Experts have highlighted that ethics and integrity are crucial to the success of Public-Private Partnerships (PPPs), emphasizing that financial models alone cannot guarantee project effectiveness. Without transparency and adherence to procurement best practices, PPPs risk becoming liabilities rather than instruments for innovation and value creation.

This was a key theme at the 2025 National Mandatory Continuous Professional Development (MCPD) seminar of the Nigerian Institution of Estate Surveyors and Valuers (NIESV) held in Lagos. The seminar, themed “Infrastructure Concession Regulatory Commission (ICRC) Act: A Strategic Overview of the New Public-Private Partnership Framework and Role of Estate Surveyors and Valuers in National Infrastructure Transformation,” provided a platform for professionals to showcase their expertise.

Dr. Samson Agbator, a speaker at the event, noted that Nigeria is entering an era where infrastructure will dominate national development. He emphasized the pivotal role of estate surveyors and valuers in ensuring that PPPs deliver major capital investments, adhere to valuation standards, and attract investor confidence through thorough feasibility studies.

“The ICRC Act of 2005 marked a bold step in Nigeria’s infrastructure journey. Opportunities before estate surveyors and valuers are unprecedented. This is our moment to rise, innovate, and redefine our relevance,” Dr. Agbator said.

He encouraged professionals to strengthen technical skills, deepen financial literacy, and adopt multidisciplinary approaches. He highlighted upcoming infrastructure opportunities, including the Senate-approved $22 billion in external loans, the government’s target to raise infrastructure stock to 70% of GDP by 2043, and a projected national population of 400 million by 2050.

With Nigeria’s infrastructure deficit projected to reach $878 billion by 2040, experts urged estate surveyors and valuers to leverage the revised ICRC Act 2025, which allows federal ministries, departments, and agencies (MDAs) to partner with the private sector on viable infrastructure projects through competitive bidding. Key reforms include:

• Projects above N20 billion require Federal Executive Council (FEC) approval; projects below this may be approved by supervising ministries.
• Projects involving multiple MDAs automatically require FEC approval to accelerate delivery.
• The ICRC retains oversight of PPP agreements, issues guidelines, and ensures compliance.

NIESV President, Victor Alonge, stressed the vital role of estate surveyors in valuation for insurance, risk assessment, and professional integrity. Ayo Oladapo emphasized collaboration between federal and state governments, adoption of technology, international best practices, and specialised skills such as green building and mineral resource valuation.

The seminar concluded with Fatima Olowookure, Chairman of the National MCPD Committee, urging practitioners to embrace lifelong learning to stay competitive in a rapidly evolving professional landscape.