Former President of the Nigerian Bar Affiliation (NBA) and Senior Advocate of Nigeria (SAN), Dr. Olisa Agbakoba, has referred to as for an pressing and complete land titling reform, describing it as the only most transformative financial coverage that may unlock over N1.5 quadrillion in dormant capital and lay the muse for sustainable nationwide prosperity.
Land titling is the method of formally recognizing and documenting non-public property rights via an official public document geared toward changing casual or customary land holdings into legally acknowledged possession.
Agbakoba made the assertion in a coverage presentation titled “Devolution is the Answer: Foundational Reform Agenda for Nigeria’s Transformation”, the place he argued that Nigeria’s biggest untapped wealth lies in its land and actual property property that lack correct documentation or authorized recognition.
Citing research performed by the World Bank, PwC, and his agency, Olisa Agbakoba Authorized (OAL), the authorized luminary revealed that over 90 per cent of Nigerian land and actual property have tainted, faulty, or no titles, creating what he termed “useless capital”.
“This creates ‘useless capital’—property that can’t be traded, function collateral, and can’t be listed to the monetary system,” Agbakoba stated. “Economist Hernando de Soto demonstrated in his e book “The Thriller of Capital” that changing useless capital into productive property via formal property rights revolutionises creating economies.”
Former NBA president commends FG’s land titling scheme
Agbakoba famous that formal property titling reforms would convert useless capital into productive property by giving land and owners the authorized recognition needed to make use of their property as collateral for credit score.
“House owners can use their land or houses as collateral to entry credit score. Banks grow to be prepared to lend as a result of the property now represents safe collateral with enforceable authorized backing,” he stated.
He recommended the Federal Authorities’s ongoing Nationwide Land Registration, Documentation and Titling Programme, which seeks to digitise land information and set up a clear and unified nationwide registry. Nevertheless, he urged the Tinubu administration to “speed up and scale” the initiative, integrating property values into the nationwide monetary system via digital and authorized harmonisation between federal and state companies.
Case for a credit-based economic system
Agbakoba additional referred to as for the institution of a strong authorized and coverage framework to construct a credit score economic system, which he stated was important for inclusive financial progress.
“Nigeria operates a money economic system. This limits the economic system’s potential as a result of individuals can solely purchase what they’ll afford. In contrast, a well-developed credit score system permits individuals to purchase what they can not afford, supplied they handle their debt,” he acknowledged.
He argued that if 200 million Nigerians every had entry to N300,000 in credit score services, it might inject N60 trillion into the economic system, boosting home consumption, stimulating native manufacturing, and easing overseas alternate strain.
“When residents can entry credit score in naira to personal houses, begin companies, and construct wealth, the forex positive aspects intrinsic worth and stability. This credit score infrastructure turns into an important basic—a motive for individuals to carry and transact in naira, thereby decreasing our vulnerability to alternate fee shocks,” he stated.
What it’s best to know
In August, the Minister of Housing and City Growth, Arc. Ahmed Dangiwa introduced FG’s dedication to scale up efforts in the direction of enhancing land titling, documentation and registration throughout the nation as much as 50 per cent within the subsequent 10 years.
He stated the plan was a part of efforts put in place by the administration of President Bola Tinubu to unlock the financial potential of land in Nigeria.
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