- September 25, 2020
- Posted by: admin
- Category: Real Estate
The Nigerian Institution of Estate Surveyors and Valuers (NIESV), has urged players in the financial sector to partner with the private sector, especially professional bodies like the institution to drive the economy on the path of sustainable development.
The institution also disclosed that it has commenced the process of formalising a partnership with the Nigeria Mortgage Refinance Company (NMRC) on the valuation of residential properties for mortgage purposes. The collaboration is expected to promote valuation practice in Nigeria and create more opportunities for its members.
The president of the institution, Emmanuel Okas Wike who spoke during the 13th yearly banking, and finance conference of the Chartered Institute of Bankers of Nigeria (CIBN) in Abuja, stated that with the economic challenge facing the country, it is imperative for the CIBN to bring forth initiatives that would support estate surveyors and valuers for the singular reason that the real estate sector unarguably has the potentials to drive the economy on the path of rapid development.
Speaking on the theme, ‘Facilitating a Sustainable Future: The Role of Banking and Finance’, he explained that given the unpleasant state of the nation and the world as a result of the rampaging COVID-19 pandemic, which has significantly laid prostrate the value of the country’s crude oil in the global market and brought to the fore the vulnerabilities of the national economy, it has become imperative that all hands must be on deck in the current circumstance to dissect the issues, bring to bear collective ingenuity, and innovation in mitigating the challenges.
He said; “Financial Sector in Nigeria is reported to have contributed fairly to the Gross Domestic Product (GDP). The growth rate of 24 per cent for the first quarter of 2020 compared to 22.3 per cent in the last quarter of 2019, and a contraction of 9.21 per cent in the corresponding quarter of 2019. This is according to data from the National Bureau of Statistics. The implication is that the sector does not only retain its position as one of the fastest-growing sub-sector in the nation’s economy but has the capability of spearheading the drive for sustainable development in the future”.
According to him, the financial sector only needs to re-strategize, possibly by looking inwards in the direction of generating and making funds available for businesses, individuals, and corporate organisations for developmental purposes, monitoring and ensuring that the funds are used appropriately because they are loans in the first place.
“Policymakers, stakeholders, scholars, economy watchers, and analysts and observers have postulated several measures for turning the current unfavourable tide around and to chart a new direction for the immediate and distant future. All these efforts are indicators that hope is not lost for our country, Nigeria, and our economy”, he stated.
Wike lauded the leadership of the CIBN for coming up with the timely theme for national discourse, stressing that the outcome of the effort will go a long way in helping the country chart a sustainable economic development.
Credit: Guardian 21/09/2020