Nigeria may be sitting on more than $300 billion in “dead capital” tied up in undocumented real estate, abandoned public projects and underutilised state assets, even as governments across the federation struggle with declining revenues and mounting fiscal pressure, the Chairman , Nigerian Institution of Estate Surveyors and Valuers (NIESV), Lagos Chapter, Tosin Kadiri has said.
He spoke in Lagos during the 2026 Valuation Day celebration of the institution themed, “Unlocking Nigeria’s Wealth: How Valuation Builds Our Prosperity.”
Kadiri, who warned that the country remains “asset-rich but cash-constrained” because a significant proportion of properties and agricultural lands remain outside formal valuation and documentation systems.
He lamented that more than 70 per cent of properties in Nigeria are untitled and lack professional valuation, making it difficult for government and property owners to unlock the economic value embedded in land and buildings.
According to him, trillions of naira in wealth remain trapped in informal markets where assets cannot be effectively taxed, insured, mortgaged or used as collateral because their true value is unknown.
“Nigeria is asset-rich but unfortunately cash-constrained despite over $300 billion in dead capital stocked in undocumented real estate, abandoned government projects and state-owned enterprises that cannot be leveraged for the country’s economic growth,” he said.
Kadiri noted that while the real estate sector continues to expand, much of the wealth generated in the sector remains invisible to the formal economy because transactions are driven by speculation rather than professionally verified market data.
“We are sitting on trillions of naira in real estate, yet much of the wealth is locked in untitled land, undervalued properties, and informal markets, where price is based on rumour, not evidence because professionals are not engaged in the exercise,” he stated.
He described valuation as the foundation for unlocking national prosperity, insisting that no economy can build sustainable growth on undocumented assets.
“Valuation is the key to unlocking this wealth. You cannot tax it, mortgage it, insure it, compensate for it, or invest in it, if you do not know what it is worth. Nigeria’s prosperity will not come from oil alone. It will come from unlocking the value in our land and buildings. That process starts with a number, a credible, ethical, professional opinion of value,” he said.
He added: “Let us all commit to building a Nigeria where every property counts, every value is known, and every citizen can share in the prosperity that asset creates.”
Kadiri urged federal and state governments to strengthen asset valuation systems as part of broader economic reforms aimed at widening revenue generation and deepening investment flows into the property sector.
