BY ESV. Stella I. Omoregbee
Land valuation is an essential component of land administration and urban development. In the Federal Capital Territory (FCT), Abuja. it provides basis for determining compensation for compulsory land acquisition, assessing property taxes, facilitating mortgage transactions, supporting investment decisions, and resolving disputes involving land and property rights.
As Abuja continues to expand rapidly, the demand for accurate, transparent, and reliable land valuation has become increasingly important. This has place a responsibility on the land valuers to practice in a responsible and accountable manner.
The current land valuation practice in the FCT largely relies on conventional valuation methods such as the comparative, investment, cost, and residual approaches. While these methods remain professionally accepted, their effectiveness is often limited by inadequate market data, irregular property transactions, inconsistent valuation practices, and the existence of informal land ownership in some developing areas.
Another major challenge is the limited availability of comprehensive and up-to-date land information. Without reliable records of property transactions, valuers may find it difficult to establish realistic market values. This can result in disagreements during compensation exercises, delays in project implementation, and reduced confidence among investors.
Despite these challenges, significant opportunities exist to improve land valuation practice in the FCT. The increasing use of Geographic Information Systems (GIS), digital land administration, electronic property records, and improved collaboration among government agencies can greatly enhance valuation accuracy and transparency.
Besides, continuous training and retraining of Estate Surveyors and Valuers is also desirable to strengthen the profession. Moreover, adherence to professional standards, and stronger institutional support is also needed to improve the quality of valuation services considerably.
The way forward requires coordinated and collaborative efforts of government, professional institutions, financial organisations, and valuation
practitioners.
Essentially, establishing comprehensive property transaction databases, encouraging compliance with valuation standards, strengthening land administration systems, and adopting modern valuation technologies would create a more efficient and trusted valuation environment.
A credible land valuation system is essential for sustainable urban development, effective compensation, increased investor confidence, and efficient land management in the FCT.
However, by addressing current challenges and embracing innovation and creativity, Nigeria can build a valuation system that supports economic growth and at the same guaranteeing fairness, transparency, and public confidence.
