Lucky Obukohwo, Reporting
The Chairman of the Edo State Branch of the Nigerian Institution of Estate Surveyors and Valuers (NIESV), ESV Rogers Isiokherhe, has drummed for urgent reforms in Nigeria’s valuation systems, warning that weak frameworks are constraining access to credit and slowing economic growth.
Speaking at the 2026 Valuation Day celebration and awareness march to the premises of the Nigeria Union of Journalists (NUJ), Edo State council in Benin City, Isiokherhe said Nigeria’s economic challenges stem less from a lack of resources and more from the country’s inability to properly document, value, and optimise its existing assets.
He stressed that robust valuation practices are essential for unlocking the nation’s vast but underutilised wealth.
According to him, credible asset valuation underpins sound economic planning, informed investment decisions, and sustainable development.
Isiokherhe highlighted the widespread presence of “dead capital” assets, particularly in real estate, that lack formal titles or market recognition and therefore cannot be used to secure credit or attract investment.
He explained that formalising ownership and ensuring accurate valuation would transform such assets into “live capital,” enabling property owners to access financing and contribute more meaningfully to economic expansion.
He further noted that a transparent and efficient valuation system would not only benefit the private sector but also boost government revenue through improved taxation.
In addition, it would strengthen public trust in governance, especially in areas such as land acquisition and compensation.
The NIESV chairman also underscored the importance of valuation in urban planning, infrastructure development, and environmental sustainability, emphasising that data-driven asset valuation is critical for effective national development strategies.
To address the current challenges, Isiokherhe advocated comprehensive reforms, including the digitalisation of land registration processes, reduction of bureaucratic bottlenecks, and the creation of reliable and accessible property databases.
He also urged governments at all levels to incorporate professional valuers into policymaking and demonstrate the political will needed to implement long-term structural reforms in the sector.
Isiokherhe maintained that Nigeria’s path to sustainable prosperity lies not in discovering new resources, but in properly recognising, valuing, and maximising the potential of the assets it already possesses.
Welcoming the group, chairman, NUJ, Edo State council, Dr Festus Alenkhe appealed to the surveyors to ensure that the issues of quacks in the association is addressed.
