26 C
Lagos
Saturday, July 4, 2020
Home Business ‘Nigeria holds $900b dead capital in real estate’

‘Nigeria holds $900b dead capital in real estate’

PwC has estimated that Nigeria holds at least $300 billion or as much as $900 billion worth of dead capital in residential real estate and agricultural land.

In a report on Nigerian real estate, PwC stated that the high value real estate market segment holds between $230 billion and $750 billion of value while the middle market carries between $60 billion and $170 billion in value.

Properties become dead capital when there is no valid paper conferring legal ownership to the owner as a result of lack of registration with government authorities, which makes the property untransferable.

Many Nigerians and families have large expanse of land that are deemed almost worthless because there are no legal papers backing them up.

The PwC report stressed the need to bring dead capital to life in Nigeria, adding that this will turn the economy around.

The report noted that Nigeria is underperforming its potential and unlocking dead capital is critical to stopping underperformance and boosting overall growth.

According to the report, about 95 per cent of household dwellings in Nigeria have no title or a contestable title, leading to endemic poverty as people have large expanse of land that should translate into wealth but remain poor as a result of the lack of legal paper in support of the property.

The report underscored the need to unlock and leverage on the large land property to grow wealth in the economy.

Many properties are not registered as a result of cumbersome protocols associated with title registration. Many analysts have called on government to reduce both the cost and the process of title registration in order to empower land and property owners and thereby, stimulate the economy.

Leave a Reply

- Advertisment -

Most Popular

Man Sexually Abuse His 2 Daughters

The National Agency for the Prohibition of Trafficking in Persons, NAPTIP, has arrested one Oman Suleiman for sexually abusing his two daughters. Suleiman who was...

Federal Government Speaks On Reopening Of Tertiary Institutions

The Presidential Task Force (PTF) on COVID-19 has said there was no plan yet to reopen tertiary institutions in the country. Dr. Sani Aliyu, the...

Internet Scammers Are Destroying Nigeria’s Global Image – Saraki Says

Saraki said the actions of internet fraudsters have destroyed international confidence in the Nigerian nation. Former Senate President Bukola Saraki Says The Alarming Increase In...

MTN launches 5G network across South African Regions

MTN has launched its fifth-generation 5G network, with 100 sites live across areas in Johannesburg, Cape Town, Bloemfontein, and Port Elizabeth.     What is 5G? Newest, fastest...
%d bloggers like this: