The International Cost Management Conference of the Chartered Institute of Cost Management of Nigeria (CICMN), has admonished government at all levels to adopt cost-saving measures in project implementation as a panacea to the nation’s dwindling resources.
The cost management body gave the charge in Benin on Tuesday at its 19th International Cost Management Conference, on the theme: “Cost Management Strategies: Formulation and Implementation for Optimum Impact.”
Various speakers, who described the theme as apt, in the face of the current economy reality in the country, called for continuous review of cost management processes by the government.
They also lauded the contribution of the CICMN to the growth of the Nigeria economy and called on the body to organise more capacity building for cost managers, especially those in government.
Secretary to the Edo State Government, SSG, Mr Osarodion Ogie, while speaking at the event, called on CICMN to use its platform to come up with an initiative that would assist the public sector in its cost management strategies in the face of the present economic realities, with a view to promoting greater productivity at minimum cost.
Represented by Mrs Deborah Enakhimion, Permanent Secretary, Edo Government House, Ogie, who declared the conference opened, acknowledged the contribution of CICMN towards the development of the state and called for continued support.
“The importance of the skills which members of your institute bring to bear on both public and private sectors of the Nigerian economy cannot be overemphasised.
“It is therefore expected that conference of this nature where minds come together to deliberate on topical issues affecting global economics should be taken seriously by all and sundry,” he concluded.
Similarly, Professor Ralph Adeghe, Dean of Business and Management Studies, Igbinedion University, Okada, called on both public and private sectors to avail themselves of the concept of cost management in their responsibilities.
According to him, “It is needed in the face of the present economic realities and dwindling resources.”
In their own submissions, Dr Humphrey Masodgie and Professor Chinwuda Okafor of the University of Benin both advocated capacity building in the knowledge of cost management with a paradigm shift from the age-long traditional approach to a multidisciplinary perspective.
In his welcome address, Mr Nosa Omoregie, CICMN Registrar, said the institute had produced and injected over 5000 cost managers into the Nigerian Economy.
“We have also participated in many economic summits in Nigeria with substantial contribution to the development of Nigeria
“Our Cost Management Conference is an annual event bringing together Cost Managers from different organizations.Â
“This year’s Conference with the theme “Cost Management Strategies: formulation and implementation for Optimum impact” is expected to refocus members and other participants on the skill, knowledge and attitude to manage cost,” he said.Â
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