Institute decries increasing cost of accommodation in FCT

Abuja, Nigeria: The Nigerian Institution of Estate Surveyors and Valuers has called for a comprehensive policy framework to address the escalating cost of accommodation in the Federal Capital Territory (FCT) and across Nigeria.

Speaking in Abuja ahead of the 2025 International Valuation Day, Chairman of the Institution, Mr. Victor Alonge, attributed the surge in housing costs to prevailing economic challenges. He emphasized the need for a collaborative approach involving key stakeholders to develop a sustainable housing policy.

Mr. Alonge highlighted critical areas such a policy should address, including the high cost of building materials, limited access to finance, and equitable distribution of housing. He noted that these factors contribute significantly to Nigeria’s growing housing deficit.

He also raised concerns over the country’s lag in conducting credible valuations of its national assets. According to him, aligning asset valuation practices with global standards is essential for improving economic governance and investor confidence.

“Asset valuations that comply with internationally approved standards promote transparency and financial stability, both of which are vital for economic development,” Alonge stated. He added that proper valuation is crucial for assessing physical assets, businesses, intangible assets, and financial instruments.

Mr. Alonge expressed the Institution’s readiness to support the federal government in implementing the proposed Tax Reform Bills, which he believes will enhance transparency and stimulate growth in the real estate and housing sectors.

The 2025 International Valuation Day, he said, will provide a platform for stakeholders to deliberate on the implications of the Tax Reform Bills for the housing industry and chart a path forward for sustainable development.

By Taiwo Olatinwo/ May 5, 2025