Construction Industries: Strategic to any Economy

BUILDING and Construction,
together with Real Estate Sector of
the economy, are amongst the most
strategic sectors of any economy.
Their collective effect is profound
and can be seen and felt in all
activities of all global economies.
The capacity of the Building and
Construction sector to generate
employment on a massive scale,
its multiplier effects in the overall
economy and more importantly,
its vital contribution to the
country’s fixed capital formation
and investment marks it out as an
important sector.
This was the reason for the 7th
Building and Construction Economic
Roundtable, BCERT7, organised by
the Quantity Surveyors Registration
Board of Nigeria, QSRBN, held
recently in Abuja.
The intention of the round table
is to attract contributions and ideas
from participants to move the
industry and the economy forward
and to integrate it to sub-regional,
regional and global economy.
According to the President,
QSRBN, Mallam Murtala Aliyu,
the construction sector is therefore,
a strategic sector in reflating any
economy that has slid into recession
as we currently have in Nigeria.
He said a major objective of the
Annual Building and Construction
Economic Roundtable, BCERT is to
set and sustain our overall national
development agenda by maximising
the contribution of the building and
construction sector of the economy
to the mix.
“BCERT 7 is the seventh edition of
this round table and the focus this
year is on global competitiveness
of Nigeria’s quantity surveying in
driving national development.
“As laudable as the objectives
of BCERT are, the role of
quantity surveying in putting
Nigeria on the cutting-edge of Global Competitiveness should be
interrogated.
“This amongst others, informed our
choice of theme for this roundtable.”
He said.
QSRBN president also noted,
“Implicit in a globally competitive
economy is the availability of massive
employment opportunities especially
for our youths and our very active
population.
“It is our belief that no country can
achieve sustainable economic growth
and development without having its
teeming youths employed and engaged
in viable economic activities. Nigeria
and indeed Africa must save our active
and resourceful youth from moving to
Europe for demeaning engagements,
most of the time losing their lives in the Sahara or the Mediterranean Sea
even before they get there.
“The current government is evolving
a strong policy to make remaining at
home more attractive. The building
and construction sector is therefore a
target sector for this laudable policy”.
He stressed that a notable agenda
of the Federal Government is to place
the Nigerian Economy on the right
trajectory for sustainable growth and
development.
He noted that it entails efficient
resource management and drastic
reduction of waste and leakages which
have done incalculable harm to the
economy of Nigeria.
“Sustainable economic development
can be achieved through strict
adherence to corporate governance, value for money principles, probity
and accountability as a national
ethos. As a result of the indulgences
of the past, practices that are
unacceptable in many jurisdictions
are celebrated in Nigeria.
“Where the ‘end’ is often used
to justify the ‘means’, there is a
problem of ethical orientation. The
solution will therefore be found in
putting in place effective legislations
and building of strong institutions.
Strong institutions of state that defy
time and embedded in strong values
to protect public good and interest
at all times.” He said.
Aliyu opined that the quest for
global competitiveness is one of
the fallouts of globalisation of the
economic space.