The Nigerian Institution of Estate Surveyors and Valuers (NIESV) has called for unlocking wealth embedded in land and other assets to boost economic growth.

The chairman of the Lagos branch of NIESV, Tosin Kadiri, made the emphasis at NIESV’s annual Valuation Day celebration on Tuesday in Lagos.

The event brought together estate surveyors and valuers and other key stakeholders to discuss the role of valuation in national development.

The event had the theme “Unlocking Nigeria’s Wealth: How Valuation Builds Our Prosperity.”

Mr Kadiri said that a significant portion of the nation’s wealth remained trapped in land, undervalued property and informal markets where prices were often based on speculations.

“A lot of wealth is locked in land, undervalued properties and informal markets where prices are based on rumours,” he said.

Mr Kadiri said that many property remained untitled and could not be taxed, insured or used as collateral for investment.

According to him, credible valuation can transform such assets into viable collateral that supports small and medium enterprises, expands businesses and creates jobs, thereby boosting the economy.

He added that accurate valuation remained critical to transparency, investment decisions and effective economic planning.

He also said it would play a key role in wealth creation by providing reliable data for decision-making across the real estate and financial sectors.

The chairman said that standardised valuation practices aligned with international standards would enhance investor confidence and attract both local and foreign investment into housing and commercial projects.

He added that the institution would continue to promote professionalism and ethical standards.

He noted that valuation was essential for unlocking capital, attracting investment and ensuring equity and fairness.

“Valuation is far more than assigning figures to land and buildings; it is a critical professional service that supports informed decision-making in property transactions,” he said.

Mr Kadiri also called for increased public awareness and stronger regulatory frameworks to enhance valuation practice in the country. 

(NAN)