The Nigerian Institution of Estate Surveyors and Valuers (NIESV) has urged property professionals to improve their understanding of fiscal and economic policies.

The institution warned that taxes, inflation, interest rates and regulations are having a growing impact on real estate values and investment decisions across Nigeria.

The Chairman of the National Mandatory Continuing Professional Development (MCPD) Committee of NIESV, ESV (Sir) Charles Oghenero Ebiai, FNIVS, RWA, gave the warning at the 2026 MCPD Seminar of the Kaduna State Branch.

The seminar focused on “Fiscal Intelligence and Risk Integration: The Essential Frontier in Valuation Practice for Nigeria’s Institutional Real Estate.”

It examined the growing demands on valuation professionals amid economic and fiscal uncertainty.

Fiscal policy affects property values

Ebiai said traditional valuation methods were no longer enough to assess real estate properly.

He said property values were now affected by several factors outside the physical features of an asset. These include taxes, government spending, infrastructure investment, land policies and development charges.

Property-related levies can also affect the cost of developing and owning real estate.

These factors matter to Nigeria’s housing market. Higher development costs can raise the price of new homes. Higher interest rates can also make property finance more expensive for developers and buyers.

Ebiai said taxation could affect the property market in several ways. It can influence development costs, rental values, investor behaviour, demand and expected returns.

He therefore urged estate surveyors and valuers to study economic indicators and government policies more closely.

Valuers urged to assess risk

According to Ebiai, the role of a modern valuer should go beyond putting a price on a property.

Professionals should also explain what drives a property’s value. They should identify risks that could reduce its performance.

They should also consider how an asset could perform under different economic conditions.

Ebiai said fiscal and regulatory changes should form part of this assessment.

He added that institutional investors were increasingly focused on risk-adjusted returns. This means investors are looking at both potential profits and the risks attached to those returns.

The risks facing property assets can come from several sources. They include economic shocks, regulatory changes, climate events, technology, tenant concentration, limited liquidity and market volatility.

Ebiai said risk should therefore be part of every serious valuation discussion.

Technology changing valuation practice

The NIESV official also called on professionals to embrace new technology.

He identified artificial intelligence, big data, geographic information systems and automated valuation models as useful tools for modern practice.

Digital property platforms, remote sensing and blockchain applications could also support valuation work.

Ebiai, however, said technology would not remove the need for professional judgement.

READ ALSO :Nigeria Sitting On Over $300bn In Dead Capital, NIESV Warns

He said machines could process large amounts of data. Professionals would still need to understand the market, test assumptions and assess risks.

He identified professional judgement, ethics, local market knowledge and sound valuation methods as key strengths for practitioners.

Better data needed for investment

Ebiai also called for stronger professional education and research in the valuation sector.

He urged practitioners to improve access to reliable property data. He also called for wider use of technology and stronger ethical standards.

According to him, these measures would help improve investor confidence in Nigeria’s property market.

He said professional valuation advice could play an important role in attracting more domestic and international investment.

Ebiai also urged estate surveyors and valuers to view continuous professional development as more than a regulatory requirement.

He said ongoing training should help professionals gain new skills and improve the quality of advice they provide.

Kaduna NIESV seeks stronger professional standards

The Chairman of the NIESV Kaduna State Branch, Ishaq Ayodele Bello, said economic uncertainty was changing the role of estate surveyors and valuers.

He said practitioners must now combine technical valuation skills with fiscal analysis, market intelligence and economic forecasting.

Bello said institutional investors needed professionals who could understand both opportunities and risks.

He also stressed the importance of professional standards in attracting investment into Nigeria’s real estate sector.

According to him, investors need confidence and transparency. Institutions also need consistent and reliable information.

Bello urged Nigerian practitioners to measure their work against international best practices. He also stressed the need to remain familiar with local market conditions.

Implications for Nigeria’s housing market

The discussions at the seminar highlight the growing link between fiscal policy and real estate performance.

Taxes, interest rates, development charges and infrastructure decisions can affect the cost of housing and property investment.

For developers, better understanding of these risks can support stronger investment decisions. For lenders and investors, reliable valuation advice can provide a clearer view of potential returns and risks.

The 2026 MCPD seminar brought together NIESV officials, estate surveyors and valuers, resource persons, business stakeholders and other professionals.

The event provided a platform to examine taxation, fiscal policy, technology, investment risk and other issues affecting institutional real estate in Nigeria.

