For the umpteenth time, Nigerian government has been urged to reform the nation’s land administration system.
According to the Senior Partner at OAL, Dr. Olisa Agbakoba, a Senior Advocate of Nigeria, reforms of the nation’s land administration system would help to unlock dead capital.
Dead capital, as Wikipedia put it, “is an economic term related to property which is informally held, is not legally recognized, and cannot be exchanged for financial capital.
“The uncertainty of ownership decreases the value of the asset and/or the ability to lend or borrow against it.
Agbakoba argued that reforming property’s titling to link the financial system could inject at least N40 trillion initially into the economy by converting “dead capital” into bankable assets that financial institutions can recognize as collateral.
The suggestion was contained in a recent comprehensive report by the senior lawyer with detailed analysis of Nigeria’s current economic realities while proposing strategic reforms to drive national transformation across critical sectors.
Titled: “OAL Governance and Economic Analysis and Forecast 2025: Nigeria Can Succeed Rather Than Fail – Innovation and Efficiency to Create a N500 trillion Budget for 2026; Implications for the Moving Parts in a New World Trade Order”, the report explored the dynamics of global trade and tariffs, presenting actionable policy recommendations for the government of Nigeria..
The report charted a realistic and ambitious path toward achieving a N500 trillion Budget by 2026 — through innovation, efficiency, and bold governance.
Agbakoba recalled that Nigeria’s total property assets were estimated at over $6 trillion, yet 80 per cent of properties are dead capital with no revenue value.
While canvassing for reform and overhaul of the system, he pointed out that the Land Use Act created a framework for land titles, but the process has become clogged, diminishing the impact of land collateralization on lending and borrowing.
According to him, reform of land use and administration would enable Nigerians to borrow against their property, releasing massive funds into the economy.
“A Land Use Administration Act would introduce new rules to make the consent process more efficient and give banks confidence to accept title documents as collateral,” he said
For this to happen, Agbakoba said that it would require digitizing land registries to create a comprehensive database of property ownership, streamlining property registration procedures to reduce time and cost, and establishing clear legal frameworks for property rights protection.
Modern land administration systems using geographic information systems (GIS) and blockchain technologies, according to him, could enhance transparency and security of land transactions.
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He added that financial institutions would need incentives and risk-sharing mechanisms to increase lending against property collateral, particularly for small businesses and low-income property owners.
“Urban planning and infrastructure development in informal settlements can transform undervalued properties into productive assets contributing to economic growth.
“By addressing our institutional challenges with courage and determination, we can unlock our nation’s full potential and create a more prosperous future for generations to come. It’s time to make Nigeria and Africa great again,” Agbakoba said.
