Lawmaker tasks Surveyors on Technology and Sustainability Plan for Real Estate Practice
MUKHAIL Abiru, Chairman of the Senate Committee on Banking, Insurance, and Other Financial Institutions, has called on estate surveyors and valuers in Nigeria to prioritize technological advancements and sustainability in their professional practices. He made this call during the induction ceremony for new associates of the Nigerian Institution of Estate Surveyors and Valuers (NIESV) held in Abuja.
Addressing the inductees, Abiru highlighted the transformative impact of technology on real estate practices globally. He cited innovations such as big data analytics, artificial intelligence, and block chain as tools reshaping property valuation, transaction transparency, and market Lawmaker tasks surveyors on technology, sustainability Plan for real estate practice prediction. "We must keep pace with these trends. I encourage NIESV’s leadership to prioritize technological capacity-building in training programs and actively engage stakeholders to create ethical and professional standards for applying these technologies," he stated.
The Senator also emphasized the importance of sustainability in property development, noting the growing demand for environmentally friendly practices amid global cli mate challenges. He called on estate surveyors to integrate sustainability metrics such as energy efficiency and green certifications into valuation processes, stressing that this shift is crucial for compliance and maintaining long-term as set value.
Beyond technology and sustainability, Senator Abiru underscored the critical role of estate surveyors in financial markets. "Real estate assets are a critical component of national wealth and form the basis for financial products like mortgages. The accuracy and professionalism of NIESV members foster trust and confidence in both real estate and financial markets," he said.
He also advocated for stronger collaboration between financial institutions and the real estate sector to address economic challenges such as inflation and exchange rate volatility. According to him, such partnerships can stabilize property values, protect investors, and spur economic growth.
In his remarks, Victor Alonge, President of NIESV, restated his commitment to ensuring the institution members keep tab with emerging technical skills sought after in the industry. "My candid advice to my noble colleagues, particularly the new entrants into the Professional Membership is that skill acquisition is a critical factor, because as service providers, our stock in trade is knowledge. We need to put the whole knowledge and resources together to revolutionize our industry and attain professional excellence to ensure continuous relevance," he noted.
While delivering a lecture on the theme, "Developing Skills for Professional Excellence", the managing Director, Premium Trust Bank, Emmanuel Emefienim urged the federal government to create sustainable conducive environment that would support the private sector in the quest for economic growth and development.
Culled from BusinessDay Newspaper, December 2024