NIESV President, Sir Emmanuel Wike, who made the disclosure at the unveiling of the institution’s conference logo for its 51st anniversary in Abuja, noted that real estate is one of the vital sectors that can revamp the economy.
“We have been advocating abrogation of Land Use Act (LUA) because we have been told that over 90 per cent of land in Nigeria is not registered. That is an untapped potential because what it means is that you cannot use any land that is not registered for financial transaction, you can only use land that is registered,” he stated.
While noting that there were a lot of untapped potentials in the real estate sector, Wike called on the government to invest in the sector to unleash untapped potentials.
He noted that the outbreak of COVID-19 had affected the profession negatively, adding that there were a lot of positive lessons to learn from the disruption caused by the pandemic.
“Most of our members are into real estate construction, we manage projects and could not find cheaper building materials. While some who work with the financial sector are heavily affected because they carry out valuation for their projects.
“Also, it affected those in the facility and property management because most of us cannot collect rent on behalf of the property owners. We should look more on the positive sides because we have been able to develop some applications using Information Communication Technology (ICT) that aid our work”
Wike said the rise in the cost of property in the country was due to the rising cost of building materials.
He explained that the conference themed; “Unlocking Real Estate Potential for Economic Development” will bring together scholars and practitioners to provide solutions to some of the challenges in the sector
He said the logo was repackaged and rebranded to give the profession a more distinct identity.