By Elizabeth Godwin
Abuja, Nigeria – The President of the Nigerian Institution of Estate Surveyors and Valuers (NIESV), Dr. Victor Alonge, has called on the Federal Government to urgently overhaul the National Housing Policy to address the country’s growing housing crisis.
Speaking at a press conference in Abuja to mark the 55th Annual NIESV Conference and the 2025 International Valuation Day, Alonge warned that without a comprehensive, strategic framework, Nigeria’s housing challenges will continue to deepen.
Highlighting critical issues such as rising property prices, widespread urban housing deficits, and the proliferation of vacant buildings in prime locations, the NIESV president said the current policy approach is inadequate. He criticized what he described as “political pronouncements” in place of actionable strategies.
“We need a robust national housing policy that addresses short, medium, and long-term goals,” Alonge stated. “With such a framework in place, we can begin to tackle inequality in housing availability and location distribution in a meaningful way.”
Alonge acknowledged recent government concerns over the high number of unoccupied properties in cities like Abuja. However, he cautioned against proposed measures to confiscate such buildings, describing them as potentially unconstitutional and counterproductive.
“If I use my money to buy properties, there is little the government can do without infringing on my rights,” he said. “You can’t take them forcefully. In the UK, a higher tax is levied on unoccupied properties, which discourages hoarding and promotes usage. That is the kind of reform we need – one that respects rights but encourages optimal property utilization.”
Alonge also emphasized the central role of valuation in economic development, particularly in the context of the government’s ongoing tax reform initiatives. According to him, no serious tax or asset management reform can succeed without accurate real estate valuation.
“Valuation is the bedrock of financial systems. It underpins tax administration, collateral for banking, insurance, asset registry, and financial reporting,” he noted. “No bank will accept property as collateral without knowing its value, and no asset can be fairly taxed or sold without proper valuation.”
The theme of this year’s International Valuation Day, “Tax Reform for National Economic Prosperity: Why Valuation Matters,” aligns with the Federal Government’s efforts to expand the tax base and improve fiscal sustainability. Alonge said accurate valuation practices are essential for transparency, investor confidence, and long-term economic planning.
“Valuation provides a roadmap to prosperity,” he concluded. “It’s time we recognize it as a cornerstone of national development.”
