Govt Urged to Involve Estate Valuers in Creative Industry

Govt Urged to Involve Estate Valuers in Creative Industry

By Fly Cable News

Intellectual property valuers have called on the government to include members of the Nigerian Institution of Estate Surveyors and Valuers in the creative industry.

In a statement, Dr. Thomas Ashaolu, Chief Lecturer and former Head of the Department of Estate Management and Valuation at the Federal Polytechnic, Ilaro, urged government officials overseeing the creative sector to ensure the inclusion of estate surveyors and valuers, who are trained experts in economic and financial valuation.

In response to the Federal Government’s approval to boost the creative industry through the establishment of a Creative Economy Fund, Lekan Akinwunmi, Chairman of the Faculty of Business Assets and Intellectual Property Valuation and its facilitator, revealed that the initiative, aimed at pooling resources for the creative sector, had secured $200 million from AfreximBank to kick off.

Akinwunmi, commenting on the government’s approval, expressed that the initiative could not have come at a better time. He emphasized the need for extensive consultations with relevant stakeholders, particularly trained and registered valuers.

“We are grateful to President Bola Tinubu and Minister of Arts, Culture, and Creative Economy Hannatu Musawa for making this fund a reality. Our institution members possess the expertise needed to help drive the goals of this initiative, but the potential of this sector should not be subject to party politics or ethnic divisions,” he said.

“Nigeria stands to benefit immensely from the creative industry, and we are prepared to collaborate with the government to lead this initiative forward.”

Ashaolu, acknowledging the positive development of the fund, noted its potential to alleviate youth unemployment.

“This fund will offer our youth productive opportunities, enabling them to earn a livelihood instead of resorting to illicit activities,” he said.

On how the fund should be managed, Ashaolu urged the government to engage professional groups and associations within the creative industry.

“Through these organizations, coordination and management of interested individuals will be streamlined, allowing the government to work with the right people and ensuring effective administration,” he added.

“It’s now up to professionals to leverage the opportunities and bridge gaps in the industry through training and other efforts to help targeted individuals access the vast potential this sector offers.”

Ashaolu also emphasized the significant role of trained valuers in intellectual property assets for the success of the project. “For many years, estate and valuation professionals focused on property, but recently, some of us have started exploring the valuation of tangible and intangible assets,” he said.

“We need more skill development programs and engagements in this area. It’s a growing market both locally and globally. While we have foundational valuation skills, what we need now is to refine our expertise in valuing intangible assets.”