a rolling plan from 2016 to 2020, will entail a comprehensive strategic plan for each sector of the economy, with clear details of policy trust, objective, and targets.

    He put the monetary cost of the implementation at N69.752 billion, describing it as a huge task ahead, with the promise to deliver and achieve his dream of an industrial giant.

    Masari also listed incentives, which investors will enjoy, to include plots of land in industrial areas, basic infrastructural facilities, five-year tax holiday for new industries, as well as approval for processing of CofO within 30 days.

     

  • Access Bank advocates insurance for economic growth

    Access Bank advocates insurance for economic growth

    • Insurers urged to recapitalise

    The Group Managing Director of Access Bank Plc, Mr. Herbert Wigwe, has said that Nigeria cannot grow without having a strong insurance industry as backbone. To achieve this, Access Bank, Wigwe said, is ready to partner with insurers to showcase insurance to Nigerians and espouse its relevance to national development.

    Wigwe, who spoke at an insurance forum organised by the bank for stakeholders in the insurance industry, noted that to achieve this, insurance firms would need to embrace merger and acquisitions as this will position them to recapitalise, thereby becoming stronger to take on mega businesses in the country.

    The forum with the theme: “Harnessing Economic Realities with Opportunities for Growth in the Insurance Industry” and sub theme: “Key Issues that affect the Nigerian Insurance Industry,” according to Wigwe,  was aimed at tinkering with the possibility of banks partnering with insurers to further grow the economy.

    “Insurance has a broader outlet but there are several issues hindering the growth of the industry. About 20 years ago, it used to have international players from America and Britain who had depth of skills. They set up reinsurance offshore and so the industry inherited these skills from them.

    “But the fact that people did not pay attention to insurance left a situation where those skills took the back stage. The world over, insurance companies owned banks, and not the other way round. There is need to build strong companies in Nigeria that can manage risk a lot better and provide long term money. This way sector like telecommunication, housing, etc and basically develop infrastructure.”

    Director-General, Nigeria Insurers Association (NIA), Sunday Thomas on his part said for insurers to thrive and excel in 2016, they will need to place customers at the centre of their business plans and strategies

    “They also need to review our products, policies and processes to ensure that they are relevant to customers’ needs. We must begin to build capacity in retail businesses. We must deliver on the promises through simplified claims processes that will leverage on the use of cutting edge technology.

    “For the  sustainability of the industry, the market must continue to enhance the way it is valued by the consumers and other stakeholders. The industry must step up its consumer education and public awareness of the vital importance of insurance as a social and economic transformation mechanism.

    “Insurance industry will need to keep developing innovative solutions required by consumers to manage risks in an increasingly complex and uncertain environment, price based competition cannot drive growth and sustain the market and therefore must change. There must be high level deployment of technology which  will ensure efficiency needed to ensure sustainable growth while the availability of key talents is crucial to the survival and success of the insurance industry,” he said.

  • FirstBank, Katsina partner on economic growth

    FirstBank, Katsina partner on economic growth

    First Bank of Nigeria Limited, has partnered the Katsina State Government in hosting the Katsina Economic Investment Summit with the theme: “Unlocking Investment Potentials for Sustainable Development”.

    The summit, scheduled to hold from today till May 11, will showcase the rich opportunities that abound in the state to both indigenous and international investors.

    The Summit, which will focus on five priority areas such as Agriculture, Solid Minerals, Power (Solar Energy), Property Development and Hospitality, is aimed at revitalising the private sector to enhance the much needed job creation that will employ the teeming youth. It is also organised to drive consciousness and build a consensus on what is urgently required to rebuild, revamp and reinforce public-private collaboration for an all-inclusive economic growth.

    “FirstBank supports initiatives that create opportunities for the advancement of inclusive and sustainable growth,” said Dr. Adesola Adeduntan, First Bank of Nigeria Limited and Subsidiaries MD/CEO, adding: ‘We will continue to drive the discourse on how best to achieve competitiveness and inclusive growth through measurable outcomes, which are crucial in defining the agenda that will help make Nigeria’s socio-economic environment a globally competitive one.”

    President Muhammadu Buhari is expected to flag off the three-day Katsina State Economic and Investment Summit. The event will have technical and breakout sessions to be chaired by notable personalities such as the Central Bank Governor, Godwin Emefiele, Ahmed Tinubu, and the President of ECOWAS Investment Bank among others.

