Private Sector Initiatives in Infrastructure Procurement: The Role of Quantity Surveyors in Ensuring Financial Probity

Abstract

Private Sector-Led Infrastructure Procurement is one of the major reforms in public infrastructure procurement. The private sector brings in expertise, capital, and efficiency, while the public sector ensures the project serves public interest. This allows the private sector to leverage its expertise in management and operations. Private sector involvement however does not guarantee cost savings and can sometimes lead to higher costs. It is therefore crucial to maintain transparency and accountability in private sector led initiatives to ensure public trust and value for money. As such, although private sector initiative plays a vital role in public infrastructure procurement, offering numerous benefits such as increased investment, efficiency, and innovation, careful planning, risk management, and transparent governance are essential to ensure successful PPPs and maximize the benefits for the public sector. This study spotlights the role of Quantity Surveyors in ensuring financial Probity in the procurement of infrastructure, specifically, as it pertains to Private Sector-Led Infrastructure. It shows how quantity surveyors’ professional expertise is useful in drafting complex contracts required to ensure alignment of interests and risk allocation between the public and private sectors. The study further highlights the challenges and considerations that must be borne in mind when adopting Private Sector Initiative in Public Infrastructure Procurement. This is against the backdrop of the inherent nomenclature and peculiarities of the Nigerian Construction Industry.