Executive Summary
Nigeria's dysfunctional land administration system, particularly the Land Use Act of 1978, significantly undermines its economic potential by complicating access to land for residence and business. This system, which vests control of land in the hands of state governors, has led to bureaucratic inefficiencies, high costs, and delays in obtaining land titles. As a result, a large informal property market has emerged, hindering investment and urban development. The lack of formal land titles prevents trillions of naira in real estate assets from being used as collateral for loans, effectively creating 'dead capital'. Experts suggest that Nigeria has a housing deficit exceeding 20 million units, with less than 10 percent of property assets formally titled.
- Nigeria's land reform is crucial for unlocking economic potential by improving access to land and formalizing property rights.
What Is Driving The Story?
- Dysfunctional Land Use Act
- Bureaucratic inefficiencies
- Concentration of power