Estate surveyors and valuers have called on state governors to streamline the processes of obtaining land titles, removing bureaucratic hurdles and impediments that hinder economic growth.
By simplifying and expediting land titling, the estate experts said that governments can 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, stakeholders explained that efficient land titling processes will encourage investment, create jobs, and enhance overall economic growth.
They urged 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 that 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 that 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.” He added 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, “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, “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.
He called for a good land policy that would create employment, increase housing development, and increase Gross Domestic Product.
He said “For us to increase our GDP, we must ensure that people own land and have title to their lands.
“There is a direct correlation between an appropriate land title infrastructure/policy and the level of development. A good title infrastructure/policy enhances wealth creation and reduces the
poverty level. An ideal policy will enhance national development; generate more tax revenue for the state; enhance wealth creation and alleviate poverty; enhance socio-political stability; enhance security because all land will be fully accounted for and position the state on the path of irreversible development.
“It may sound like a tall order, but it can surely be done…and that’s the right way to go.”
He commended the governor of Enugu State, Dr. Peter Mbah, for his good works and appealed to the state government to bring down the cost of getting titles.
Declaring the event open, Governor Mbah reaffirmed his administration’s dedication to providing affordable housing for the people, dubbing land in Enugu as “our oil.”
Represented by Commissioner for Housing Development, Martin Chukwunwike, he expressed the state’s willingness to collaborate with like-minded individuals.
He urged landowners to register their lands and apply for Certificates of Occupancy, highlighting the state’s efficient process, which issues C of O within 72 hours.
He assured the implementation of suggestions from the forum, addressing any necessary corrections.
Earlier, Chidi Ubochi Eleh, Principal Manager of Ubosi Eleh and Co, emphasized the forum’s goal of contributing to the national discussion on leveraging land for development.
He commended the governor of Enugu State, Mbah, for the massive development in the state.
There was a question and answer section where participants called for a reduction of the cost of processing survey plans and reforms in land titling.
They faulted the high amount fixed as tenancy rates, saying that no one knew how the bills were generated.
From right: First, Emeka Ubosi Eleh, fourth, Commissioner for Housing Development, Martin Chukwunwike, and other stakeholders in a group photograph during the one-day business forum held in Enugu organised by Ubosi Eleh + Co Estate Surveyors and Valuers.