Mr. Victor Alonge, President of the Nigerian Institution of Estate Surveyors and Valuers (NIESV), has emphasised the potential of Nigeria’s assets to bolster the nation’s economy if properly harnessed.
Speaking during the 2024 International Valuation Day Celebration in Abuja, Alonge underscored the significance of asset valuation in economic decision-making and financial stability.
The theme of this year’s celebration, “The Importance of Asset Valuation in Financial Stability,” was chosen to raise awareness among both public and private citizens about the critical role of valuation in making financial decisions.
Alonge highlighted the need for Nigeria to leverage professional asset valuation to unlock the potential of its resources for sustainable development.
According to Alonge, “Nigeria’s economy benefits greatly from appropriate asset valuation, as it facilitates identifying and utilising available resources for the nation’s development agenda.”
He lamented the lack of credible valuation of Nigeria’s national assets, stressing the importance of knowing the value of real estate assets for effective national planning.
Alonge stressed the urgency of implementing market-based asset valuation practices, emphasising their crucial role in enhancing financial stability.
He urged both public and private entities to act swiftly, as these practices can improve financial reporting and attract foreign direct investments, instilling a sense of urgency in the audience.
Alonge reiterated the call for collective efforts, emphasising that everyone has a role in prioritising professional asset valuation.
He highlighted its importance in achieving financial stability and promoting investor confidence for the nation’s economic growth and prosperity.
In a related development, Wale Edun, the Minister of Finance and Coordinating Minister of the Economy, has stated that the federal government’s strategy to attract investments and foster economic growth lies in reducing interest rates to incentivise investment.
Edun commented during the World Bank-IMF spring meeting in Washington D.C, reiterating the government’s aim to bolster its revenue base, highlighting oil revenues and taxes as primary sources.
“Specifically, the government aims to enhance tax revenue without increasing tax rates but by improving administration and collection efficiency,” he stated.