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The Nigerian Institution of Estate Surveyors and Valuers (NIESV) has called on the Federal Government to prioritise credible valuation of national assets to attract investments.
The NIESV President and Chairman of Council, Victor Alonge, made the call on Monday, May 5, 2025, in Abuja at a news conference on the 2025 International Valuation Day.
Alonge emphasised the importance of asset valuation in economic decision-making and financial stability, citing its role in unlocking the potential of Nigeria’s resources for sustainable development.
According to him, credible valuation of national assets is crucial for effective national planning, financial reporting, and attracting local and foreign investments.
“Asset valuations that comply with the approved global standards foster investor confidence and significantly contribute to financial stability, both of which are essential for economic development.
“Valuations are necessary for assessing the values of tangible assets, businesses, intangible assets, and financial instruments,’’ he said
According to the NIESV President, credible valuation of national assets is also important for the success of the proposed tax reforms by the federal government.
He said that before imputing tax on an asset, there is the need to determine its true worth, its value, which must be firm and reliable.
“The value of the asset would indicate the percentage of tax you place on it.
“That makes the theme for 2025 International Valuation Day `Tax Reform for National Economic Prosperity: Why Valuation Matter’, critical and appropriate,’’ he said.
Alonge noted that the NIESV is a critical partner to government in the proposed tax reform regime.
He added that without the role and influence of NIESV within the Nigerian context, it would be very difficult for the nation to advance in economic development.
According to him, Estate Surveyors and Valuers are the only professionals trained and equipped with the analytical skill of determining the current or projected worth of an asset.
“It is therefore absolutely wrong, and illegal to give valuation jobs to non-estate surveying and valuation firms,’’ he said.
Alonge equally underscored the need to formulate and strengthen a national housing policy to address Nigeria’s housing deficit, rents, price of building materials among others.
By Angela Atabo
