The Challenge of Globalization for Property Valuation Profession in Nigeria. A chapter in Globalization Culture and the Nigerian Built

Babawale, G. K. (2005-11)

Presentation

Driven by the combined forces of technological advancement, economic liberation, and democracy, globalization in the 21st century has forced more on the integration of national economies with the aim of creating a more coherent global economy. While the process may suit the more advanced economies; it is doubtful whether the same can be said of the developing economies. Unfortunately, developing countries can ill afford a strategy of containment and isolationism. This paper examines the challenges posed by globalization to the property valuation profession in Nigeria. It particularly examines the preparedness of valuation profession in Nigerian to take full advantage of the cross – border movement of professional valuation expertise that globalization creates. The study noted that neither the existing property market structure nor the level of expertise in professional valuation discipline is capable of matching the demands of globalization and the challenges it poses. The paper therefore suggests improvement on the existing property market infrastructures and property valuation expertise in the country if Nigerian valuers hope to participate gainfully in the emerging global market.