HomeEngineering News‘Why cost engineering is crucial in Nigeria’s digital economy’

‘Why cost engineering is crucial in Nigeria’s digital economy’

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By Sunday Michael Ogwu

The Institute of Appraisers and Cost Engineers (IA&CE) has advocated the need to deploy verifiable data in the building and engineering sector to complement the federal government’s effort in deepening growth.

Chairman of the institute, Engr Ike Iwenofu, stated this yesterday in Abuja at the 2023 National Technical Conference which had the theme: “Cost Engineering, Engineering Valuation and Engineering Economy Perspectives”.

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He noted that since its inception in 2003, IA& CE had provided technical support to re-engineering the manufacturing sector for competitiveness and growth.

He said: “The Institute recognizes that new technologies are changing the way businesses operate. Expectedly, the next wave of industrial revolution will certainly impact some engineering processes. As such, operating models will change and plants and machinery will likely go high tech and be more connected and data-driven than ever. Further advancement in technologies such as sensors, artificial intelligence, deep learning and computer vision could play a major role in manufacturing sector.”

He added that as companies and markets embraced digital transformation, “there is compelling need for engineering valuers, cost engineers and engineering economists to continue to improve and retool for the future.”

Speaking further, the chairman called on the federal government to fast track the growth of the engineering sector by providing a conducive atmosphere for professionals to practice.

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