The Estate Surveyors and Valuers Registration Board of Nigeria (ESVARBON) recently inducted 700 new members into the profession, marking a significant milestone in their careers and underscoring the board’s commitment to bolstering the quality and scope of the Nigerian property sector. The induction ceremony, held in Abuja, served as both a celebration of the inductees’ achievements and a platform to address critical issues facing the profession and its potential for contributing to national economic growth. Dosu Fatokun, the 16th Chairman of ESVARBON, presided over the ceremony, emphasizing the importance of upholding the highest standards of practice and encouraging the new members to embrace their roles as catalysts for positive change within the sector.
Fatokun’s address highlighted the significance of the induction, not simply as a ceremonial event, but as a legal requirement for practicing estate surveying and valuation in Nigeria. He stressed that the induction conferred upon them the privilege and responsibility to operate legally within the profession, distinguishing them from unqualified practitioners. Furthermore, he emphasized the ongoing need for professional development, urging the inductees to engage in continuous learning through the Mandatory Continuing Professional Development program. Keeping abreast of best practices and emerging trends, he argued, was essential for maintaining the profession’s high standards and ensuring its relevance in a dynamic market.
A key theme of the chairman’s address was the need for a structural shift in the profession’s focus. He observed a current imbalance, with an overwhelming concentration on downstream activities such as valuation, agency, management, and other routine tasks. While acknowledging the importance of these services, Fatokun called for a more balanced approach, encouraging greater participation in the upstream segment of property development. This segment, he explained, encompasses activities like the development of housing estates, commercial office buildings, malls, modern markets, and recreational complexes – projects with the potential to generate significant economic impact and address critical national needs.
Drawing a parallel with the oil industry, Fatokun categorized the profession’s activities into upstream and downstream segments. He likened the current dominance of valuation, agency, and management services to the downstream activities of petroleum retailing, while property development represented the more impactful upstream activities of exploration and refining. He argued that a stronger focus on property development would not only be more rewarding for practitioners but would also significantly enhance the profession’s contribution to the nation’s Gross Domestic Product (GDP) and address fundamental needs like housing and infrastructure.
Fatokun urged the newly inducted members, representing the “Gen Z” of the profession, to embrace this challenge and actively participate in upstream activities. He described them as young, vibrant professionals with immense potential to reshape the industry and make a tangible difference in the country’s development. By focusing on large-scale real estate development, he argued, they could leverage their skills and knowledge to create valuable assets, stimulate economic growth, and contribute to a more prosperous future for Nigeria.
The induction of 700 new estate surveyors and valuers represents a significant injection of fresh talent into the Nigerian property sector. The chairman’s call to action, urging these new professionals to prioritize upstream property development, signals a potential shift in the industry’s trajectory. By embracing this challenge, the inductees have the opportunity to not only advance their own careers but also contribute meaningfully to the nation’s economic growth and address critical societal needs. Their success in this endeavor will depend on their commitment to continuous professional development, their willingness to embrace innovation, and their dedication to upholding the highest ethical standards in their practice. The future of the Nigerian property sector, and its contribution to the national economy, rests in their hands.
