With Nigeria’s infrastructure deficit projected to reach $878 billion by 2040, experts have urged real estate professionals to take advantage of emerging opportunities within the Public-Private Partnership (PPP) framework to help reshape the country’s infrastructure landscape.
They spoke at the 2025 National Mandatory Continuous Professional Development (MCPD) seminar of the Nigerian Institution of Estate Surveyors and Valuers (NIESV) in Lagos, themed “Infrastructure Concession Regulatory Commission (ICRC) Act: A Strategic Overview of the New PPP Framework and Role of Estate Surveyors and Valuers in National Infrastructure Transformation.”
Key provisions of the revised ICRC Act allow Federal Government ministries, departments and agencies (MDAs) to partner with the private sector on viable infrastructure projects, subject to competitive bidding. The ICRC retains custody of PPP agreements, issues guidelines and oversees contract implementation.
Under the 2025 reforms, projects valued above N20 billion require Federal Executive Council (FEC) approval, while those below the threshold may be approved by the supervising ministry or agency. Projects that involve multiple MDAs automatically require FEC approval to accelerate decision-making and delivery.
Leading the discourse, estate surveyor and valuer, Dr Samson Agbator, said the country is entering an era where infrastructure will dominate the national development agenda, and professionals must build the capacity needed to participate effectively.
He noted that PPPs will drive major capital investments, valuation standards will determine financing, and feasibility studies will influence project selection.
“The ICRC Act represents a bold step in Nigeria’s infrastructure journey. Opportunities before estate surveyors and valuers are unprecedented,” Agbator said. “This shift from regulation to realisation is a professional mandate. The estate surveyor and valuer is indispensable; this is our moment to rise, innovate and redefine our relevance.”
Agbator urged professionals to strengthen technical skills, deepen financial literacy and adopt multi-disciplinary approaches. He highlighted opportunities emerging from the Senate’s recent approval of $22 billion in external loans for key infrastructure, the government’s target of raising infrastructure stock to 70 per cent of GDP by 2043, and the nation’s projected population growth to 400 million by 2050, all of which signal increased activity in the infrastructure sector.
NIESV President, Victor Alonge, said estate surveyors and valuers have a pivotal role to play in realising the objectives of the ICRC Act, particularly as the 2025 Nigerian Insurance Industry Reform Act mandates professional valuations for insurance coverage.
“As determinants of premiums, reinstatement costs, indemnity values and risk exposure, our expertise is required. To remain ahead of the curve, professionals must keep investing in capacity building,” he said. He also urged practitioners to uphold integrity and maintain public trust.
Another contributor, Ayo Oladapo, stressed that the ICRC Act and its regulations form a comprehensive federal-level framework for implementing PPPs. He described the law as a critical instrument for mobilising private capital to address the nation’s multibillion-dollar infrastructure deficit.
He recommended stronger collaboration between the Federal Government, ICRC and state governments to harmonise PPP laws and frameworks. He also urged practitioners to embrace technology, international best practices and specialised skills, including green building valuation and mineral resource valuation.
Oladapo advised estate surveyors and valuers to utilise special purpose vehicles (SPVs) to provide clearer guidance to government and public-sector institutions on PPP execution.
Earlier in her remarks, Chairman of the National MCPD Committee, Fatima Olowookure, encouraged practitioners to embrace lifelong learning to remain competitive in a rapidly evolving professional environment.
