Nigeria’s Vice President, Kashim Shettima, has charged the Nigerian Institution of Estate Surveyors and Valuers (NIESV) to adopt innovative ways of providing professional advice to the federal government on ways to boost its asset valuation and drive economic growth.

The VP who was represented by Tope Fasua, Special Adviser to the President on Economic Matters, made the disclosure in Abuja on Monday during the inauguration of the 26th president of NIESV.

The VP stated that, “In this age of artificial intelligence, every asset in the world is being recognised, logged, valued, whether we are aware or not. It is evident that Nigeria could do a lot better in terms of appreciating asset values and seeking to optimise their values.

“Through this kind of keen efforts, Singapore’s Temasek has been able to take its assets under management from less than $1 billion in 1974, to over $250 billion today. Everything gets valued, from monuments, to a country’s national anthem, pledge, flag. If it is unique and precious to you as an asset, then it should best be valued and brought closer to a market that can help in optimizing its worth and Nigeria should not be left behind.”

Also speaking, the governor of Lagos State, Babajide Sanwolu, stated that, “Nigeria’s land use charge, although low, has attracted real estate investments and fees which can boost GDP contribution from 5-6% to 15-20%,”

He added that NIESV has a role to play in taking the profession to the next level, while urging them to be innovative in providing critical solutions to growth and development of the real estate sector.

Earlier in his remarks, the 26th president of the institution, ESV. Victor Alonge, noted that the role of the as drivers of economic development is not debatable, as it is currently gearing up to fully participate in policies of government.

“Government policies have direct impact on the dynamics of the real estate business, as well as playing a pivotal role in shaping societies and economies, by providing frameworks for regulation, service, and governance.

“Henceforth, NIESV must play critical roles in influencing, formulation and implementation of policies which have direct bearing on our profession. Our critical roles and services to the nation and strategic position as drivers of the economy require creativity and we are ready to take up the challenge,” he said.