IACE Seeks Wider Application of Cost Engineering, Gets New National Chair

The Institute of Appraisers and Cost Engineers (IACE) is intensifying its push for the wider adoption of engineering valuation, cost engineering, and engineering economy in both private and public sector projects. This renewed advocacy comes as the organization welcomed Muhammad Kwalli as its new National Chairman during the 2026 National Technical Conference in Abuja.

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the institute, established in 2003 as a division of the Nigerian Society of Engineers (NSE) and admitted into the International Cost Engineering Council in 2008, had continued to expand its membership while investing in capacity building, mentoring, networking opportunities and strategic partnerships in line with relevant laws, regulations and standards.

The conference, themed "Engineering Valuation, Cost Engineering and Engineering Economy Solutions in Emerging Economies," gathered professionals to explore how these disciplines can enhance project results, ensure value for money, and foster sustainable national development. Outgoing Chairman Ike Iwenofu emphasized that the combined application of these fields provides a robust framework for boosting efficiency, minimizing waste, controlling budgets and timelines, and ensuring long-term value from infrastructure investments.

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the institute has more than 700 accredited members with expertise spanning engineering valuation, cost engineering and engineering economy, including the valuation of property, plant and equipment, infrastructure, intangible and biological assets, mergers and acquisitions, government privatisation, taxation and insurance.

Upon accepting his new role, Kwalli acknowledged the institute's existing strengths, including its over 700 accredited members. However, he pinpointed visibility, funding, and sector patronage as critical challenges requiring immediate attention. Kwalli pledged to increase the institute's visibility, deepen engagement with stakeholders, and position it as a key partner in Nigeria's economic growth. He also stressed the importance of strengthening collaborations with regulatory bodies and professional organizations to uphold professional standards and credibility.

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visibility, funding and patronage from both the public and private sectors as major challenges requiring urgent attention.