Key to Economic Growth
A United Kingdom-based asset management company, Codub Group, has said that infrastructure maintenance is the gateway to economic growth and development.
The Principal Consultant, Codub Group, Chidi Umeano, said this at a news conference in Lagos.
According to him, the rate of infrastructural deficiency in the country is alarming and something urgent needed to be done to prevent total collapse of infrastructure in the nation.
The company said the call for the country and organisations in it to urgently map out effective strategies for the development and of infrastructure became necessary because of the nation’s huge economic potential.
Umeano explained that the incessant loss of human lives occasioned by avoidable road mishaps, collapsed buildings and other related disaster could be mitigated if appropriate and effective plans were put in place for the provision and maintenance of infrastructure.
As a result, he advised government at all levels to stop wasting money building new structures when the old were falling into ruin due to lack of maintenance.
While noting the maintenance of infrastructure had economic benefit to the government, organisations and the society, the consultant warned that the country might experience decline in foreign investment should authority failed to take note of the benefits.
He said, “We are involved in helping organisations to manage their assets properly. This is not about funds, but physical assets such as infrastructure and facility e.g. roads, hospitals, hotels, buildings and manufacturing plants.”
To further spread the message, Umeano said in March, the group would hold a conference on infrastructure maintenance in Lagos for chief executive officers, architects, engineers and surveyors.
He explained that the programme, which had the theme, ‘Reduce costs, improve safety and increase profitability through effective asset management and maintenance.’ would have resource personnel from the UK.
Umeano said, “In 2012, we decided to run an event to raise the awareness on why maintenance is critical to developing countries. We had the first event at the Commonwealth Club with the support of Nigeria High Commission in London and the United Kingdom Trade and Investment.
“But we discovered that a lot of prospective participants for the event were refused visas and a lot of people found the costs of participating in the event as expensive.
“So, we were advised to bring the event to Nigeria, as a starting point because we are focusing on Africa as a Continent, beginning from Nigeria. We chose Nigeria because of its population, growing economy, potential.”