In Nigeria, Less Than 10% of Land is Titled – Reported By Ubosi Eleh & Co
A report by Ubosi Eleh & Co has revealed that 10 per cent of land is titled in Nigeria.
According to the African Development Bank’s research titled “Re-invigorating Nigeria’s Economic Potential with Dead Capital,” the state possessed 64% of the land while private ownership held 36%.
“The land area of Nigeria is 923,000 square kilometers,” it said. Ten percent or less are titled. In Zambia and Mozambique, only 3% of the land is titled. Seventy-two percent of South Africa’s land is titled, compared to 44 percent in Namibia.
“Nigeria needs a collaborative approach involving government, communities and stakeholders at all levels to implement reforms that will unlock deal capital. A hypothetical 25 per cent increase in titled land will potentially increase GDP astronomically by enhancing agricultural productivity, attracting investments and fostering economic development.
“Real estate development and investment, construction, and infrastructural projects will increase and, in effect, boost economic activity.”
The report noted that the nation had trillions of naira lying dormant in idle assets nationwide, representing a drain in terms of underperformance on the nation’s economic potential.
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It stated, “Based on a 2022 report by the Nigeria Institute of Quantity Surveyors, Nigeria has over 56,000 abandoned projects spread between the states and Federal Government nationwide.
Nigeria possesses more than 300 properties across the globe. Many of which are underutilized and abandoned. Many MDAs, parastatals, and government-funded businesses are likewise not performing up to standard.
“Throughout the country, there are thousands of kilometers of abandoned road projects in various stages of construction.”
According to the paper, the Ministry of Finance Incorporated should be established. It will be responsible for registering all national assets, managing them profitably over time, and enacting land reforms.
The statement continued, “Governments in charge of land ownership and registration should view land as an element of production, as output has numerous positive knock-on impacts. Facilitate the registration and titling process.
“Educate the public on the importance of formal land ownership.” Promote your right to own property.
“Leveraging technology for land administration, enhancing the capacity of institutions responsible for land administration and governance, and facilitating access to financial resources by using formalised land as collateral. In addition, microfinance and alternative lending models can be developed for loan products that utilise informal assets as collateral.”
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