Tinubu
Nigeria is missing out on billions of Naira in untapped economic value due to the fact that less than eight per cent of the country’s land possesses recognised title documents, according to prominent estate surveyor Chidi Ubosi.
Ubosi, a Partner at Ubosi Eleh and Co. and former President of the International Real Estate Federation (African and Near East Region), raised the concern on Wednesday in Lagos during the seventh edition of the Real Estate Discussions and Awards (REDA) 2026.
The annual event, organized by Thinkmint Nigeria, was themed “Economic Development and Real Estate Linkages” and gathered industry leaders, investors, developers, policymakers, and real estate professionals to examine the intersection of real estate, tourism, and broader economic growth.
‘Dead Capital’ Hindering Economic Growth
Speaking at the forum, Ubosi explained that while many Nigerians own valuable family land, they remain unable to unlock its financial potential or access bank financing because they lack formal documentation.
“The man who is asking you for money has family land which is worth ₦20 million or ₦30 million, but he doesn’t know what to do with it because he has no title,” Ubosi illustrated. “Without title, that land is a dead capital; it cannot contribute to economic development.”
He noted that proper land documentation—such as Certificates of Occupancy (C-of-O)—would allow landowners to use their properties as collateral to secure bank facilities or microfinance loans to fund productive ventures, commercial transportation, and small business expansion.
Ubosi urged federal and state governments to embark on public awareness campaigns encouraging property owners to obtain formal title documents to integrate this idle wealth into the formal economy.
Highlighting the sector’s performance, Ubosi revealed that real estate contributed approximately 5.2 per cent to Nigeria’s Gross Domestic Product (GDP) in 2025 and currently provides between two million and three million jobs across various professional cadres, including lawyers, builders, and surveyors.
However, he emphasized that the sector’s GDP contribution could easily climb to between 15 and 20 per cent if key systemic challenges are addressed. He identified the main obstacles facing the industry as:
Absence of long-term affordable mortgages, noting that current loan terms carrying ~30 per cent interest rates over five-year repayment windows are completely unsuitable for housing finance.
Earlier in her welcome remarks, the Convener of REDA, Imelda Olaoye, stated that the conference was established to bridge conversations between industry players and produce actionable solutions that link real estate to national economic development.
“We want to create and continue to create a platform where important conversations lead to practical ideas, where different perspectives encourage better decisions, and where relationships formed can translate into partnerships and build opportunities,” Olaoye said.
She encouraged participants to collaborate on practical strategies that will advance the real estate sector and benefit Nigerian businesses, families, and communities. (NAN)
