Audit Innovation Could Unlock Billions in Nigeria’s Real Estate Sector, Says Industry Expert

Nigeria’s real estate industry may be sitting on untapped billions, and the key to unlocking that value lies in modernizing how property audits are conducted. This was the central message delivered by Odoh Solomon, a respected real estate audit consultant, during a recent industry forum in Lagos.

Solomon urged stakeholders to rethink the traditional approach to property audits, which he described as reactive and outdated. “Auditing in real estate should go beyond identifying errors,” he said. “It must evolve into a proactive system that anticipates risks, enhances asset performance, and supports economic growth.”

A Shift Toward Predictive, Data-Driven Audits

Solomon emphasized the need for predictive audit models that leverage data analytics to assess property performance, identify inefficiencies, and guide strategic decision-making. He argued that many assets in Nigeria’s property market are underperforming due to fragmented records, inconsistent valuations, and a lack of transparency.

“Real estate is one of Nigeria’s most valuable sectors, yet we’re not maximizing its potential,” Solomon noted. “With the right audit tools, we can transform dormant assets into productive investments.”

Technology as a Catalyst

Central to Solomon’s proposal is the integration of advanced technologies into audit processes. He advocated for the use of blockchain to secure land registries, artificial intelligence to model risk, and automated valuation platforms to provide real-time insights.

He also called for increased investment in training and capacity building, noting that auditors and property managers must be equipped with the skills to operate in a tech-enabled environment. “Digital transformation is not optional,” he said. “It’s the foundation of a transparent and efficient property market.”

Regulatory Reform and Investor Confidence

Solomon urged policymakers to update Nigeria’s regulatory framework for property audits, stressing that clear standards and enforcement mechanisms would improve accountability and attract investment. “Investors are looking for clarity and consistency,” he said. “Robust audit systems can help restore confidence and drive capital into the sector.”

Industry Response and Next Steps

His remarks have sparked interest among developers, financial institutions, and government agencies, many of whom are exploring pilot programs to test new audit models. With Nigeria’s housing deficit still exceeding 20 million units, experts agree that smarter asset management is essential to meeting demand and sustaining growth.

As the real estate sector continues to evolve, Solomon’s call for audit innovation may prove to be a turning point—ushering in a new era of transparency, efficiency, and investor trust.