Real Estate Professions and Practices beyond the Four Walls of the Classroom in Nigeria

PAPER DELIVERED BY ESV BABATUNDE FOLARIN ABIODUN MNIVS RSV@ THE DEPARTMENT OF ESTATE MANAGEMENT AND VALUATION                                                                                 SCHOOL OF ENVIRONMENTAL STUDIES                                                                                                                                  GATEWAY ICT  POLYTECHNIC,SAPAADE  OGUN STATE ON THE 8TH OF JULY, 2025 PROTOCOLS THE RECTOR, 

THE DEAN OF ENVIRONMENTAL STUDIES, THE HOD ESTATE MANAGEMENT, LECTURERS, DISTINGUISH LADIES AND GENTLE MEN Good morning Noble colleagues,1. Introduction

The real estate sector in Nigeria is a critical component of the country’s socio-economic development. With rapid urbanization and population growth, there is a rising demand for residential, commercial, and industrial spaces. 

Although academic training offers foundational theories and concepts, it is the real-world application of this knowledge that truly prepares students for professional practice.

Traditional classroom settings often fall short in exposing students to the dynamic and practical aspects of real estate in Nigeria. This lecture note seeks to bridge the gap between theoretical instruction and hands-on experience by exploring real estate professions and practices outside the academic environment. 

It highlights the diverse career opportunities available, the practical responsibilities expected of graduates, and the application of theoretical knowledge in professional settings.

 Additionally, it examines the challenges students and practitioners face, as well as emerging opportunities within the field.2. Overview of the Real Estate Industry in Nigeria.

The real estate industry in Nigeria is among the fastest-growing sectors in the economy, encompassing development, sales, leasing, and management of land and property.

 The sector plays a pivotal role in wealth creation, job generation, and urban development.Despite its vast potential, the industry is constrained by challenges such as poor infrastructure, weak legal frameworks, high development costs, and limited access to financing.

 However, it offers significant opportunities for trained professionals who can bring innovation and professionalism into the sector. The demand for qualified practitioners is particularly high in major urban areas like Lagos, Abuja, Port Harcourt, and Kano, where complex real estate issues require expertise in valuation, property management, investment analysis, and urban planning.

3. Key Real Estate Professions in NigeriaReal estate is inherently multidisciplinary, encompassing various areas of specialization. Key professional domains include:a) Estate Surveying and Valuation:These professionals assess property values for purposes such as sales, leasing, mortgages, insurance, taxation, and acquisition. 

They also manage properties and provide investment advice.b) Property and Facilities Management:Property managers oversee daily operations of buildings, while facilities managers ensure optimal functioning of infrastructure, promoting comfort and safety for users.c) Real Estate Development:

Developers plan and execute property projects by coordinating with architects, contractors, and financiers from conception to completion.

d) Town Planning and Urban Development:Urban planners design and regulate the spatial growth of cities to ensure sustainable development, working closely with governments and private developers.

e) Land Administration and Surveying:These experts manage land acquisition, titling, and documentation, ensuring compliance with legal standards and regulatory processes.

f) Real Estate Finance and Investment:This specialization focuses on financial planning for property projects, covering investment analysis, funding strategies, and risk evaluation.

4. Practical Applications and Field Practices. While classroom learning offers theoretical foundations, practical experiences are essential to fully understand the complexities of real estate practice. Key real-world engagements include:a) Industrial Training (IT) and Internships:Most Nigerian real estate programs mandate at least six months of industrial training, offering students exposure to real-life scenarios and professional development.

b) Site Visits and Field Trips:Educational institutions organize visits to various development sites, allowing students to observe diverse land use patterns and real estate projects.

c) Professional Examinations and Memberships:Graduates are encouraged to obtain certifications from bodies such as the Nigerian Institution of Estate Surveyors and Valuers (NIESV) to enhance professional credibility.d) Participation in Real Projects:Under professional supervision, students may engage in valuation reports, feasibility studies, property marketing, and documentation of land transactions.

e) Networking and Mentorship:Connecting with industry mentors and professional associations like NIESV, REDAN, and FIABCI helps students stay informed about trends and standards.5. Bridging Theory and Practice: Challenges and Opportunities Challenges:

1.Limited Practical Exposure:Many institutions lack the infrastructure or partnerships necessary to provide sufficient hands-on learning opportunities.

2.Technological Deficiencies:Students often graduate without proficiency in modern tools such as GIS, CAD, or property data analysis platforms.

3.Weak Industry-Academia Linkages:Collaboration between educational institutions and industry stakeholders is often insufficient, restricting knowledge exchange and curriculum relevance.

4.Regulatory Constraints:Bureaucratic obstacles in land registration and property approvals impede innovation and efficient practice.Opportunities:1.Supportive Government Housing Initiatives:Policies promoting affordable housing and urban renewal provide employment and innovation prospects for young professionals.

2.Growth of PropTech:Technology-driven platforms—such as online listings, virtual tours, and digital mapping—are creating new specializations in the industry.

3.Private Sector Expansion:Increased private investment in real estate development fuels demand for skills in project management, marketing, and finance.

4.International Opportunities:Nigerian-trained professionals often find opportunities abroad due to their solid grounding in valuation and analysis.

Conclusion and Recommendations Real estate education in Nigeria must evolve to integrate both academic learning and practical experience. While theoretical knowledge forms a crucial base, it is through active industry engagement that students develop into competent professionals. The future of the real estate sector depends on a workforce that is adaptable, technologically aware, and capable of addressing both local and global challenges.Recommendations:1. Strengthen Industry-Academia Collaboration:Institutions should work closely with firms and regulatory bodies to ensure curricula reflect current industry needs.

2. Enhance Internship Programs:Well-structured, supervised internships should be embedded within academic schedules to provide meaningful field experience.

3. Invest in Practical Infrastructure:Schools should develop simulation labs, studios, and practical workshops to support experiential learning.

4. Promote Early Professional Engagement:Students should be encouraged and supported to join relevant professional bodies early in their careers.

4. Foster Lifelong Learning:Graduates must pursue continuous education to remain relevant in a rapidly evolving market.By implementing these strategies, Nigeria can cultivate a new generation of real estate professionals who are not only academically proficient but also practically equipped to contribute meaningfully to the growth and transformation of the sector.

WHEN YOU ZERO YOUR MIND TO LETTING THE WILL OF GOD  BE DONE, THEN YOUR WILL YOU WILL START UP A LIFE MEANINGFUL GOD.GOD BLESS YOU ALL THANK YOU FOR YOUR TIME