A report by Ubosi Eleh & Co has revealed that 10 per cent of land is titled in Nigeria.
The report titled, “Re-invigorating Nigeria’s Economic Potential with Dead Capital,” said the African Development Bank estimated that 64 per cent of land was owned by the state and 36 per cent was in private hands.
It stated, “Nigeria has a land size of 923,000 sq km. Less than 10 per cent is titled. Mozambique and Zambia: 3 per cent of land is titled. In Namibia, 44 per cent of land is titled; in South Africa, 72 per cent of land is titled.
“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.
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 has over 300 real estate property worldwide. Many of which are abandoned and underutilised. There are numerous MDAs, parastatals and government-funded companies that are also underperforming.
“Thousands of kilometres of road projects that are in various stages of construction are all abandoned nationwide.”
The report recommended the establishment of the Ministry of Finance Incorporated, which is expected to domicile all the nation’s assets, create an asset register, and, in the long run, deal with each asset profitably and implement land reforms.
It added, “Land title and registration governments should see land as a factor of production and production comes with multiple ripple effects and benefits. Ease the process of titling and registration.
“Raise public awareness about the need to have formal ownership of land. Encourage property rights.
“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.”(Punch)
