With Nigeria’s infrastructure deficit projected to reach $878 billion by 2040, experts have called on estate surveyors and valuers to harness opportunities under the Public-Private Partnership (PPP) framework to support national infrastructure development.
The remarks were made 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 reforms under the revised ICRC Act allow federal ministries, departments, and agencies (MDAs) to collaborate with private investors on viable infrastructure projects, subject to competitive bidding. Projects valued above N20 billion require Federal Executive Council (FEC) approval, while smaller projects may be approved by supervising agencies. Multi-MDA projects automatically need FEC endorsement to ensure timely execution.
PPP Opportunities for Real Estate Professionals
Estate surveyor and valuer Dr. Samson Agbator emphasized that infrastructure will dominate Nigeria’s development agenda, presenting unprecedented opportunities for professionals in the sector. He highlighted that PPPs will drive major capital investments, while accurate valuations and feasibility studies will guide project selection and financing.
> “The ICRC Act marks a pivotal shift from regulation to realization. Estate surveyors and valuers are indispensable in this journey. This is our moment to rise, innovate, and redefine our relevance,” Agbator said.
NIESV President Victor Alonge reinforced the need for continuous professional development and integrity, noting that professional valuations are critical under the 2025 Nigerian Insurance Industry Reform Act, determining premiums, indemnities, and risk exposure.
Another speaker, Ayo Oladapo, highlighted the role of the ICRC Act in mobilizing private capital to address the nation’s multi-billion-dollar infrastructure deficit. He called for closer collaboration between federal, state governments, and the ICRC, while urging practitioners to adopt technology, international best practices, and specialized skills such as green building and mineral resource valuation.
Chairman of the National MCPD Committee, Fatima Olowookure, encouraged practitioners to embrace lifelong learning to remain competitive in the rapidly evolving real estate and valuation environment.
