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Unlocking Nigeria's Economic Potential - Harnessing Titled Land for Growth

A recent report by Ubosi Eleh & Co. underscores the transformative impact of increasing titled land by 25 percent on Nigeria's Gross Domestic Product (GDP). Titled "Reinvigorating Nigeria’s Economic Potential With Dead Capital," the report highlights the vast amount of dormant assets across the country, representing a substantial drain on economic capital.
 
In Nigeria, trillions of naira lie idle in untitled assets, hindering economic growth and development. The report emphasizes the need for a collaborative effort involving government, communities, and stakeholders to enact reforms that unlock this 'dead capital.'
 
By hypothetically increasing titled land by 25 percent, the report suggests a significant boost to GDP through enhanced agricultural productivity, increased investment attraction, and accelerated economic development. This expansion would fuel growth across sectors, including real estate, construction, and infrastructure, fostering a vibrant economic environment.
 
Despite Nigeria's vast land area of 923,000 sq km, less than 10 percent is currently titled. The report acknowledges challenges such as unclear property rights, informal land ownership, and unregistered land, complicating efforts to assess the true value of dead capital.
 
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To address these challenges and unleash dead capital, the report outlines several initiatives already underway. These include the establishment of the Ministry of Finance Incorporated and the National Land Reform Commission, aimed at optimizing asset management and streamlining land ownership frameworks.
 
Recognizing land as a critical factor of production, the report urges the federal government to simplify land titling procedures and enhance public awareness of formal land ownership's importance. Leveraging technology, such as digital mapping and blockchain, is seen as crucial in modernizing land administration and ensuring effective reform implementation.
 
Moreover, facilitating access to financial resources by utilizing formalized land as collateral is essential for fostering economic growth and inclusivity. The report recommends developing microfinance and alternative lending models that accept informal assets as collateral to support economic expansion.
 
According to PwC, Nigeria holds an estimated $900 billion worth of dead capital, including abandoned government properties valued at N230 billion. Unlocking this dormant capital through comprehensive reforms promises to unleash Nigeria's economic potential and drive sustainable progress.
 
Source: PunchNG

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