*Commends FG economic reforms

THE Nigerian Institution of Estate  Surveyors and Valuers (NIESV) has said Valuation alone has the potential for unlocking N500trillion through various sections including  oil and gas.

The institution also  commended Federal Government’s efforts in rebooting the economy through reforms, stressing that what needs to be done is the  reimagining economic architecture, such that will fully unlock the nations vast potential and wealth, move the economy from its present recovering state to a state of rapid, and sustainable development.

Speaking ahead of the 2026 International Valuation day in Abuja on Tuesday , President of the institution mallam Bature Ali Muhammad also described  valuation  as  crucial for Nigeria’s economic transformation, unlocking and achieving both over N500 trillion budget and N500 trillion in economic value through various sectors, such as oil and gas reform, tax reform and strategic development of critical minerals.

He said:”It is not in contention that the government’s bold economic reforms have begin to yield positive results, and the nations troubled economy is already showing promising signs of recovery, a positive trajectory, I would say. But then, a fundamental reimagining of Nigerias economic architecture, such that will fully unlock the nations vast potential and wealth, move the economy from its present recovering state to a state of rapid, and sustainable development, the one that guarantees national prosperity should be our focus and objective.

“As a critical stakeholder and key driver of Nigerias economic development, the Nigerian Institution of Estate Surveyors and Valuers is using this opportunity to remind the government, policy makers, government agencies and institutions, the organized private sector, and other stakeholders in the Nigerian project that Valuation is a critical process in unlocking Nigerias vast resources, vast economic potentials, wealth, and in building economic prosperity.

“Valuation is crucial for Nigeria’s economic transformation, crucial to creating, unlocking and achieving both over N500 trillion budget and N500 trillion in economic value through various sectors, such as oil and gas reform, tax reform and strategic development of critical minerals.

“And that makes the theme for 2025 International Valuation Day “Unlocking Nigerias Wealth: How Valuation Builds Our Prosperity critical and appropriate. Critical and appropriate in the sense that it comes at the time the government is churning out policies to re-engineer the nations challenged economy. The significance of this theme therefore lies in the fact that it offers a roadmap to unlocking the nations wealth, financial stability, sustainable development, and building of prosperity, in as much as Valuation is crucial to enhancement of government revenue through the instrumentality of taxation for example. Incidentally, tax reform is one of the systemic approaches the government is using to re-engineer the economy for  sustainable development. Note that accurate and precise tax cannot be obtained without credible asset Valuation.”

The institution’s president emphasized  that, Valuation is  key to the process, to the extent that it has to do with determination of the true value of assets, and the exact tax to be imputed on the assets.

“I would be right to say then that Valuation is key to the success of the the  tax reforms

“That makes Estate Surveyors and Valuers critical partners to government in the current tax reform regime, and this tells me that without the role and influence of Estate Surveyors and Valuers within the Nigerian economic development context, it would be very difficult for the nation to advance in economic development.

“Let me reemphasize that the enabling law for the practice of our profession, the Estate Surveyors & Valuers Registration Board of Nigeria Decree No. 24 of 1975, now CAP E13 LFN 2007 recognizes the practice of Valuation as the sole prerogative of Estate Surveyors and Valuers. Let it also be stated that Estate Surveyors and Valuers are the only professionals trained and equipped with the analytical skill of determining the current or projected worth of an asset.

“In other words, Estate Surveyors and Valuers are responsible for the determination of economic worth of assets in all its ramifications, the only professionals empowered by training and law to value and fix monetary value on assets. We are guided in this crucial professional assignment by the International ethical valuation standards, otherwise known as the Green Book, which was developed and domesticated by our regulatory body, Estate Surveyors & Valuers Registration Board of Nigeria, and which is also an outcome of the attainment of full membership of International Valuation Standards Council (IVSC) by ESVARBON.

“In other words, the Board has been able to raise the bar in the practice of Valuation and real estate by promoting consistency and comparability in Valuations across jurisdictions, by ensuring transparency in Valuation processes and reporting, and by ensuring compliance to standards and best global practices, thereby obtaining public trust and confidence in financial statements, regulatory compliance and secured lending.

“It is therefore absolutely wrong, and illegal to give Valuation jobs to non-Estate Surveying and Valuation firms. It is against the law of the land because Valuation is a service that the law of this country exclusively gives to Estate Surveyors and Valuers and if you give Valuation to a non-Estate Surveyor and Valuer, the regulatory body and the Nigerian Institution of Estate Surveyors and Valuers will tackle the absurdity appropriately anyway.”

He said,”International Valuation Day is therefore an occasion to celebrate the profession and showcase our critical contributions towards achieving a better and sustainable economy. On our part, as Estate Surveyors and Valuers, we would continue to embrace the best global practices and universal standard of practice. We would keep updating our skills and competencies in order to be sufficiently competent and prepared at all times. We would always remember the historical significance of International Valuation Day and use this day to increase the momentum and urgency in our call for valuation as effective catalyst of national economic development.”