Poor asset valuation hindering growth, limiting credit access — Surveyors

Edo State Chairman of the Nigerian Institution of Estate Surveyors and Valuers (NIESV), ESV Rogers Isiokherhe, has identified robust valuation practices as a critical lever for unlocking Nigeria’s vast but underutilised wealth, urging urgent reforms in land administration and asset documentation systems.

Speaking during the 2026 Valuation Day celebration and awareness march in Benin City, Isiokherhe said Nigeria’s economic constraints are less about resource scarcity and more about the failure to properly account for and optimise existing assets.

Despite the country’s abundance of natural and economic resources, he noted that weak valuation frameworks continue to constrain growth, widen inequality, and limit access to finance.

“Valuation is fundamental to economic planning, investment decisions, and sustainable development,” he said.

He stressed that credible asset valuation provides the basis for unlocking capital and driving inclusive growth.

Isiokherhe drew attention to the widespread existence of what economists term “dead capital” — assets, particularly real estate, that lack formal titles and market recognition, making them ineligible for credit or investment leverage.

He explained that formalising and accurately valuing such assets would convert them into “live capital,” enabling property owners to access financing, attract investment, and contribute meaningfully to economic expansion.

Beyond private sector benefits, the NIESV chairman said a transparent and efficient valuation system would enhance government revenue generation through improved taxation and strengthen public confidence in governance, particularly in land acquisition and compensation processes.

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He further highlighted the role of valuation in urban planning, infrastructure delivery, and environmental sustainability, noting that data-driven asset valuation is essential for effective national development strategies.

To address existing gaps, Isiokherhe called for comprehensive reforms, including the digitalisation of land registration systems, reduction of bureaucratic bottlenecks, and the establishment of reliable, accessible property databases.

He also urged governments at all levels to integrate professional valuers into policymaking processes and demonstrate the political will required to implement long-term structural reforms in the sector.

According to him, Nigeria’s pathway to sustainable prosperity lies not in the discovery of new resources, but in the efficient recognition, valuation, and optimisation of existing assets.