The Nigerian Institution of Estate Surveyors and Valuers (NIESV) has proposed a paradigm shift in land administration and housing affordability in Nigeria, advocating for accessible land coupled with a sustainable revenue stream for the government. This innovative approach centers on providing land at significantly reduced initial costs, allowing individuals to build their homes while contributing to government revenue through consistent ground rent payments and other housing-related fees. This proposal aims to address the pressing issue of housing affordability, particularly considering the high cost of building materials, a significant portion of which are imported. The current pricing structure in the housing market places homeownership beyond the reach of many Nigerians, a situation the NIESV seeks to rectify through this new land access model.
Central to the NIESV’s argument is the belief that affordable land is a key driver for housing development and economic growth. By making land more accessible, the institution believes that more individuals will be able to build homes, thus stimulating the construction industry, creating jobs, and ultimately boosting the economy. The current system, where land acquisition costs are prohibitive for many, hinders development and contributes to the housing deficit. The proposed system, in contrast, would empower more Nigerians to participate in the housing market, creating a more inclusive and vibrant economy. Furthermore, the consistent flow of ground rent would provide a predictable and sustainable revenue stream for the government, replacing the current system which often relies on one-time land sales.
The NIESV’s proposal coincides with ongoing discussions regarding the implementation of a monthly rent payment scheme in Lagos State. While the NIESV supports the initiative in principle, the organization urges the state government to proceed with caution, ensuring legal clarity, providing incentives for compliance, and establishing the necessary infrastructure for effective implementation. This cautious approach underscores the complexity of implementing such a significant change in the rental market. Balancing the interests of tenants with the rights of property owners is crucial for the scheme’s success, and careful consideration must be given to the legal framework and enforcement mechanisms.
To minimize potential disruptions and unintended consequences, the NIESV recommends a pilot program within government-owned estates before extending the monthly rent scheme to privately held properties. This phased approach would allow the government to identify and address any unforeseen challenges within a controlled environment before implementing the program on a wider scale. This measured approach will also offer valuable insights into the practicalities of the scheme, enabling adjustments and refinements before full implementation. The NIESV further emphasizes the importance of a consultative and data-driven approach, offering its expertise and collaboration to develop a rent law that is both fair and effective, reflecting market realities.
The NIESV’s recommendations highlight the institution’s commitment to promoting professionalism, ethical practices, and continuous learning within the real estate sector. The organization’s annual Estate Surveyors’ Week serves as a platform for reflection, dialogue, and reaffirming these values. The Lagos State chapter of the NIESV has undertaken various initiatives to enhance its visibility, promote ethical conduct, and provide professional development opportunities for its members. These efforts aim to strengthen the real estate profession, ensuring competence and integrity among practitioners.
The NIESV’s advocacy for affordable land access and sustainable government revenue through ground rent is a significant contribution to the ongoing national conversation on housing affordability and economic development. The organization’s commitment to a consultative and data-driven approach, coupled with its emphasis on ethical practices and professional development, positions it as a key player in shaping the future of the real estate sector in Nigeria. The comprehensive proposal demonstrates a deep understanding of the challenges and opportunities within the housing market, offering a potentially transformative solution that benefits both citizens and the government.
