The Land Use Act decreed by the Federal Military Government of Nigeria in 1978 has been classified as an obstacle to real estate investment in Nigeria, calling government to make land registration and titling system less stressful to prospective property owners.
Professor Abel Olaleye of the Obafemi Awolowo University (OAU), Ile-Ife, Osun State, said this at the 2016 edition of Mandatory Continuing Professional Development seminar, at the Conference Centre of The Polytechnic, Ibadan, Oyo State.
The seminar was hosted by the Oyo State chapter of The Nigerian Institution of Estate Surveyors and Valuers.
Professor Olaleye, in his paper, tagged : ‘Issues in real investment potentials and wealth creation’, said that Nigeria land owning legal system according to the Land Use Act, is a problem to real estate investment .
“This explains why stakeholders have, at different forums, called for it to be repealed. Apart from the fact that effective legal framework is necessary for continuity and smooth running of investment, it encourages enforceable contract, security of title, efficient and fair administration of taxes and fees,” he said.
Another speaker and lecturer at the Department of Urban and Regional Planning, University of Ibadan, Mr Bode Ajisafe, expressed regret that local building materials are not developed to compete favourable with the imported materials.
He, thus, called for a reversal of the trend to boost employment and “lower the cost of construction, which expectedly will make life easier for real estate investors.”
Also, Ojewumi Makanjuola, a principal partner of Makanjuola Ojewumi and Company, spoke on ‘Creating wealth from real estate investment potential; The role of estate surveyors and valuers.
He frowned at estate surveyors and valuers, for having not taken the advantage of modern communication device to promote their business, urging them to go beyond listing of property on billboards for sale at public places.