The Nigerian Institution of Estate Surveyors and Valuers (NIESV) has stated that valuation alone has the potential to unlock N500 trillion for Nigeria through various sectors, including oil and gas. The institution also commended the Federal Government's efforts to reboot the economy through reforms, emphasizing the need to reimagine the economic architecture to fully unlock the nation's vast potential and wealth, moving the economy from recovery to rapid and sustainable development.
President's Statement
Speaking ahead of the 2026 International Valuation Day in Abuja on Tuesday, the President of the institution, Mallam Bature Ali Muhammad, described valuation as crucial for Nigeria's economic transformation. He noted that it is key to creating, unlocking, and achieving both an over N500 trillion budget and N500 trillion in economic value through 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 begun to yield positive results, and the nation's troubled economy is already showing promising signs of recovery. However, a fundamental reimagining of Nigeria's economic architecture is needed to fully unlock the nation's vast potential and wealth, moving the economy from recovery to rapid and sustainable development that guarantees national prosperity."
Role of Valuation
The NIESV president emphasized that valuation is a critical process in unlocking Nigeria's vast resources and economic potentials. He stated that the theme for the 2025 International Valuation Day, "Unlocking Nigeria's Wealth: How Valuation Builds Our Prosperity," is appropriate as it offers a roadmap to unlocking the nation's wealth, financial stability, sustainable development, and prosperity. He noted that valuation is crucial for enhancing government revenue through taxation, and that accurate tax assessment cannot be achieved without credible asset valuation.
Tax Reforms and Valuation
Muhammad highlighted that valuation is key to the success of tax reforms, as it determines the true value of assets and the exact tax to be imputed. He stressed that estate surveyors and valuers are critical partners to the government in the current tax reform regime, and without their role, it would be difficult for the nation to advance economically.
Legal Framework
The president reiterated that the enabling law for the profession, the Estate Surveyors & Valuers Registration Board of Nigeria Decree No. 24 of 1975 (now CAP E13 LFN 2007), recognizes valuation as the sole prerogative of estate surveyors and valuers. He noted that they are the only professionals trained and equipped to determine the current or projected worth of an asset, guided by international ethical valuation standards known as the Green Book.
He warned that it is illegal to give valuation jobs to non-estate surveying and valuation firms, and that the regulatory body will tackle such absurdity appropriately.
Conclusion
Muhammad concluded that International Valuation Day is an occasion to celebrate the profession and showcase its critical contributions to a better and sustainable economy. He affirmed that estate surveyors and valuers will continue to embrace global best practices, update their skills, and remain competent to serve as effective catalysts for national economic development.
