President Bola Tinubu has called on the Nigerian Institute of Estate Surveyors and Valuers (NIESV) to address the challenges in the real estate sector and position it for international investment.
President Tinubu gave the charge at the 55th Annual Conference of the Institute with the theme: “Transform, Invest, Drive: Optimising Real Estate Finance and Taxation” in Abuja on Friday.
Tinubu was represented by the Minister of Housing and Urban Development, Ahmed Dangiwa who in turn was represented by Dr Edna Tobi, special assistant for International Cooperation and Partnership in the Ministry.
The president said his administration remains committed to diversifying the economy and expanding revenue sources.
He emphasised the crucial and indispensable role of real estate practitioners, specifically estate surveyors and valuers, in this process.
“These reforms are designed to create a more conducive environment for real estate investment and to stimulate economic growth and job creation.
“When we align the proposed tax reforms with the theme of your conference, ‘Transform, Invest, Drive, Optimising Real Estate Finance and Taxation,’ it becomes crystal clear that NIESV is as concerned and interested as other Nigerians in this process,” the President said.
He urged the participants, composed of experts and stakeholders in the real estate industry to deliberate on the critical issues of investing, transforming, and thriving in the real estate markets.
“In addition to exploring sustainable ways of optimising real estate finance and taxation, I am confident that you will not only address the most pressing issues affecting Nigeria’s real estate sector. You will also, the fragmented taxation system in the country and come up with a practical solution for institutional reform,” Tinubu charged.
According to the President, Nigeria cannot afford to lack a push for international investment and an equitable share of it in the current era, which is defined by integration of the world economy and regional economic movements.
He added, “With its vast potential and opportunities, the real estate sector is an area where we can attract significant international investment.
“I expect this conference to provide a strategic direction to lay the groundwork for long-term economic growth and stability, enhance government revenue through taxation, and position real estates as the driver of economic growth and social transformation in Nigeria.”
Delivering the keynote address, Executive Chairman of the Federal Inland Revenue Service (FIRS), Dr. Zacch Adedeji described the real estate sector as a vital but under-accessed part of Nigeria’s economy.
Adedeji, represented by the Chief Economic Adviser, Prof. Mohammed Salisu, identified challenges such as informality, data fragmentation, and inconsistent valuation standards as obstacles to effective taxation.
“The Tax Administration Bill will provide clearer procedures and responsibilities for taxpayers, enhance compliance, and reduce inefficiencies and multiple taxation,” Adedeji noted.
He called for NIESV’s cooperation in standardising property valuation methods and supporting the implementation of reforms.
NIESV’s President, Victor Alonge described the conference as a milestone event, stating that the outcomes would help reposition land, housing, and infrastructure policy in Nigeria.
Alonge also assured that the institute would present a comprehensive communiqué to the government containing resolutions and actionable policy suggestions to drive national development.