The Nigerian Institution of Estate Surveyors and Valuers (NIESV) has called on the Federal Government to establish a national property data bank, a move they argue could unlock an estimated N500 trillion in wealth. This proposal comes amid ongoing discussions about enhancing transparency and efficiency in Nigeria's real estate sector, which has long been hindered by a lack of reliable data.
Currently, property transactions in Nigeria are often fraught with ambiguity, leading to distrust among investors and stakeholders. NIESV President, Dr. Ayo Adebayo, stated, "A national property data bank is crucial for fostering confidence in the market and attracting both local and foreign investments." By systematically cataloging properties and their values, the government could facilitate better investment decisions and stimulate economic growth.
Establishing this data bank could not only streamline property transactions but also empower various sectors reliant on real estate, such as banking and construction. As Nigeria seeks to enhance its economic framework, the implementation of such an initiative may prove pivotal in unlocking vast untapped wealth and fostering a more vibrant economic landscape.
