The Nigerian Institution of Estate Surveyors and Valuers (NIESV) has issued a urgent call for practitioners to radically upgrade their skills and prepare for significant changes coming to Nigeria's economic landscape. This warning came during the recent Mandatory Continuing Professional Development (MCPD) forum organized by the Lagos branch of NIESV, where experts emphasized that the profession must evolve beyond traditional roles to remain relevant.
Expanding Professional Horizons Beyond Conventional Practice
Former chairman of NIESV Lagos branch, Rogba Orimalade, delivered a powerful keynote address describing this moment as critical for the valuation profession. He stressed that estate surveyors must now develop expertise in multiple advanced areas including infrastructure economics, Public-Private Partnership (PPP) structuring, feasibility studies, asset optimization, and digital valuation systems.
"Estate surveyors must play a role beyond conventional agency practice," Orimalade declared. He pointed to Nigeria's emerging strategic national corridors as major growth engines that require comprehensive advisory services. These corridors include the Badagry-Sokoto trade route, Lagos-Calabar Coastal Road, Lekki-Epe-Ibeju Free Trade Zone, and new port developments in Ondo and Ogun states.
According to Orimalade, practitioners who build capacity in feasibility analysis, logistics planning, and corridor development advisory will position themselves for higher-value opportunities in the coming years. He also emphasized the crucial need to embrace Property Technology (PropTech), noting that digital tools are dramatically improving valuation accuracy and reducing turnaround times.
Major Tax Reforms Set to Transform Real Estate Sector
One of the most significant changes discussed was Nigeria's comprehensive tax reform scheduled to take effect in January 2026. Yomi Olugbenro, Partner and West Africa Tax Leader at Deloitte, explained that the restructured tax law introduces three main frameworks: business tax, transaction tax, and personal tax.
The reforms bring several benefits specifically for the real estate sector, including VAT exemptions on land and property sales, capital gains tax relief on disposal of personal residential properties, and stamp duty exemptions on lower-rent leases. For developers and contractors, the reduction of withholding tax and harmonization of compliance processes could substantially lower operating costs.
Olugbenro highlighted particularly important implications for valuation practice, especially the new Benefit-In-Kind (BIK) rule that pegs taxable housing benefits to rental value, capped at 20% of annual salary. This change could reshape corporate housing policies and drive fresh demand for commercial property, while also creating tax-planning advantages for management staff.
Strengthening Professional Standards in Changing Times
NIESV leaders emphasized that the ongoing reforms present both significant opportunities and risks that require heightened professional standards. Chairman of the Lagos branch, Tosin Kadiri, stated that practitioners must deepen their understanding of evolving monetary policies, interest rate movements, and regulatory shifts in mortgage finance to maintain their role as trusted advisers.
Second Vice President of the institution, Emmanuel Mark, who chaired the event, added that practitioners must defend the profession's core values of integrity, expertise and professionalism by staying continuously updated. He noted that reforms have direct implications for valuation standards, transaction structuring, and sectoral growth.
Adenrele Olowokure, Chairman of the national MCPD committee, described the forum as part of a broader shift toward innovation-driven practice. He emphasized that creativity, digital tools, and multidisciplinary knowledge are becoming essential for successfully navigating Nigeria's dynamic real estate market.
The consensus among all speakers was clear: estate surveyors and valuers who proactively build their capacity and adapt to the changing landscape will thrive, while those who cling to traditional practices risk being left behind in Nigeria's transforming economy.
