The Nigerian Institution of Estate Surveyors and Valuers (NIESV) has urged the Federal Government to prioritise the credible valuation of national assets as a strategic tool for attracting investment and enhancing economic planning.
Speaking at a news conference in Abuja on Monday to mark the 2025 International Valuation Day, NIESV President and Chairman of Council, Victor Alonge, said asset valuation plays a crucial role in economic decision-making and financial stability.
Alonge stressed that “asset valuations that comply with the approved global standards foster investor confidence and significantly contribute to financial stability, both of which are essential for economic development.”
He noted that credible valuation is essential for assessing the value of tangible assets, businesses, intangible assets, and financial instruments. According to him, proper valuation is equally vital to the success of the proposed tax reforms by the federal government.
“Before imputing tax on an asset, there is the need to determine its true worth, its value, which must be firm and reliable. The value of the asset would indicate the percentage of tax you place on it,” he said.
Alonge explained that the theme for the 2025 International Valuation Day, ‘Tax Reform for National Economic Prosperity: Why Valuation Matters’, is both critical and timely.
He asserted that NIESV remains a critical partner to the government in its ongoing tax reform initiatives, adding that economic development would be difficult without the role and influence of professional valuers.
“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. It is therefore absolutely wrong, and illegal to give valuation jobs to non-estate surveying and valuation firms,’’ Alonge warned.
He also called for a strengthened national housing policy to address Nigeria’s growing housing deficit, rising rent, and the increasing cost of building materials.
Alonge’s remarks come at a time when the government is seeking innovative ways to boost revenue and improve investor confidence in the economy.