As the property market faces changing economic conditions, NIESV’s message is clear: valuation practice must increasingly combine accurate property assessment with economic analysis, risk management and professional judgement.

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Property valuation professionals have warned that persistent insecurity, inflation, exchange rate volatility, and other economic shocks are making it increasingly difficult to determine accurate property values across Nigeria. They say the growing uncertainty is affecting investment decisions, mortgage financing, insurance assessments, and overall confidence in the real estate market.

According to experts, property valuation depends heavily on stable market conditions and reliable transaction data. However, security challenges in several parts of the country, coupled with rising construction costs and fluctuating economic indicators, have significantly altered market behaviour, making traditional valuation methods more difficult to apply.

Estate surveyors and valuers explained that insecurity has forced many investors and residents to relocate from affected communities, reducing demand in some areas while increasing pressure on safer urban centres. These migration patterns have created uneven property price movements, making it harder to establish fair market values for residential, commercial, and industrial properties.

The professionals also pointed to inflation and the depreciation of the naira as major factors driving up the cost of land acquisition, building materials, labour, and infrastructure development. As construction costs continue to rise, replacement values for existing buildings have increased, requiring valuers to regularly adjust their assessments to reflect prevailing market realities.

Industry stakeholders noted that banks, insurance companies, developers, and investors rely on accurate property valuations when making lending, investment, taxation, and compensation decisions. They warned that inaccurate valuations could expose financial institutions and investors to unnecessary risks while affecting the credibility of Nigeria’s real estate market.

To address these challenges, valuation experts called for improved access to reliable market data, stronger collaboration among industry professionals, and wider adoption of technology-driven valuation systems. They argued that better data collection and standardised valuation practices would improve transparency and help the industry respond more effectively to changing economic conditions.

The stakeholders further urged government authorities to strengthen security, stabilise the macroeconomic environment, and support policies that encourage investment in the housing and real estate sectors. They maintained that restoring investor confidence is essential to improving market stability and ensuring more accurate property valuations.

Experts believe that while economic uncertainty may continue to influence the property market in the short term, stronger institutions, better market information, and sustained economic reforms will enhance valuation accuracy and support long-term growth in Nigeria’s housing and real estate sector.

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The President and Chairman of Council of the Nigerian Institution of Estate Surveyors and Valuers (NIESV), ESV Bature Ali Muhammad, has called on the Federal Government to increase the supply of affordable housing to address the persistent rise in rents across the country.

He made the appeal during a press conference ahead of the institute’s 2026 International Valuation Day in Abuja, noting that while the body cannot enforce rent control on landlords, expanding access to affordable housing would help stabilise the market.

Ali Muhammad explained that the annual event, observed on May 5, serves as a strategic advocacy platform to promote awareness of valuation practices, highlight their role in economic development, and encourage policymakers in both the public and private sectors to recognise the importance of valuation in decision-making.

“As a critical stakeholder and key driver of Nigeria’s economic development, the Nigerian Institution of Estate Surveyors and Valuers is using this opportunity to remind government, policymakers, government agencies, institutions, the organised private sector, and other stakeholders that valuation is a critical process in unlocking Nigeria’s vast resources, economic potentials, wealth, and in building economic prosperity,” he said.

He added that estate surveyors and valuers remain critical partners to government, especially within the ongoing tax reform regime.

“That makes Estate Surveyors and Valuers critical partners to government in the current tax reform regime, and this tells me that without the role and influence of Estate Surveyors and Valuers within the Nigerian economic development context, it would be very difficult for the nation to advance in economic development,” he stated.

The NIESV president further stressed that the profession’s enabling law, the Estate Surveyors and Valuers Registration Board of Nigeria Decree No. 24 of 1975, now CAP E13 LFN 2007, recognises valuation practice as the sole responsibility of estate surveyors and valuers.

According to him, estate surveyors and valuers are specially trained professionals equipped with the analytical expertise required to determine the current or projected worth of assets.

He reiterated the need for stronger collaboration between government and industry professionals to improve housing delivery, strengthen the property market, and support Nigeria’s broader economic development goals.

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The Nigerian Institution of Estate Surveyors and Valuers (NIESV) has called on the Federal Government to reform Abuja’s land governance framework, citing weak coordination, fragmented administration, and inefficient titling systems as barriers to investment and land-based revenue generation in the Federal Capital Territory (FCT).

