Nigeria suffers huge economic loss due to lock-up capital in land — SGoF

The Surveyor General of the Federation (SGoF), Surv. Samuel Adeniran Taiwo has said that Nigeria suffers huge economic loss because of locked-up capital in land resulting from ineffective land administration, improper land use and property management.

Surv. Taiwo said this at the opening ceremony of the 51st Annual Conference of the Nigerian Institution of Estate Surveyors and Valuers held at the International Conference Centre in Abuja.

According to him, the theme of the conference, “Unlocking Real Estate Potentials for Economic Development” is timely and inspiring, noting that there is no gainsaying the fact that land remains a major resource of any types of physical development impacting heavily on our national economic architecture.

He maintained that the management of land for development was of great consequence because it would help in curtailing waste of energy, time and financial resource among others.  He reiterated that land remained a major factor of production and “it is key for all purposes of socio-economic development.”

Surv. Taiwo stressed the crucial role of estate surveyors to the delivery of quantitative and qualitative physical development and the socioeconomic advancement of the country in the broad spectrum.

While commending the Institution’s desire to encourage synergy among professionals in the country, the SGoF stated, “Your role with the support of other professionals will definitely promote proper use of our land spaces that would guarantee aesthetics, healthy environment and even distribution of infrastructure and more prosperity for our nation.”

The SGoF pledged the support of the Office of the Surveyor General of the Federation (OSGoF) to the Institution as he charged participants at the conference to reflect deeply upon their role in issues of national economic development.