President of the Nigerian Institution of Estate Surveyors and Valuers (NIESV), Prince Victor Adekunle Alonge, has lamented the poor performance of Nigeria’s real estate sector, describing its Gross Domestic Product (GDP) contribution as one of the lowest in Africa.

He called for renewed efforts to boost productivity and urged the Federal Government to recognise and partner with estate surveyors for the nation’s economic advancement.

Alonge made the call during his conferment as the Awokose Omoluabi Oodua by the Ooni of Ife, Oba Adeyeye Enitan Ogunwusi, at the monarch’s palace in Ile-Ife.

He stressed the critical role of professional bodies like NIESV in national development and urged authorities to harness their expertise for policy formulation and implementation.

“The authorities should recognise the importance of professionals in nation building. There is nothing, in terms of knowledge, that we don’t have in Nigeria which each professional cannot provide. Estate surveyors and valuers are at the forefront of encouraging government to listen to professionals for national interest,” Alonge said.

Highlighting the sector’s underperformance, he noted that, “Real estate performance based on national GDP contribution is very low and one of the lowest in Africa, despite Nigeria’s huge potential.”

The NIESV president commended the Federal Government for its tax reforms, describing them as bold initiatives that would positively impact the real estate sector in the long term.

“I must commend this current government for the various initiatives it has been taking, especially in tax reform, which is going to impact the real estate industry. They are making policies that may be difficult in the short term but promise development in the long run,” he said.

He further urged the government to engage surveyors and valuers in its development agenda to enhance productivity and increase the sector’s contribution to the national GDP.

Expressing gratitude to the Ooni for the honour bestowed on him, Alonge said, “I want to thank Kabiyesi, the Onirisa, for this great honour. I accept it with humility and a sense of responsibility.

“It is a show of love, kindness, and recognition. I promise to continue to do my best to uplift my community and profession.”

In his remarks, Ooni Ogunwusi said Alonge was honoured for his contributions to society, noting that the Iwuye ceremony formed part of activities marking his 10th anniversary on the throne.