Year 2022 was indeed a turbulent one for the Construction sector with increasing prices of materials due to global inflation (the worst in the last 40 years in most countries) as a result of resumption of activities across the globe after the disruption created by the COVID 19. The Russian invasion of Ukraine in February 2022 further exacerbated the situation causing energy crisis across the world.
In Nigeria, the fall in government revenue from crude oil sales in spite of the rise in prices in the international oil market as a result of the decline in our oil production led to the Government both at Federal and State not being able to fund the capital aspect of the Budget for the 2022 a situation that led to Recurrent expenditure and Debt Servicing taking a huge chunk of the available revenue. As a result of the shortfall in Oil revenue coupled with the continued subsidy on Petrol, demand for foreign exchange for imports led to the depreciation in the value of Naira. This, as well as the disruption in the Supply Chain logistics globally led to sharp increases in prices of the Construction materials. Being able to advice on Construction Costs in the past year became quite herculean. However, we were able to weather the storms to the Glory of the Almighty God!
This year 2023 is also expected to be challenging for the industry as not much happens in an Election year in the country more so, as the incumbent is not contesting. Thus, whichever way the elections go, there will be change of guards at both the Executive and Legislative Arms of the Government.
At the Institute’s Level, the Biennial General Meeting and Elections into the National Executive Council of the Institute shall hold later in the year. We shall continue to count on your steadfast support through active participation in all our activities as well as prompt payment of your Subscriptions to enable us to meet our collective goals and aspirations for our highly esteemed Institute in the New Year.
On behalf of the NEC, I wish everyone a Fruitful, Prosperous and Fulfilling 2023 to the Glory of the Almighty God!
