Background of the study
Nigerian estate surveying and valuation is a product of the British system. The theoretical foundations and professional curricula for local training in Nigeria have been modeled after the Rics/Royal Institution of Characterized Surveyors system created in the United Kingdom. Estate surveyors and values in Nigeria were naturally modeled after the practice in the United Kingdom.
Valuation is the art and science of evaluating the worth of a specific property at a specific time and in a specific location, taking into account all of the teutors who have a direct or indirect influence on the property market. Valuation of an organization’s assets is normally given a lot of thought because an organization’s assets are its core.
STATEMENT OF PROBLEM
Housing provision is critical in support of the government’s efforts to achieve Vision 2020 and the economy’s overall development. A housing deficit of 150000 units per year, along with an ever-increasing population, creates a housing challenge, as well as social and economic problems. Housing is not the only issue here; suitable housing that meets mankind’s comfort requirements is also required. The government’s priority for housing issues led to the adoption of a housing policy, but its execution and efficacy have been inadequate, as evidenced by Nigeria’s current housing situation.
AIM AND OBJECTIVES OF THE STUDY
Housing supply is controlled by reasons other than demand, making it inaccessible to low-income earners.
Determine the factors that influence the delivery of homes.
To determine the impact on housing provision.
Analyze the characteristics of housing supply in developing economies.
To discover direct and indirect sources of home finance, as well as ways for low-income earners to obtain funds.
There is a research question that needs to be answered.
a. How often does the Nigeria Railway Corporation value its assets, and when was the last time it did so?
b. What are the issues that are preventing the corporation’s assets from being valued?
c. Make suggestions about how to solve the difficulties
d. What are the prospects of carrying out Assets valuation of public corporations.
SIGNIFICANCE OF THE STUDY
Asset valuation is a crucial component of every business because it allows you to see if you’re progressing or regressing.
This study will act as a wake-up call to the Nigeria Railway Corporation’s management about the importance of conducting this exercise on a regular basis in order to improve the corporation’s performance.
Also, because this study will benefit rail customers, it will drive the firm to improve.
This study will also act as a roadmap for future researchers on the same or similar topics.
SCOPE OF THE STUDY
This research will focus on the issues and prospects of valuing public assets, with the Nigeria Railway Corporation Enugu districts as a case study. That is to say, it would focus solely on the Enugu district headquarters.
LIMITATION OF THE STUDY
Some pertinent issues were considered as a hindrance to the fulfillment of the given job when doing research for this study. These elements include:
i. Inadequate provision of pertinent information about the project’s topic.
ii. The element of time
iii. The respondents’ willingness to answer to the questions posed, particularly the Nigeria Railway Corporation’s employees.