Nigeria’s real estate sector is a goldmine waiting to be fully discovered, but it’s locked behind a few frustrating barriers. According to Akindele Afolabi, CEO of Adamakin Investment and Works Limited, many property owners face difficulties securing mortgages or attracting investors because their properties lack proper documentation. State policies often add to the problem.
For instance, in Lagos, some owners have waited years up to six years in some cases just to get legal ownership documents. The African Land Policy Centre also stated that without clear land titles, landowners can’t use their property as collateral for loans, which discourages investment and keeps the economy from thriving.
This is why voices like Mrs. Ngozi Chukwu called for change. They believe that a better land title registration system could be the key to unlocking the real estate market’s potential. If property ownership was clearer and more secure, both local and international investors would be more confident, and the market could finally start to grow.
Akindele Afolabi also shared this vision of change at the 137th remembrance ceremony of Iyalode Efunroye Tinubu, held at the Jewel Aieda event centre in Lagos. At the event, he highlighted that the government’s proposed tax reforms could finally unlock the doors to Nigeria’s real estate wealth.
Afolabi argued that by focusing on registering land titles across all states, the real estate market could become more transparent. This would allow property owners to access loans, attract investment, and, most importantly, create the kind of financial system that supports growth.
For businesses, clearer land titles mean easier access to loans and more trust from investors. Developers could take on bigger projects, and property owners could leverage their assets for financial growth.
On a broader level, these changes could help the economy grow, with more jobs, better access to mortgages, and a stronger tax base. As Afolabi said, real estate in Nigeria is “locked-down wealth”—and with the right reforms, this wealth can finally be unlocked, benefiting individuals and the country as a whole.
