By Osilama Emmanuel Osilama
I will like to call on the President, Bola Ahmed Tinubu, his executive arm, and the new National Assembly legislators to seriously consider the urgent review and possible amendment of the Land Use Act that is over 40 years old and no longer useful to our present day economy. This will open up the real estate market to an endless possibilities of the huge capital of internally generated revenue that have been locked up in the space for so many years because of the provisions as decreed and enacted in the Land Use Act.
The truth is that our country is not getting the right value from her real estate sector and until our government takes deliberate steps in the right direction nothing will change. It is estimated that Nigeria holds between $ 300 billion to $ 900 billion of dormant capital in residential and agricultural land, while the high-value real estate market segment holds as much as $ 750 billion of value that can be unlocked.