    The Bank’s Executive Director, Public Sector, Mr. Dauda Lawal is also expected to lead the FirstBank delegation to the event.

  • ‘Nigeria to leverage satellite resources on economic growth’

    The management of Nigeria Communications Satellite Limited (NigComSat) has assured that the satellite resources of the nation will be leveraged on the acceleration of economic growth and support Federal Government’s key agenda of job creation, ensuring national security and institutionalisation of transparency in the management of national resources.

    Speaking on the activities of the firm at the weekend, its Managing Director, Mrs. Abimbola Alale, said the company was established to champion broadband growth.

    According to her, if well supported by the government and patronised by local and foreign organisations,   the satellite technology will provide broadband links to people who could not be reached with fibre cables.

    Alale, however, noted that though NigComSat-1, which was reported to have been lost in space in 2007 after 18 months of operation was only de-orbited because of technical challenges especially power supply, the new NigComSat-1R is a direct replica of it with similar functions.

    According to her, NigComSat-1R launched in 2011 was built from the proceeds of the fully insured NigComSat-1 without any additional cost to the federal government.

    She maintained that NigComSat -1R, which has being in space in the past four years would support the activities of China Great Wall Industries Corporation (CGWIC), by providing necessary facilities to test communication payload of the Belintersat-1 Satellite, recently launched in China, over Africa using its ground station infrastructures located in Abuja.

    She further said besides other traditional services to various institutions, including universities in the country, banks, security agencies, and the Republic of Gabon for the tracking of its rail system, NigComSat-1R facilities could also be deployed to perfect the country’s e-voting system ahead of the 2019 general elections.

    She, however, said this could only be made possible if there was collaboration between the Independent National Electoral Commission (INEC) and NigComSat Limited.

    She said Nigerian engineers are fully in charge of NigComSat-1R, describing the system as “a high-powered, hybrid (L, C, Ku and Ka Band) geostationary satellite with service life span of at least 15 years and an orbital location of 42.5 degrees east.”

    Already, the Minister of Communications, Mr. Adebayo Shittu, has said in the  Communications Sector Roadmap for 2016-2019, satellite resources owned by Nigeria will play a critical role in catalysing broadband growth, as it will be put into full usage to the benefits of the country’s economic growth.

    With just 10 per cent broadband penetration in the country, Nigeria’s satellites resources both existing and soon-to-be-acquired, would be deployed to play even greater role in the country.

    According to Shittu, the first step in the roadmap is to reduce both the public and private infrastructure deficit in Nigeria’s ICT sector for substantial improvements in quality of service to individuals and corporate.

    The Communications Minister noted that inadequate ICT infrastructure is the bane of ICT development in the country and a leading cause of deficiencies in quality of service.

    He said: “From broadband penetration to last mile-fibre-optic-connectivity, this infrastructure deficit is preventing all Nigerians from gaining affordable and reliable access to ICT services.  Lack of affordability, due in part, to the proliferation of taxes, fees and levies and associated costs further inhibit investments in infrastructure.

    “Consequently, our priority would be to ensure effective and productive acquisition by stakeholders of the infrastructure required to support and grow our boisterous ICT market.”

    The Minister said availability of infrastructure has significant impact on the development of ICT.

    “In addition to catalysing infrastructural development, we will pursue government and private sector time-bound investments in good quality infrastructural facilities and services, led by our agencies like Universal Service Provision Fund (USPF) and actively supported by both local and international investors.”

    He particularly noted that the company would explore new investment towards ensuring that the potentiality of the country’s satellite resources being managed by the NIGCOMSAT is unleashed to drive economic development.

    While some have called for privatisation of NigComSat, which they believe have been taking more from government without any appreciable but Shittu has said NigComSat will not be privatised.

    The former minister, Dr Omobola Johnson had said the satellite form would be sold.

    Shittu however, revealed that government had concluded arrangement to use the $600 million loan being sourced from the China Exim Bank and another international financier to build two new additional communication satellites to complement NigComSat 1R by 2018.

    He acknowledged that NigComSat Limited remained a national infrastructure that must not be conceded to the private sector, adding that the private sector has the freedom to pull resources together to establish one if they so desire.

    He assured them that two foreign companies, including the China Exim Bank, are willing to assist Nigeria in funding NigComSat -2 and NIGCOMSAT-3.

