The Nigerian Institution of Estate Surveyors and Valuers (NIESV) has urged the Federal Government to prioritise credible valuation of national assets as a key strategy for attracting both local and foreign investment.
Speaking at a news conference in Abuja to mark the 2025 International Valuation Day, the NIESV President and Chairman of Council, Victor Alonge, stressed the vital role of asset valuation in economic planning, financial reporting, and sustainable development.
“Asset valuations that comply with approved global standards foster investor confidence and significantly contribute to financial stability, both of which are essential for economic development,” Alonge stated.
He highlighted the importance of accurate valuation for assessing tangible and intangible assets, businesses, and financial instruments. Alonge also linked effective valuation practices to the success of proposed tax reforms, noting that taxes must be based on reliable asset values.
“The value of the asset would indicate the percentage of tax you place on it. That makes the theme for the 2025 International Valuation Day, ‘Tax Reform for National Economic Prosperity: Why Valuation Matters’, both critical and timely,” he said.
Alonge described NIESV as a strategic partner in the tax reform process, arguing that without proper valuation, economic development efforts would be hindered.
He further cautioned against assigning valuation contracts to firms not licensed in estate surveying and valuation, calling such actions illegal and detrimental to national interest.
“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,” he said.
The NIESV president also emphasised the urgent need to formulate a comprehensive national housing policy to address the country’s housing deficit, rising rents, and the high cost of building materials.
(NAN)