NIQS Proposes Compulsory Cost Certification for Housing Projects

The Nigerian Institute of Quantity Surveyors (NIQS) has proposed mandatory cost certification and project verification for housing developments to improve transparency and protect investors in Nigeria’s real estate sector.

The President of NIQS, Dr Aminu Bashir, made the proposal during a news conference in Abuja ahead of the institute’s 2026 National Conference and Annual General Meeting.

The proposal seeks to make independent cost certification and project progress verification by registered quantity surveyors standard requirements for housing projects financed through capital-market instruments.

According to the institute, the measure would strengthen investor confidence by ensuring that project costs are properly assessed and funds are used for their intended purposes.

NIQS also plans to engage the Securities and Exchange Commission (SEC) on the proposal as part of efforts to improve accountability in housing finance.

The institute’s proposal comes amid concerns over Nigeria’s housing deficit, rising construction costs, expensive land, inadequate infrastructure and limited access to long-term financing.

Bashir stressed that housing affordability should not be measured by construction costs alone but also by whether completed homes are financially accessible to their intended occupants.

He also highlighted the importance of housing bonds, real estate investment trusts and mortgage-backed securities in mobilising long-term funding for affordable housing development.

The institute is expected to discuss sustainable housing finance and cost management at its 2026 National Conference and Annual General Meeting scheduled to hold from November 16 to 20 in Ilorin, Kwara State.