NIESV Advocates Stronger Valuation Framework to Drive Economic Expansion

The Nigerian Institution of Estate Surveyors and Valuers (NIESV) has called for urgent measures to unlock the vast wealth embedded in land and other underutilised assets across the country, as part of efforts to stimulate economic growth.

The appeal was made by the Chairman of the Lagos Branch of NIESV, Mr. Tosin Kadiri, during the institution’s annual Valuation Day celebration held on Tuesday in Lagos.

The event, themed “Unlocking Nigeria’s Wealth: How Valuation Builds Our Prosperity,” brought together estate surveyors, valuers, and key stakeholders to examine the critical role of asset valuation in national development.

Kadiri highlighted that a significant portion of Nigeria’s wealth remains untapped, particularly in land holdings, undervalued properties, and informal markets where pricing is often driven by speculation rather than data.

“A lot of wealth is locked in land, undervalued properties and informal markets where prices are based on rumours,” he said.

He noted that many properties across the country lack proper documentation and titling, rendering them unsuitable for taxation, insurance, or use as collateral in securing financing. This, he explained, limits their economic potential and contribution to national growth.

According to Kadiri, credible and standardised valuation practices can transform such dormant assets into viable financial instruments. He said this would enable small and medium enterprises (SMEs) to access funding, expand operations, and generate employment.

He further stressed that accurate valuation is essential for ensuring transparency in property transactions, guiding investment decisions, and supporting effective economic planning.

“Valuation is far more than assigning figures to land and buildings; it is a critical professional service that supports informed decision-making in property transactions,” Kadiri stated.

The NIESV chairman also emphasised the importance of aligning local valuation practices with international standards, noting that this would enhance investor confidence and attract both domestic and foreign investments into Nigeria’s real estate sector.

He added that the institution remains committed to promoting professionalism and ethical standards within the industry, describing valuation as a key driver of capital mobilisation, investment inflow, and economic equity.

Kadiri concluded by calling for increased public awareness and stronger regulatory frameworks to strengthen valuation practice nationwide, positioning it as a cornerstone for unlocking Nigeria’s economic potential.

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