Real estate experts have called for the utilization of housing as an economic investment tool to boost land-based revenue generation in Nigeria. This call was made at the recently concluded Conference of Directors of Lands in the Federal and State Ministries, Departments, and Agencies, themed “Improving Land Based Revenue of the Federating Units in Nigeria through Efficient and Effective Land Administration”.
Professor Olurotimi Dean of the School of Environmental Technology and Coordinator, Institute for Land and Community Resilience, emphasized the significance of real estate investment in driving economic growth, job creation, household shelter provision, income distribution, and poverty alleviation. He asserted that housing, as a commercial enterprise, can be leveraged to generate substantial revenue through land/building investments, infrastructure development, and service provision.
Echoing Professor Kemiki’s sentiments, Felix Appah, Director/Head of Department, Lands and Housing Development Department, Federal Ministry of Housing & Urban Development, acknowledged the escalating demand for land due to Nigeria’s growing population. He highlighted Lagos State’s success in utilizing land as a vital tool for internally generated revenue, emphasizing its role in enhancing government income and stimulating economic growth.
The conference served as a platform for key stakeholders from the public and private sectors to converge and exchange ideas on devising a model to effectively harness land resources, address implementation challenges, and formulate feasible solutions. The participants also advocated for adopting global best practices in land administration and revenue generation.
Godwin Ityoachimin, Principal Partner of Godwin Ityoachimin & Co, emphasized the need to review land charges to ensure wider access to land and maximize revenue collection. He also called for a review of land valuation procedures, periodic issuance of ground rent demand notices, and strict enforcement of rent collection regulations. Additionally, he underscored the importance of political will among elected officials to effectively implement land-based revenue generation strategies.
The conference’s recommendations underscore the potential of housing as an economic investment tool and the importance of implementing efficient land administration practice to to enhance land-based revenue generation in Nigeria. By adopting these strategies, the country can harness its land resources to fuel economic growth, create jobs, and improve the well-being of its citizens.