The National President of Nigerian Institution of Estate Surveyors and Valuers (NIESV), ESV Johnbull Amayaevbo, has lamented the effects of high inflation and foreign exchange rates on the real estate sector and urged President Bola Tinubu to urgently address the crisis.
Amayaevbo spoke in Abeokuta, Ogun State, at the Investiture of Pastor Bola Orekoya as the 11th Chairman of the State branch of the NIESV.
The inauguration which attracted leaders of NIESV across the country was themed “The Effects of the Unification of Foreign Exchange on Real Estate in Nigeria.”
The NIESV President noted that the unification of the foreign exchange has led into rising inflation which has dealt a huge blow on the real estate and other sectors of the economy.
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He admitted that the policy has its advantages which could outweigh the disadvantages if well managed by the government.
“Remember it creates foreign investment especially when they trust you as a government, everyone will be bringing in money to invest. They know when they bring in 10,000 dollars, they know how much it is in naira.
“The government has to guard against the inflationary issue that is associated with the unification. That inflation will come into hardship,” Amayaevbo said.
The NIESV President also called on Tinubu to listen to professional advice on how to address challenges in the real estate.
“Listen to professionals. Take professional advice, implement the advice given. The country has suffered for too long due to lack of implementation of policies. We have good policies, but the only thing is lack of implementation,” he said.
The immediate past chairman of the branch, ESV Wale Ojo said he pursued membership drive, digitalisation policy and professionalism in the last two years.
In his acceptance speech, Orekoya promised to take the branch to the next level by implementing his 6-point agenda including welfare of members, collaboration with the government and other professionals, increased membership and competition of the branch’s secretariat.