The appeal was made during the 32nd Annual Johnwood Ekpenyong Memorial Lecture in Abuja, which gathered policymakers, industry experts, and real estate stakeholders under the theme: “From Compliance to Competitiveness: Positioning Abuja Land Governance Framework for Investment Confidence and Revenue Growth.”

Delivering the lecture, NIESV Immediate Past President Johnbull Osarume emphasized that effective land governance goes beyond regulatory compliance. “Land governance is about managing confidence. Weak systems erode trust, and without trust, investment will not flow,” he said.

Key recommendations included establishing a unified land governance architecture in the FCT, with harmonized workflows, standardized data, and clearly defined service timelines across land-related agencies. Osarume also advocated for a Land Governance Coordination Council to oversee compliance, resolve disputes, and deploy a single digital platform to streamline land applications, tracking, and service delivery.

The lecture further urged the transformation of Abuja’s land records into a fully automated digital land market, encompassing allocation, titling, valuation, consent, and payment processes within guaranteed timelines. “Digitization will reposition land as a productive economic asset rather than a dormant resource,” Osarume noted.

Another critical area highlighted was the formalization of peri-urban land holdings, where unclear titles and large industrial estates remain unattractive to investors. NIESV President Victor Alonge recommended simplified, low-cost titling frameworks and phased area-based registration to integrate these lands into formal planning and revenue systems.

“Over 90 percent of land in Nigeria remains unregistered. Such land is dead capital that cannot be leveraged for credit or investment,” Alonge said, stressing the importance of professional expertise and ethical standards in credible land administration.

Alonge drew lessons from cities like Singapore, Kigali, and Riyadh, demonstrating how efficient land governance promotes urban growth, investor confidence, and revenue mobilization. He concluded that Abuja’s untapped land potential could be fully leveraged with structured reforms, professional integration, and technological adoption.

The Johnwood Ekpenyong Memorial Lecture, now in its 32nd edition, honors the founding president of NIESV while reinforcing the relevance of estate surveying and valuation to national development.

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The Financial Reporting Council (FRC) of Nigeria has called on estate surveyors and valuers to maintain high standards of integrity, professionalism, and value creation, highlighting their pivotal role in national development and the growth of the real estate sector.

Speaking during the induction of 539 new members of the Nigerian Institution of Estate Surveyors and Valuers (NIESV), Executive Secretary/CEO Dr. Rabiu Olowo emphasized that modern valuation extends beyond technical assessment.

It now carries significant implications for investors, lenders, regulators, development partners, and ordinary citizens, influencing economic welfare and financial decision-making.

“As part of the national infrastructure supporting investment, you must protect public interest, guide government policies, enhance corporate accountability, and shape the credibility of financial reporting,” Olowo said.

He further highlighted the collaboration between FRC and NIESV, citing the Valuation for Financial Reporting Regulation as a landmark initiative aimed at improving valuation practices within Nigeria’s financial ecosystem.

Integrity and Continuous Learning Key for Professional Growth

Olowo urged inductees to embrace lifelong learning, rigorously document assumptions, challenge unreliable information, and avoid conflicts of interest. He stressed that valuation reports carry legal, financial, and reputational weight, affecting loans, investments, mergers, acquisitions, insurance claims, government asset management, and court decisions.

Supporting this view, Umar Kwairanga, Group Chairman of NGX, noted that accurate valuation, transparency, and guidance are pillars of financial stability, and integrity must remain the foundation of practice to inspire investor confidence.

NIESV President Kunle Alonge encouraged members to focus on knowledge acquisition and professional development, urging them to go beyond ordinary practice and make impactful contributions to society.

Special guest, Bisi Onasanya, Chairman/CEO of The Address Homes Ltd, reinforced the importance of hard work, resilience, and commitment to learning, commending NIESV’s leadership for driving ethical and professional standards in real estate valuation.

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The Executive Secretary of the Financial Reporting Council of Nigeria (FRC), Dr. Rabiu Olowo, has called on newly inducted estate surveyors and valuers to maintain the highest standards of ethics, integrity, and professionalism as they begin their careers.

Dr. Olowo made the remarks at the recent induction ceremony for new members of the Nigerian Institution of Estate Surveyors and Valuers (NIESV) in Lagos, an event symbolizing the continuation of a long-standing tradition of excellence in the profession.

He urged the inductees to produce valuation reports that can withstand scrutiny from auditors, regulators, investors, and courts. “Valuation is dynamic. Markets evolve, standards change, and regulatory expectations shift. Continuous learning is crucial. Uphold ethics, avoid conflicts of interest, document assumptions rigorously, and challenge unreliable information,” Olowo said.

