NIESV urges FG to establish property data bank to unlock N500trn wealth

The Nigerian Institution of Estate Surveyors and Valuers (NIESV) has called on the Federal Government to establish a mandatory national property transaction data bank, warning that a lack of transparency in asset pricing is obstructing the path to unlocking over N500 trillion in untapped economic value.

Speaking at a press conference to mark the 2026 International Valuation Day in Abuja on Tuesday, Bature Muhammad, President, NIESV, said that Nigeria’s economic architecture requires a “fundamental reimagining” where credible data serves as the bedrock for policy decisions.

The Institution argued that the current system, dominated by private treaties and non-disclosure of sale figures, has created a “data desert” that complicates secured lending, hampers tax reforms, and discourages foreign investment.

“Issue of data is a problem of most developing countries. Because transactions are often private, people do not disclose the exact amount they sold properties. If government makes it mandatory to disclose actual transaction figures and punishes false reporting, it will transform transparency.” M Muhammad noted

He stressed that the government’s ongoing tax reforms cannot succeed without accurate asset valuation, which in turn relies on accessible market data.

The institution urged the state to create a centralized repository or archive where professionals can access verified transaction history to ensure valuations are “real, accurate, and credible.”

The President also reaffirmed that under Nigerian law (Decree No. 24 of 1975), the practice of valuation remains the exclusive prerogative of registered Estate Surveyors and Valuers.
He warned against the use of unregistered “quacks,” noting that professional valuers act as essential mediators and custodians of public trust in financial reporting.

“Once you get valuation wrong, so many other things will automatically go wrong. Valuation is the critical process in unlocking Nigeria’s vast potential and building national prosperity,” Muhammad warned.