Members of the Nigerian Institution of Estate Surveyors and Valuers (NIESV) Abuja chapter have urged the Federal Government to embark on critical projects that will boost the real estate sector and stimulate the economy.
NIESV Chairman, Abuja Chapter, Adebanjo Adeleke, who made the call at the Breakfast Summit for Heads of Practice organised by the chapter, also called on estate surveyors to enter into partnerships to enable them to render quality services to their clients and society.
Adeleke lamented that over 90 per cent of estate firms in Nigeria are operating sole proprietorship, which makes some people not have confidence in them. “The major challenge facing the practice is lack of partnerships. Partnership is crucial to the growth and development of the estate surveying profession. When two or more people join forces, they will deliver quality services and clients will have value for their money,” he said.
He implored members of the profession to ensure that ethics and standards are maintained, saying it is the only way to move the industry forward and bring young ones into the profession.
The NIESV chairman traced the high cost of rent in the Federal Capital Territory to undeveloped areas and quest by tenants to live in the city centre.
He stressed the need for the government to undertake infrastructure development in Kuje, Gwagwalada and other suburbs, as well as establish a good transportation system for people working from the satellite towns.
Adeleke lauded the removal of fuel subsidy, saying that it will enable the country to have money to build infrastructure, adding that their members are coming up with strategies to ameliorate workers’ welfare. “We are encouraging our members and partners to provide palliatives to their workers to cushion the effect of the fuel subsidy removal.”
Speaking on the theme, “Contemporary Partnership Models: Opportunities for Raising the Bar of Estate Surveying and Valuation Business”, Chairman, Association of Capital Market Valuers (ACMV), Mr. Chudi Ubosi, explained that partnership is a formal agreement by two or more parties to manage and operate a business, share profit, liabilities, as well as loses.
Ubosi observed that partnership enables firms to leverage on their network, competencies and knowledge in the industry, adding that unlike sole proprietorship, partnership makes more capital, resources and assets available, as well as ensures increased borrowing capacity.
He noted that in partnership, the human resource factor is key in ensuring effective and effective execution of jobs.
Ubosi urged members to add more value to their practice, as the profession is not where it ought to be.
