Nigerian Valuers’ Perception of the Significance of Broad Knowledge on Assets

Abstract

The field of property valuation is yet to have a settled domain, more importantly the aspect that concerns multiplicity of assets. This eclectic nature is already facing a challenge from Nigerian engineers in the aspect of machinery valuation and invariably, emerging economic activities tend to produce new specialists that could further shut out traditional property valuers. Thus, there is the imperative for extended education to improve competencies for valuation, especially as regards non-real estate assets as most professional valuers have their background education within the real estate discipline. Online questionnaire survey through SurveyMonkeyR was served on the entire 117 accredited members (with established electronic mail addresses) of the Faculty of Valuation International‟, a social - professional wing of Nigerian Institution of Estate Surveyors and Valuers (NIESV) with 44 useable responses. Respondents were required to rate the importance of nine identified knowledge-imparting courses on a 5-point Likert-type scaling. Probit analysis of the responses indicates significance being attached to machinery maintenance, environmental economics, introduction to structures and business accounting with asset analysis while introduction to machines and basics of industrial production were also found essential. Thus, it is recommended that benchmark curriculum for valuation education in Nigerian Universities and Polytechnics should be upgraded to accommodate these yearnings in practice. This study is significant in designing curriculum upgrade given the emerging demand for valuation of various assets within increasingly competitive and globalised market settings.