Shonubi: Adopting ICMS Standards Good for Transparency, Value in Projects

 
 
By Bennett Oghifo
 
The President of the Nigerian Institute of Quantity Surveyors (NIQS), QS Olayemi Shonubi has advised the government to adopt the International Cost Management Standards (ICMS), an internationally generated measurement system that enhance transparency in the management of the scarce resources in construction.
Shonubi stated this at a press conference on the occasion of the ongoing 2022 annual conference and general meeting of the institute, held in Lagos, recently.
He said “Adopting this standard in our country will not only enhance transparency in the management of the scarce resources, but it will also ensure that our nation gets value for money spent on the projects while enhancing investment on the infrastructure by private sector participants, multilateral development institutions. Should I also state that it will equally ease, as well as enhance your reportage of infrastructure project cost.”
According to him, the International Cost Management Standards (ICMS) Coalition was set up in May 2015 subsequent to a meeting at the International Monetary Fund (IMF) Headquarters in Washington when some International Professional Associations of Construction Cost experts decided to set up the Standards Setting Committee with the Nigerian Institute of Quantity Surveyors being one of them and had since remained a Trustee of the body. This body muted the idea of developing the first global standards for the classification, presentation, and benchmarking of construction cost across the globe.
The journey which started in June 2015 has since led to production of three editions, International Construction Measurement Standards 1 and 2 and now the International Cost Management Standard 3. The editions evolved from the provision of construction cost only to now include the provision of construction and other life cycle costs including carbon emissions.
The driving principle and aims of International Cost Management Standards (ICMS) since inception as succinctly stated in the introduction of the ICMS1 has been: Consistent practice in presenting the performance of construction projects globally will bring significant benefits to managing the performance of construction projects. As such, ICMS aims to provide global consistency in classifying, defining, measuring, recording, analysing, presenting and comparing entire life cycle costs and carbon emissions of construction projects and constructed assets at regional, state, national or international level. ICMS is a high-level classification system. The globalisation of the construction business has only increased the need to make this meaningful comparative analysis between countries, not least by international organisations such as the World Bank Group, the International Monetary Fund, various regional development banks, non-governmental organisations and the United Nations.
He said in addition to the Conference session, the Institute will hold a formal Induction Ceremony for its newly qualified members.
“On Friday 25th November 2022, the Annual General Meeting of the Institute shall be held by 2 pm at the Queens Park Event Centre, Victoria Island, Lagos. This will be followed by a formal dinner for Presidential Awards to some deserving, distinguished individuals amongst whom are the Executive Governor of Lagos State, Mr. Babajide Olusola Sanwoolu, the Executive Governor of Gombe State, His Excellency, Malam Yahaya Inuwa, the former Minister of Works and Housing, Otunba Senator Adeseye Ogunlewe as well as the Investiture of the new Fellows of the Nigerian Institute of Quantity Surveyors which shall take place at the Sky Restaurant of the EKO Hotels and Suites by 7 p.m.”
The theme of this year’s Annual Conference is Infrastructure Cost Management: Contemporary Issues and Emerging Trends. The Conference will be a 2-day event scheduled from Wednesday 23rd to Thursday 24th November 2022 at The Podium, 124 T. F. Kuboye Road, Off Oniru Market, Lekki Phase 1, Lagos. Two keynote speakers (Dr. Anil Sawhney, a Construction and Infrastructure Sector Expert and Dr. (Arc) Mike Onolememen, a former Minister of Works and Housing) will examine the theme from Global and National perspectives. Other speakers will discuss the global standards for Reporting and Benchmarking Construction Costs (International Cost Management Standards), transparency issues in Cost Management of Infrastructure, Cost Management of Public and Private Partnership (PPP) Projects, the Concept and Tools for effective Cost Management of Infrastructure, and Managing Carbon and other Life Cycle Costs of Construction Projects.
The theme for this year’s Conference is informed by the growing need by Nigerians for improved infrastructure amidst the current global economic crisis which has made it difficult to access funding for infrastructural development with other pressing needs of the citizenry in focus. It is imperative therefore that whatever funding that is available is not only judiciously spent but seen as so.