The FRC boss emphasized the importance of transparency and accountability, noting that estate surveyors play a critical role in national development. “Your assessments will influence decisions on loans, investments, mergers, insurance claims, and government asset management. Accuracy is compulsory, integrity is demanded, and negligence has consequences,” he added.

Dr. Olowo highlighted the significant investment by the FRC in building professional capacity, including the Nationwide Training Tour on Valuation for Financial Reporting, which engaged over 1,000 professionals across Lagos, Abuja, Port Harcourt, and Kaduna. The Council has also developed and distributed the Valuation for Financial Reporting Guide at no cost to professionals.

He noted that the Directorate of Valuation Standards within the FRC not only supports professional growth but also regulates valuation practices, ensuring compliance with standards expected of a modern, transparent, and credible economy.

Speaking on the partnership between the FRC and NIESV, Dr. Olowo said, “Our collaboration has produced the Valuation for Financial Reporting Regulation, a landmark framework that will soon become law. Compliance will be binding and essential for the acceptability of valuation reports in financial statements.”

Dr. Olowo concluded by reminding the new inductees that they are entering a profession that carries legal, financial, and reputational responsibilities. “You are becoming custodians of trust, and your work will shape decisions that impact the economy and public confidence,” he said.

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The Nigerian Institution of Estate Surveyors and Valuers (NIESV) has inducted 539 new members, urging them to uphold the highest professional and ethical standards in the real estate industry.

The induction ceremony, themed “Transition To Professional Membership: Upholding Integrity And Creating Value Through Service Delivery”, highlighted the importance of transparency, accountability, and global awareness in estate surveying and valuation.

Victor Alonge, President and Chairman of the Council of NIESV, stressed the need for knowledge acquisition and continuous professional development.

“Our profession is not a trading occupation; it is service-driven. Knowledge is our stock in trade. Members must practise according to ethics and standards to deliver value,” Alonge said.

He highlighted the Mandatory Continuous Professional Development Programme as a key platform for career growth, encouraging new members to leverage it for expertise and upward mobility.

Umaru Kwairanga, Group Chairman of NGX and Chairman of the Day, emphasized integrity, fair pricing, and investor trust as essential for strengthening Nigeria’s financial and real estate sectors.

“Induction reinforces a commitment to a profession that not only serves the built environment but strengthens the financial framework of our nation,” Kwairanga stated.

Dr. Rabiu Olowo, Executive Secretary of the Financial Reporting Council, urged inductees to embrace truth, transparency, and accountability, noting that compliance with evolving standards is critical to maintaining public trust and credibility.

“Equip yourselves with the knowledge, discipline, and ethical grounding to remain relevant. Truth and integrity must guide your work,” Olowo said.

Bisi Onasanya, CEO of The Address Homes Ltd and guest of honour, highlighted perseverance as a key attribute for professional success.

The ceremony reinforced the NIESV’s role in shaping a skilled, ethical, and accountable real estate workforce capable of supporting Nigeria’s property sector growth.

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The Estate Surveyors and Valuers Registration Board of Nigeria (ESVARBON) has said that Nigeria can significantly reduce insecurity if government and stakeholders adopt smarter, technology-driven land management systems nationwide.

Speaking at the board’s 2025 Annual Valuers Assembly in Lagos with the theme, “50 Years of Regulatory Excellence: Golden Legacies and Brighter Tomorrow,” former Chief of Army Staff, Lt. Gen. Tukur Buratai (rtd), said that poor planning, unchecked slum expansion, and weak land administration have contributed to urban crime and instability.

Buratai noted that many Nigerian cities are still characterised by unplanned settlements that lack roads, drainage systems, recreational spaces, schools, and essential public infrastructure—conditions that fuel insecurity.

He said liveable, organised urban environments naturally deter criminal activities because they promote healthier living conditions and stronger community structures.

According to him, estate surveyors and valuers are central to tackling the problem because they help governments and communities design, regulate, and maintain orderly land-use systems.

“Government cannot deliver safe and liveable cities without the input of estate surveyors and valuers. When communities are properly laid out—with roads, pavements, schools, markets, hospitals, recreation centres—people live better and crime reduces,” he said.

The Acting Chairman of ESVARBON, Prof. Terzungwe Dugeri, said that regulating the profession has become even more critical in a globalised, tech-driven world.

