The Nigeria Society of Engineers (NSE), is calling for the inclusion of engineering economy in the curriculum of engineering schools in the country.
President of the society, Otis Anyaeji said this is needed because of the pivotal role the course can plays in designing cost effective engineering and infrastructural solutions for the nation.
Speaking Tuesday at the inauguration of the new chairman of the Institute of Appraisers and Cost Engineers, Charles Mbelede, in Abuja, Anyaeji noted that with the deteriorating energy infrastructure, the nation is in dire need of alternatives that will be cost effective, both to households and to the nation.
“If an engineering solution is not cost effective, it is not an engineering solution,” he said, noting the importance of engineering studying the economic aspect of the profession so that they will be able to provide cheap alternatives.
Speaking on the theme, “Cost Engineering, Engineering Economy and Engineering Valuation Perspectives on Adequate, Reliable and Sustainable Energy in Nigeria,” the NSE president noted that because of the energy situation in the country, many businesses have gone comatose, with those who are still existing operating at very high cost.
He, therefore, enjoined cost engineers in the country to show leadership in national planning and budgeting.
Providing explanations on the activities of the Institute of Cost Engineers, the newly inaugurated chairman, said that engineering appraisal and valuation involves estimating the value of specific properties such as mines, factories, buildings, plants and machineries, industrial plants, public utilities and engineering constructions among others.
Cost engineering, however, is the area of engineering where professional engineering judgments are utilised in the application of scientific principles and techniques to the problem of cost estimation, cost control, planning/scheduling, profitability analysis and project management.
“Engineering economy establishes the economic justification in the selection of competing alternatives with regards to projects and investments. It is the science of formulating, estimating and evaluating the economic outcome of alternatives”, he said.
According to him, the energy situation in Nigeria at the moment is near collapse while existing public funding sources are not enough to meet the increasing energy need in the country.
“But the problem is more than money. What we believe is required is a broad, robust, reliable and sustainable life cycle planning”, he said.