Communique issued at the end of the Meeting of the National Council of the Nigerian Institution of Estate Surveyors and Valuers
The National Council of the Nigerian Institution of Estate Surveyors and Valuers (NIESV) had its 5th Regular meeting in the 2020/2021 Council year at the Golden Tulip Essential, Benin City on Saturday, April 24, 2021.
In attendance at the meeting were NIESV President, ESV Sir (Chief) Emmanuel Okas Wike, FNIVS, the First and the Second Vice Presidents, Board of Trustees and other Council members.
Council thoroughly examined with concern the critical issues of High Cost of Building Materials, Power supply and security challenges as they affect the Real Estate sector. Council proffers solutions to the challenges.
Council specifically raised concern on the following contributing factors to the escalating cost of building materials in Nigeria. These include: unfriendly business environment with fragile economic indices, multiple agencies involved in the sector, worsening insecurity situation in the country, infrastructure deficit and lack of adequate research in the housing sector.
Council commended the present administration of President Muhammadu Buhari, GCFR for addressing some of these issues frontally, but noted that more radical solutions must be applied to get the nation out of the multifarious challenges.
Council identified Housing development as a major driver of the nation’s economy and emphasized that special attention must be paid to high cost of building materials if we are truly desirous of providing affordable housing for the low and medium income earners, the less privileged and vulnerable people in Nigeria.
On the strength of the above, Council resolved and recommended as follows;
That the Federal Government and the State Governments should consider the creation of industrial layouts while also giving enabling environment for businesses to thrive.
Granting of tariff concession on building materials and consideration of price control measures were suggested considering the high interest and inflation rate in the economy.
The use of alternative building materials in the housing sector.
That Government should pay more attention to research work in the housing sector, with more Private sector participation.
On Power supply, Council noted that huge investment in terms of capital and interventions has been thrown into the sector with very little improvement to show for it. Because of the importance of power supply to meaningful and sustainable economic development and because power supply is a major determinant in job and wealth creation, Council recommended that proper capacity should be built, and the private operators, especially at the distribution level must have the capacity and resources to run the sector effectively.
ESV (Otunba) Saheed Makinde, FCAI, ANIVS, RSV
Hon. National Publicity Secretary