The Nigerian Institute of Building (NIOB) has said the rising inflation in the construction industry has led to a reduction in business activities in the sector.
The body said inflation has impacted negatively both on individual’s and corporate bodies’ purchasing power and reduced demand for new construction projects.
Its Vice chairman, Lagos Chapter, Sunday Wusu, said sound procurement will successfully help in completion of projects on schedule, and at right cost to all stakeholders without recourse to arbitration or litigation.
He spoke while announcing the theme of 2019 AGM in Lagos next week. Appropriate Procurement Method: Ensuring effective Building production is the theme of the forum.
He urged professionals in the building environment to see appropriate procurement methods in its true light and recognize the distinction between different procurement methods for different projects which will help in arriving at the best options for each project.