Speaking through the Minister of Housing and Urban Development, Arc. Ahmed Dangiwa who was represented by Dr. Edna Tobi, Special Assistant for International Cooperation and Partnership Tinubu delivered this message at the 55th Annual Conference of the Nigerian Institute of Estate Surveyors and Valuers (NIESV), held in Abuja.
The conference, themed “Transform, Invest, Drive: Optimising Real Estate Finance and Taxation”, brought together key stakeholders to explore strategies for leveraging fiscal policy to drive growth in Nigeria’s real estate sector.
According to the president, his administration remains focused on diversifying the economy and expanding revenue generation beyond oil. He emphasized that reforming Nigeria’s tax system and fiscal policy was a deliberate and strategic move aimed at restoring economic stability.
“It was a courageous and bold move aimed at addressing the suffocating economic challenges facing the nation,” Tinubu stated. “These reforms are intended to create a more investment-friendly environment, especially in the real estate sector, while supporting job creation and sustainable growth.”
He acknowledged the vital role that estate surveyors and valuers play in the country’s economic framework and expressed the government’s readiness to collaborate with NIESV to ensure fair and transparent tax administration, as well as efficient revenue utilization.
Delivering the keynote address, Executive Chairman of the Federal Inland Revenue Service (FIRS), Dr. Zacch Adedeji represented by Chief Economic Adviser, Prof. Mohammed Salisu described the real estate sector as a crucial but under-assessed component of the economy.
He highlighted several challenges impeding effective taxation in the sector, including informality, data fragmentation, and inconsistent property valuation standards. Adedeji noted that the proposed Tax Administration Bill would help streamline procedures, improve taxpayer compliance, and reduce inefficiencies and incidences of multiple taxation.
He further called on NIESV to support government efforts by standardizing valuation methodologies and collaborating on tax reform initiatives.
NIESV President, ESV Victor Alonge, hailed the conference as a milestone in the institute’s efforts to reposition real estate as a key driver of national development. He assured stakeholders that a detailed communiqué containing the conference's recommendations would be presented to the federal government to guide policy formulation and execution in land, housing, and infrastructure development.
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