‘Asset valuation key driver of national economic development’

The Chairman of West Africa chapter of Africa Real Estate Society, Adediran Adetunji, has said asset valuation is a major driver of economic development. Adetunji spoke in Abuja during the commemoration of this year’s International Valuation Day organised by the Nigerian Institution of Estate Surveyors and Valuers (NIESV) with the theme: Unlocking Nigeria’s Wealth: How Valuation Builds Our Prosperity. The real estate consultant described valuation as the backbone of wealth creation and sustainable economic development, noting that failure to effectively harness its potentials has been the bane of the nation’s economic setback. He said: “Valuation is not merely a technical exercise; it is the key that turns dormant assets into active capital. Without a credible and professional valuation, assets cannot be properly insured, used as collateral for loans, securitised for investment, or transparently taxed. Consequently, the true wealth of our nation remains locked away, unable to drive growth, create jobs, or fund public goods. If properly harnessed, valuation would not just contribute more remarkably to Nigeria’s economic growth and development, it would actually speed it up in a very significant manner, and would transform the economy more rapidly.” Adetunji urged the government, the private sector, and critical stakeholders of the economy to invest in capacity building for valuation professionals and the adoption of international standards. The estate consultant also urged Nigerians, particularly property owners, business leaders, and investors, to see valuation as a tool for prosperity, not a regulatory hurdle. The International Valuation Day is a crucial advocacy push, organized May 5 every year by the Nigerian Institution of Estate Surveyors and Valuers to reinforce awareness and to renew its call on policy makers and critical stakeholders in the economy not to downplay the importance of valuation in their policy decisions.