The Nigerian Institution of Estate Surveyors and Valuers (NIESV) has expressed concern over the inability of the government to produce the exact value of real estate assets across the country.
President of NIESV, ESV Victor Alonge, made the disclosure on Monday in Abuja during an event to commemorate the 2024 International Valuation Day Celebration with the theme ‘The Importance of Asset Valuation in Financial Stability’.
He said the current state of the Nigerian economy calls for an urgent look at the huge benefits of appropriate professional asset valuation which will no doubt unlock key potentials and inherent resources in the country.
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He said, “Nigeria currently lags behind in undertaking credible valuation of her national assets. While the total value of global property assets was reported at $613.30 trillion, and the global stock market was at $109 trillion as of 2023. Nigeria does not yet know the value of her own real estate assets.”