The Nigerian Institution of Estate Surveyors and Valuers (NIESV) has stated that the valuation process alone has the potential to unlock N500 trillion for Nigeria, particularly through sectors such as oil and gas. The institution also commended the Federal Government's economic reforms, emphasizing the need to reimagine the nation's economic architecture to fully unlock its vast potential and wealth.
NIESV Commends Government Reforms
Speaking ahead of the 2026 International Valuation Day in Abuja, NIESV President Bature Ali Muhammad described valuation as crucial for Nigeria's economic transformation. He noted that it can help achieve both a budget and economic value exceeding N500 trillion through various sectors, including oil and gas reform, tax reform, and strategic development of critical minerals.
Muhammad stated: "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."
Valuation as a Key Economic Driver
The NIESV president emphasized that valuation is a critical process in unlocking Nigeria's vast resources and building economic prosperity. He highlighted the theme for the 2025 International Valuation Day, "Unlocking Nigeria's Wealth: How Valuation Builds Our Prosperity," as timely and appropriate given the government's ongoing policy reforms.
"Valuation is crucial for enhancing government revenue through taxation," Muhammad added. "Accurate tax assessment cannot be achieved without credible asset valuation. Estate surveyors and valuers are critical partners to the government in the current tax reform regime."
Legal Framework and Professional Standards
Muhammad reiterated that the Estate Surveyors and Valuers Registration Board of Nigeria Act recognizes valuation as the sole prerogative of estate surveyors and valuers. He stressed that only these professionals are trained and empowered by law to determine the economic worth of assets.
"It is illegal to assign valuation jobs to non-estate surveying and valuation firms," he warned. "The regulatory body and NIESV will address any such absurdity appropriately."
Commitment to Global Best Practices
The NIESV president affirmed that the institution would continue to embrace global best practices and universal valuation standards. He called for increased momentum in using valuation as an effective catalyst for national economic development.