He warned that as the economy transforms, surveyors are frequently pressured to compromise standards, making ethical regulation essential.

He stressed that the board is adopting digital tools, virtual platforms, and modern technologies to strengthen monitoring, registration, and quality control.

“Technology has changed our practice. We must embrace it while upholding the highest ethical standards. All eyes are on estate surveyors and valuers,” he said.

Also speaking, the Registrar of ESVARBON, Janet Shehu, emphasised that practitioners must fully embrace digital transformation, including artificial intelligence, to remain relevant and deliver accurate, transparent services.
She said the board expects strict adherence to ethical codes as it works to modernise the profession and support national development.

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Estate surveyor Adamu Kasim questioned both the legality and practicality of the directive, warning that while the minister possesses regulatory powers, such policies must remain reasonable and grounded in economic realities.

“Though the law permits the minister to issue guidelines for land use, it must be applied with caution to avoid the perception of authoritarianism,” Kasim told our correspondent. He argued that expecting all allottees to develop their plots within two years—particularly in central areas like Abuja’s Central Business District—is impractical, citing economic limitations and the sluggish pace of real estate development in the capital.

“To say all plots in the FCT must be developed within two years is simply unrealistic. Look at the Churchgate building, which started in 2015 and is still incomplete today. Abuja’s market doesn’t yet have the capacity to absorb such rigid expectations,” he explained.

On the other hand, some professionals in the industry have applauded the minister’s initiative. Former chairman of the Abuja branch of the Nigerian Institution of Estate Surveyors and Valuers (NIESV), Ikenna Aghaji, welcomed the move, calling it a catalyst for growth and order in the territory.

“I support the policy. Infrastructure like roads and flyovers only make sense when they connect areas being actively developed. Building roads into vacant land wastes resources,” Aghaji argued. He noted that physical development enhances both the aesthetic and functional value of urban land.

However, he added a caveat: the policy must only be enforced in areas already equipped with essential infrastructure. “It would be unfair to expect compliance in unserviced zones,” he said.

An anonymous estate surveyor also weighed in, supporting the overall vision but cautioning against poor execution. “Wike’s strategy to tackle infrastructural gaps and enforce land use is a positive step. It encourages urban development and could eventually ease housing shortages by boosting supply,” the source said. But he also warned that effective implementation, stakeholder inclusion, and transparency would be vital to achieving long-term success.

Defending the minister’s decision, Badamasi Haiba, Director of Press at the Ministry of Housing, said Wike’s directive falls well within his legal authority. “It’s his jurisdiction. He is acting within the framework of the law. These policies are planned and deliberate,” Haiba stated.

The minister initially made the announcement during a meeting with the Acting Comptroller General of the Nigerian Customs Service, Bashir Adeniyi, stressing that land allocations would now be conditional on clear commitments from recipients regarding their ability to develop the plots within a defined timeline.

“My new policy is simple: no land will be allocated unless the recipient commits to developing it within a specific period. If that doesn’t happen, the land returns to the FCT,” Wike said.

Echoing this, Chijioke Nwankwoeze, Director of the FCT Land Administration Department, confirmed that the two-year development rule is now official. Any land not developed within that timeframe, following the issuance of a Right of Occupancy, will be subject to revocation. The goal, he said, is to reduce land hoarding and ensure plots are put to productive use.

As the debate continues, stakeholders agree on one thing—balancing policy ambition with economic and infrastructural realities will be key to determining the success or failure of this bold directive.

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Victor Alonge, President of the institution, extended an open invitation to estate practitioners worldwide to attend the week-long gathering, scheduled for May 5–10, 2025, at the Abuja Continental Hotel.

In a formal statement issued by the group’s National Publicity Secretary, Richard Olodu, it was confirmed that the event will feature high-ranking dignitaries, including President Bola Ahmed Tinubu, who will serve as the Special Guest of Honour, and Senate President Godswill Akpabio, appearing as Guest of Honour.

Central to the discussions will be a keynote address by Dr. Zaccheaus Adedeji, the President’s Adviser on Revenue and the current Chairman of the Federal Inland Revenue Service. His presentation will set the tone for a broader dialogue on the conference’s theme: “Transform, Invest, Thrive: Optimizing Real Estate Finance and Taxation.”

The forum promises robust engagements with experts from both the public and private sectors, spanning local and international spheres, aimed at reshaping strategies for sustainable growth in real estate finance and policy.

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