The Federal Government has announced its readiness to issue over 2,000 land titles to investors across the country in order to enable them raise investible funds for the establishment and growth of new and existing business outfits.
It also stated that over 1,500 secondary land transactions on its land had been processed, adding that this had impacted Nigeria’s economy positively.
The Minister of State (I) for Power, Works and Housing, Mustapha Shehuri, stated these in Abuja at the 25th Conference of Directors/Heads of Lands in the Federal and State Ministries, Departments and Agencies.
“The ministry has successfully processed over 1,500 secondary land transactions on Federal Government lands nationwide, which are already impacting on the economy positively.
We are also working hard to provide titles for over pieces of 2,000 land, thus empowering the holders to raise investible funds to establish new and grow existing businesses, thereby creating value and jobs,” the minister said.
Shehuri noted that property registration was one of the 13 criteria set by the World Bank for determining the competitiveness of a country’s business environment to investors.
He also stated that the Federal Government was working to establish a nationwide land depository that would enable investors to make quick investment decisions.
Shehuri added, “To improve on the country’s ease of doing business ranking, which measures our competitiveness to investors, we must work together to make the required sacrifices, innovations and strategic choices that will ensure that requisite measures and infrastructure are created to modernise our land registries and improve on the timing, cost and efficiency of property registration.
“I am happy that some states have already taken steps to improve on the speed, cost, efficiency, transparency and openness of land titling and registration.
On our part, we are working hard to strengthen the Federal Land Registry for online transactions in line with global best practices.
“There are also plans to establish the National Land Depository, a huge ICT-backed infrastructure for the integration of various registries in Nigeria. This will enable prospective investors make quick decisions regarding property investment prospects in the country.”
The minister told participants at the event that the federal and state governments had adopted the use of Exchange of Letter as the instrument for the transfer of interests in land.
Shehuri added, “I am also pleased to inform you that with effect from January 1, 2017, Exchange of Letters has become the sole instrument of transfer of interests in land between the federal and state governments.”