Estate Surveyors Push for Streamlined Land Title Processing to Boost Economic Growth
They also noted that, by simplifying and expediting land titling, government can now unlock the full potential of land ownership, boost economic development, and increase revenue through taxation.
Speaking during a one-day business forum held in Enugu, Enugu State, stakeholders explained that, efficient land titling processes will encourage investment, create jobs, and enhance overall economic growth, while urging landowners in Nigeria to obtain titles for their properties, which would increase their value and boost confidence.
The guest speaker, Emeka Eleh, who spoke on the theme: ‘The Economics of Land and National Development,’ emphasised the need for a more efficient and affordable land titling process, free from punitive measures.
By doing so, Eleh said, landowners can unlock the full potential of their properties, contributing to national development. He enthused that, land titles significantly enhanced the value of properties, enabling owners to sell their land for a higher price and generating increased revenue for the government through taxation.
Decrying the low level of title registration in Nigeria, Eleh disclosed tha, as of June 2024, only less than five per cent of Nigeria’s land area had registered title.
He said, the bulk of our land assets do not have registered title, so they are dead capital, adding that, there are still ongoing communal disputes over land because it was not registered.
He said: “Some financial institutions do not even rely on land/real estate as collateral due to perfection and foreclosure difficulties. The conversion level of our vital land asset to capital remains abysmally low thereby hampering wealth creation.”
He, however, noted that, because titles are not registered, it has remained a key contributor to ‘our poor ranking in the Global Ease of Doing Business Index.’
He averred that, ‘to address these issues that gave rise to the poor performance of the Land Use Act calls for not just a holistic review of the Act, but also a robust land reform effort.’ He encouraged Nigerian governors to adopt Rwanda’s approach, registering lands at the local government level, which has a multiplier effect. By doing so, landowners can unlock their land’s potential, converting it into capital.’
Eleh noted that, many landowners are unaware of the importance of land titles, finding it puzzling that people would register their vehicles but neglect to register their lands, despite the significant benefits that come with land titling.
He added that, “No matter where the land is, you should have a title. It enhances wealth creation. The guest speaker noted that, securing land titles will reduce poverty, quarrels, land grabbing, flourishing agriculture, and improve taxation and national development, while calling for a good land policy that would create employment, increase housing development, and increase Gross Domestic Product(GDP).”
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