The Nigerian Institution of Estate Surveyors and Valuers (NIESV) Lagos branch, yesterday, charged federal and state governments to unlock revenues through credible valuation of assets that are locked in real estate and agricultural lands nationwide.

The institution argued that Nigeria is asset-rich but cash-constrained despite over $300 billion in dead capital stocked in undocumented real estate, abandoned government projects and state-owned enterprises that cannot be leveraged for the country’s economic growth.

Chairman of the branch, Mr Tosin Kadiri, made the call at an event entitled: “Unlocking Nigeria’s wealth: how valuation builds our prosperity”, to mark the 2026 Valuation Day of the institution in Lagos. Every May 5 is for the global celebration.

He expressed worry that the country is sitting on trillions of Naira in real estate, yet much of the wealth is locked in untitled land, undervalued properties, and informal markets, where price is based on rumour, not evidence.

Kadiri said: “Valuation is the key to unlocking this wealth. You cannot tax it, mortgage it, insure it, compensate for it, or invest in it — if you do not know what it is worth. Nigeria’s prosperity will not come from oil alone. It will come from unlocking the value in our land and buildings. That process starts with a number — a credible, ethical, professional opinion of value. Let us all commit to building a Nigeria where every property counts, every value is known, and every citizen can share in the prosperity that asset creates.”

He called on stakeholders, particularly estate surveyors and valuers, to renew commitment to professional excellence, ethical standards, capacity building, and adoption of global best practices, as well as strengthen competence through research, digital transformation, and continuous professional development.

“I also call on government agencies, financial institutions, developers, corporate organisations, and the general public to continue to engage only qualified and registered Estate Surveyors and Valuers for all valuation assignments. This is essential to preserving the credibility of valuation practice and protecting the integrity of Nigeria’s real estate market. Let us reaffirm our shared vision of building a stronger profession that will continue to support sustainable asset investment and contribute meaningfully to Nigeria’s economic advancement,” he added.

Kadiri highlighted that professional valuation converts physical property into economic power, adding that a credible valuation report can turn a house in Surulere, Lagos or a plot in the Epe area into collateral that funds small and medium enterprises, expands businesses, and creates jobs for “our youth.”

For him, the challenges confronting the profession and the broader property market, which include issues of market data limitations, unregulated practices, inadequate public awareness, and the need for greater technological integration, require collective action and innovative solutions.