The Minister of Housing and Urban Development, Ahmed Dangiwa, has disclosed that the country plans to unlock about $300 billion in dead capital in the housing sector through land registration.
Dangiwa, made this disclosure while speaking at a workshop on the National Land Registration and Documentation Programme in Abuja, just as also revealed that less than 10 percent of Nigerian lands were documented in 140 years.
According to him, with the support of the World Bank, the government is launching a national digital land information system to modernize land administration.
“It is no surprise, therefore, that less than 10 percent of the entire land in our country is registered in 140 years,” he stated.
“Experts estimate that this has resulted in dead capital exceeding $300 billion. Addressing this issue is not just about administrative efficiency; it is a critical step towards economic transformation,” he said.
He added that World Bank support would help drive the initiative.
“With the support of the World Bank, we are on the cusp of making history in Nigeria,” he disclosed.
On his part, a representative of the World Bank Country Director, Dr. Michael Ilesanmi, Senior Special Development Specialist, reaffirmed the bank’s commitment to the program.
