In order to foster development in the society, Ubosi Eleh & Co, said the increase of titled landed property by 25 % could have a significant impact on the Gross and Domestic Product of the country
The report titled “Reinvigorating Nigeria’s Economic Potential With Dead Capital” stated that in Nigeria, trillions of naira lay dormant in idle assets nationwide, representing a drain in terms of underperformance on the country’s economic capital.
It stated, “Nigeria needs a collaborative approach involving government communities and stakeholders at all levels to implement reforms that will unlock dead capital.
“A hypothetical 25 percent increase in titled land will potentially increase the Gross Domestic Product 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.”
From the news gathered, Nigeria has a land area of 923,000 sq km, of which only less than 10 percent is titled.
It stressed that beyond the work done by PWC estimating the exact worth of Nigeria’s dead capital, it was tough due to lack of clear property rights, informal land ownership, unregistered and unsurveyed land disputed boundaries, absence of a formal market several other issues.
It added, “The establishment of the Ministry of Finance Incorporated signifies a pivotal step towards consolidating national assets and optimising their management for profitability. Concurrently, the National Land Reform Commission is driving efforts to streamline legal frameworks related to land ownership, foster a secure environment for property transactions and catalyse investment and development opportunities. These initiatives hold the promise of bolstering economic growth and fostering sustainable progress.”
The report emphasized that the Federal Government must know its role in generating multiple ripple effects and benefits throughout the economy and also recognize land as a crucial factor of production.
“Leveraging technology, such as digital mapping and blockchain for land administration has become increasingly important. In 2024, Lagos State introduced an e-portal for land transactions, highlighting the significance of technological advancements in this domain. Capacity building in institutions responsible for land governance is crucial for effective reform implementation.
“Additionally, facilitating access to financial resources by utilising formalised land as collateral is essential. Developing microfinance and alternative lending models that accept informal assets as collateral can further enhance financial inclusivity and support economic growth.”
