The former Chairman of the Nigerian Institution of Estate Surveyors and Valuers (NIESV), Faculty of Estate Agency and Marketing, Sam Eboigbe, has expressed deep concern over Nigeria’s struggling economy and the rising exchange rate, which he said is negatively impacting the real estate sector.

At his 60th birthday celebration, Eboigbe lamented the economic instability, stating that the soaring exchange rate has made investors wary.

“We do not live in isolation. What happens in Nigeria is interconnected with the global economy. If foreign investors are hesitant due to the exchange rate policy, and with the dollar going as high as N1,600 to $1, the value of their investments is eroded. This affects the sector significantly,” he said.

Eboigbe, who is a member of the Estate Surveyor and Valuers Registration Board of Nigeria (ESVRBON), International Real Estate Federation (FIABCI) Nigeria chapter and Certified Institute of Auctioneers of Nigeria (CIAN), highlighted how the skyrocketing cost of building materials has led to abandoned projects, as many investors struggle to keep up with rising expenses.

“Many developers initially had a financial plan, but cash flow has dwindled due to inflation and rising exchange rates. The prices of goods, services, and raw materials are being affected, and many investors find it difficult to meet projects’ budgets. I have seen projects abandoned because of these economic realities. Completing these projects becomes an enormous challenge,” he added.

Eboigbe also warned that the high cost of quality building materials is pushing developers to opt for substandard alternatives, compromising structural integrity.

“For instance, someone planning to buy Italian or Spanish products may be forced to go for lower-quality alternatives due to cost constraints. This affects the overall construction quality, leading to compromised structures,” he explained.

He called on the Federal Government to intervene and curb inflation, emphasising that the high construction cost is worsening Nigeria’s housing crisis.

Beyond the economic crisis, Eboigbe noted that climate change is another challenge affecting the real estate sector.

“Climate change is a global issue, and while other nations have proactive measures to mitigate its impact, Nigeria’s response is often slow. Even when solutions are proposed, implementation remains a major challenge,” he said.

Amid the financial strain, Eboigbe urged realtors, developers, and surveyors not to compromise professional ethics.

“We must uphold professional standards and deliver value to clients. Cutting corners due to economic pressure will only drive clients away in the long run. High-quality service will always attract the right market,” he advised.