*Photo: Professor Festus Akinradewo*
A Professor of Quantity Surveying at the Federal University of Technology, Akure , FUTA Festus Akinradewo, has said many public and private construction projects in Nigeria continue to suffer from significant cost overruns, delays, abandoned sites and contractual disputes because of inadequate planning, poor financial control, fluctuating prices of construction materials, inflation, foreign exchange volatility, design alterations and weak contract administration due mainly to lack of effective cost management.
He stated this while delivering the 203rd inaugural lecture of the University on Tuesday 28th July, 2026. Professor Akinradewo maintained that these persistent challenges could be substantially reduced through the adoption of internationally accepted cost management principles, early stakeholder engagement, realistic budgeting, proper risk allocation and continuous project monitoring.
According to him, there is need for effective cost management in ensuring the successful delivery of construction projects to sustain infrastructure development in Nigeria. He said effective cost management provides the framework for achieving value for money, minimizing waste, ensuring accountability and delivering projects within approved budgets while maintaining the required quality standards.
Akinradewo called on policymakers, construction professionals and project owners to prioritize sound cost management practices, strengthen contract administration and embrace innovation as critical measures for improving project delivery, reducing waste and ensuring that scarce resources are utilized efficiently for sustainable national development. The don also urged governments at all levels to strengthen institutional frameworks that promote transparency in public procurement while ensuring that infrastructure projects are adequately funded, professionally managed and regularly monitored to guarantee value for public investment.
Akinradewo ,who titled his lecture, ”Cost Management: Pivotal in Construction Project Management and Contract Administration” , while speaking on the importance of cost management in construction said, “cost management is significant because it ensures that the budget is kept under control through adequate management of materials, labour and equipment costs throughout the construction process. Cost management also improves decision making in the choice of alternative materials and methods without compromising quality and standard of workmanship.”
He defined cost management as a systematic process of estimating, planning, monitoring, controlling, and reporting projects costs from the earliest idea of a project to its completion and use. He added that in construction, cost management helps the client to know whether the proposed project is financially feasible, whether the design is developing within the approved budget, and whether the contractor’s work is being paid for fairly based on actual progress.
The don explained that cost management is much more than preparing estimates or determining project costs. Rather, he described it as a comprehensive process that begins at the conception of a project and continues through planning, budgeting, procurement, contract administration, execution, monitoring, evaluation and final completion.
The lecturer further advocated greater collaboration among architects, engineers, builders, quantity surveyors, contractors, clients and government agencies to improve project delivery and reduce avoidable disputes. He stressed that quantity surveyors occupy a strategic position in the construction industry because of their responsibility for financial planning, procurement advice, cost forecasting, valuation of work, contract documentation and financial control throughout the project life cycle.
Speaking on emerging trends in the construction industry, Professor Akinradewo encouraged professionals to embrace digital technologies such as Building Information Modelling (BIM), artificial intelligence-assisted cost forecasting, integrated project delivery systems and modern project management software to improve accuracy, transparency and efficiency in construction cost management. He also emphasized the importance of continuous professional development, ethical conduct and strict compliance with procurement regulations, noting that integrity and accountability remain essential ingredients of successful contract administration.
He also advocated for continuous professional training and awareness programmes to promote the adoption of appropriate planning techniques so as to address time and cost overruns from the early stages of construction projects development. He added that Quantity Surveyors should be allowed to exercise their professional competency in the selection of appropriate procurement strategy at the planning stage of all construction projects to enable stakeholders (client, consultant, contractor, and end users) obtain value for money.
In her address as the Chairman, the Vice-Chancellor, Professor Adenike Oladiji represented by the Deputy Vice Chancellor, Academic, Professor Taiwo Amos acknowledged Professor Akinradewo’s contributions to teaching, research and the advancement of Quantity Surveying and construction management. She described him as an asset to his department and the University through knowledge development which is reflected in the numbers of graduates he has produced