    “We, as Nigerians, must have something we can call our own, something that will remain our national pride. As long as I’m minister of Communications, I will never be party to any such unholy sale, because it does not protect Nigeria’s best national interest,” he said.

    Rather, the minister maintained that the current administration will rather embark on strategies that can make NigComSat has a global outlook through strategic partnerships with local and international organisations.

  • Elumelu seeks review of laws for economic growth

    Elumelu seeks review of laws for economic growth

    Vice-Chairman, Competitiveness Council of Nigeria, Tony Elumelu, said Nigeria’s laws are not perfect, saying there is need to review, amend and enhance them so as to improve both the lives of the people and the economy.

    Elumelu, Founder of the  Tony Elumelu Foundation (TEF), spoke yesterday at the National Assembly Business Environment Roundtable in Abuja. He said the proper role of government, is not to provide employment for everyone, but to create, sustain and secure an enabling environment for citizens to independently create their own jobs and their success, using their own talents.

    He said the private sector is the engine for economic growth in Nigeria, and indeed anywhere else.

    “On behalf of my colleagues in the private sector- the established big corporates, the small enterprises and the budding entrepreneurs, I thank Senate-President, Bukola Saraki and the National Assembly for taking a thorough, systematic and transparent approach to this review, and for understanding that for the best results, the public, particularly the private sector must participate in the process of identifying and debating laws meant to increase their numbers, productivity and success,” he said.

    He praised the National Economic Summit Group, which has been pushing for several years for a comprehensive revamping of our laws relating to the private sector.

    He praised John Smith International, the Department For International Development (DFID) and other partners for the excellent work they’ve done with the Micro Small and Medium Enterprises (MSMEs) survey and “to report that it is the basis of today’s discussions, adding that The Tony Elumelu Foundation has also made a submission based on our survey of applicants to the Tony Elumelu Entrepreneurship Programme.

    “I am a proponent of Africapitalism, which advocates for the private sector to acknowledge and embrace its critical role in Africa’s development. Through the $100 million Tony Elumelu Entrepreneurship Program, over the next 10 years, we will seek to identify nurture and seed 10,000 African businesses based purely on the merit of their ideas and tomorrow.

  • Govt to exploit construction for economic growth, says Fashola

    Govt to exploit construction for economic growth, says Fashola

    The Federal Government will look at the construction sector to grow its potential, Minister of Power, Works and Housing Babatunde Fashola has said.

    The minister said various studies had shown that the construction sector contributed greatly to the growth of the overall economy.

    Fashola, who spoke in Abuja during a stakeholders’ workshop organised by the Quantity Surveyors Registration Board of Nigeria (QSRBN) for the validation of the draft revised quantity surveying curricula in tertiary institutions, said the quantity surveying profession played a key role in the building and construction industry.

    He described it as one sector with potential which the current “administration intends to exploit in the pursuit of socio-economic development of the country.

    “It is a sector that contributes greatly to the growth of the national economy in terms of fixed capital formation, multiplier effect and employment generation. Needless to say, the present economic realities have made the quest for higher rates of value-for-money imperative for not only government but investors in this important sector as well.”

    To harness and exploit the gains of the construction sector, the minister, who spoke through the Director of Survey at the ministry, Dickson, Onoja, said the Federal Government would, therefore, be counting on the widely acclaimed expertise of quantity surveyors in cost management of infrastructure and construction processes.

    This, he said, would ensure that the government achieves the resource optimisation and value maximisation needed to put the country back on the right track to sustainable growth and development.

    On the need for occasional validation of the quantity surveying curricula, Fashola explained that the curriculum of any profession needs periodic review to take account of contemporary developments.

    He said: “The frontiers of knowledge of most professions are changing and expanding fast and it behoves professional regulatory bodies like the QSRBN and other stakeholders to ensure that the quantity surveying profession in Nigeria remains on the cutting edge of developments around the world.”

    In his address, the President, QSRBN, Mr. Husaini Dikko, said there were many short-comings in the quantity surveying curriculum as currently operated.

    He said: “We need to revise the curriculum of the profession to take cognisance of developments of the past 20 years in line with mandate of the QSRBN. This will not only make for an elegant profession in Nigeria but will make registered quantity surveyors to be more competitive nationally and globally.”