A Professor of Environmental Valuation and Land Administration has stated that many valuers are not very conversant with methods of environmental valuations.
Speaking during the 92nd Inaugural Lecture with the theme: “ Black Swan Events In Wetlands Ecosystems: The Inadequacy Of Monetary Compensations’, of the Rivers State University (RSU), held in Port Harcourt, the Inaugural Lecturer, Professor Victor Akujuru, stressed that they rather adopt valuation methods more suitable for other purposes instead of adopting the appropriate valuation methods.
Akujuru explained that the inadequacy is compounded by the absence of workable framework for responding to the occurrence of oil spills when they occur and being used by the statutory authority charged with the responsibility of superintending the environment.
He further explained that the absence of any effective environmental management policy to ensure quick response to the occurrence of black Swan Events.
He stressed on the policy implications for developing economies like that of Nigeria to include the following: Where the government compromises it’s regulatory role and becomes dependent on only one sector of the economy for it’s revenues, the citizens will suffer as they are unable to insist on the application of free market international best practices in the operations of the dominant industry.
The Professor noted that the framework proposed will enable the operators of the oil industry to follow a laid down protocol in responding to oil spill contamination as they will be able to visualiser the various processes involved.
Akujuru added that it also result in the adoption of market determined valuation methods that will yeild better values to the landowners.
Prof Akujuru emphasized that since the state of professional knowledge and competence of the valuer, being inadequate to engage in environmental valuations, requires a rethinking of the training and policy formation that will aid the management of contaminated environments and thus made the following recommendations.
He recommended that there should be improved knowledge and skills, while charging that the critical role of Valuers in value determination requires the training curricular of future Valuers to be expanded to include aspects of ecological economics to address the peculiarities of the Niger Delta environment.
He called on both the Nigerian Institution of Estate Surveyors (NIESV) and the Estate Surveyors and Valuers Registration Board of Nigeria (ESVARBON) to produce a practical standard for valuation of contaminated properties, incorporating international best practice standards.