A Division of
The Nigerian Society of Engineers
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The Institute of Appraisers and Cost Engineers is a division of the Nigerian Society Of Engineers and also a member of the International Cost Engineering council (ICEC).
Permit me to state that the objective of the Institute is to promote the art and science of engineering valuation, cost engineering and engineering economy with attention to details on ethics, knowledge, experience, professional judgment and best practices.
Accordingly, the Institute identifies with the basic definition of:

  1. Engineering Appraisal/Valuation as an art of estimating the value of specific properties where professional engineering knowledge and judgment are essential. Such properties include mines, factories, buildings, plant and machinery, industrial plants, public utilities, engineering constructions etc.
  2. Cost Engineering is that area of engineering practice where professional engineering judgment and experience are utilized in the application of scientific principles and techniques to the problems of cost estimation, cost control, profitability analysis, planning and scheduling and project management.
  3. While engineering economy is the financial side of the decision that engineers make as they work to position a firm to be profitable in a highly competitive market.    

The 2011 National Technical Conference with the theme “Valuation and Cost Engineering applications in transportation” is therefore the contribution of the Institute in the promotion of sound professional engineering knowledge and judgment in various spheres of transportation activities.
During the conference, we shall devote quality time to deal with the following subthemes

  1. Engineering and Economic planning for Electric Power Generation/Transmission.
  2.  Valuation of Motor Vehicles.
  3. Valuation of Pipelines for Fluid Transportation.
  4. Application of Cost Engineering Principles in Transportation.
  5. Engineering Economy study in a Transportation Industry.

In spite of these efforts, the Institute insists that professional valuation and cost engineering practices if properly applied to our socio - economic activities will certainly enhance economic growth for sustainable development, in line with the transformation agenda of the present administration.
Statutorily, there are enabling laws that empower engineers to practice valuation in Nigeria. These include:
(i)  INDUSTRIAL INSPECTORATE DECREE NO.53 OF 1970 now INDUSTRIAL INSPECTORATE ACT CAP 18 LFN 2004.The act establishes the Industrial Inspectorate Department of the Federal Ministry of Trade and Investment.
(ii)Companies and Allied Matters (Amendment) section 137 Decree no 46 of 1991.
(iii)Engineers Registration, etc (Amendment) Decree No 27 of 1992 The Engineers registration  etc (Amendment)  defines “practice of engineering” as including any professional service or creative work requiring  the application of special knowledge of mathematics, physics and engineering in form of construction, invention, discovery, valuation, research and teaching in recognized engineering institutions, planning, operation, maintenance supervision of construction and installation  involving advising, operating , evaluating, measuring, planning, designing , specifying, laying and directing, construction, commissioning, inspecting or testing in connection with any public or private utilities, structures , buildings, plants, machines, equipment, processes works or projects.    
At this juncture, it is pertinent to state that the Institute recognizes the non exclusivity of valuation practice to any profession in particular and therefore call for active collaboration among the various professions recognized by the law to practice valuation. The country will certainly reap the benefits of this synergy if properly harnessed.
On our part we have tried to add value to the practice, by organizing periodic workshops and courses for our members.

In conclusion, I thank the distinguished guests, eminent resource persons  invited to deliver lectures at this important occasion, all distinguished guests, for finding time to be at this occasion, I wish all the participants successful deliberation.
Thank You.

Engr. Chief Giandomenico Massari   
FNSE, ASVal, ASCostE, AEECons.