The Nigerian Institution of Estate Surveyors and Valuers (NIESV), has declared that 80 per cent of lands in Nigeria are not titled and cannot be used for financial transactions.
NIESV President, Chief Emma Okas Wike, disclosed this in Port Harcourt, the Rivers State capital, while addressing journalists on the celebration of its maiden Valuation Day.
Wike said: “We have less than 10 per cent of our land that are titled. 80 per cent of lands in Nigeria are dead capital because they are not titled. You cannot use the lands for any financial transaction. Look at our neighbouring Ghana, they have less than 20 per cent that are not titled.”
He stated that the 2022 Valuation Day celebration was first of its kind in the country, pointing out that valuation is central to real estate development and national economic wealth and development.
The NIESV President added: “Valuation of properties and all assets for various purposes including accounting, insurance, taxation, rent, mortgages, buying and selling as well as asset registers. It is not just one of the core competencies of our profession, but it is central to real estate development and national economic wealth and development.
“Valuation is the determination of the economic worth of assets in all its ramifications. Financial institutions, corporate organisations, government and private individuals make critical monetary commitments and decisions on valuation reports.
“Once you get valuation wrong, so many other things will automatically go wrong and that should be a major concern to the practitioners and end users, especially against the attempt by non-estate surveyors and valuers to venture into the practice of valuation.”