The Estate Surveyors and Valuers Registration Board of Nigeria (ESVARBON) recently held a significant forum in Abuja, focusing on the crucial role of property inspections and assessments in ensuring building safety and sustainability.
The event underscored the indispensable contribution of estate surveyors and valuers in the delivery of affordable housing in Nigeria.
Speaking at the event, the Minister of Housing, emphasized the importance of accurate property valuations, stressing that professionals in the field must ensure land and property values reflect fair market conditions. He further highlighted their role in preventing building collapses, a recurrent issue in Nigeria, which has caused significant loss of lives and property damage.
The Minister also recalled his recent directive to investigate the causes of building collapses, emphasizing that estate surveyors and valuers are essential in bringing order to the construction industry.
ESVARBON’s Commitment to Technology and Professional Ethics
In his remarks, ESVARBON Chairman, Dosu Fatokun, reaffirmed the board’s commitment to embracing emerging technologies, including Artificial Intelligence, to enhance professional practices in Nigeria. He urged the government to leverage valuation reports as strategic tools for the country’s economic development beyond the oil sector.
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“Valuation is more than just a technical skill; it is a vital tool for economic revitalization in these times of high inflation and uncertainty,” Fatokun said. He emphasized that estate surveyors play a pivotal role in determining the values of both tangible and intangible assets, contributing to the Federal Government’s agenda on housing and economic development.
Addressing Economic Challenges in Real Estate
Experts at the event raised concerns over the impact of inflation on the real estate sector, noting that the rising cost of goods and services has reduced Nigerians’ purchasing power. Dr. Justina Anaetoh from Linking Insurance Brokers Limited highlighted how inflation affects insurance, construction materials, and property values.
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The forum also featured a presentation by Chudi Ubosi, Managing Partner of Ubosi Eleh and Company, on the valuation of seized properties by the Independent Corrupt Practices Commission (ICPC). Ubosi stressed the need for professional involvement in real estate valuation, particularly in combating money laundering through property investments.
Call for Investment in Infrastructure
Muhammad Buba, Director of Land Services at the Bureau for Land and Physical Planning in Taraba State, noted the growing pressure on governments to meet public infrastructure demands. He called for increased investment in land development, facilitated by accurate valuations, to support public services and infrastructure projects.
The discussions at the ESVARBON forum highlighted the essential role of estate surveyors and valuers in safeguarding Nigeria’s housing and economic future.