Operators in the built environment have estimated that Nigeria loses about N36tn annually due to untitled lands.
The cost of land registration varies depending on the location. However, the average registration fee for a plot of land in Nigeria, depending on the state and Local Government was pegged at N1m by operators, which was used as the basis for this estimation.
In an exclusive interview, the Financial Secretary of the Nigerian Institution of Estate Surveyors and Valuers, Ayodele Odeleye, stated that out of the 40 million households nationwide, only about 10 per cent have formal property titles, meaning they are legally recognised by the government and subject to taxes and other regulatory fees.
He said, “The total number of households in Nigeria is about 40 million, according to the Nigerian Bureau of Statistics and Centre for Affordable Housing Finance in Africa.
“In addition, the percentage of households with formal property titles is about 10 per cent as noted by the housing minister. Hence, households without formal property titles (informal housing market) equal 90 per cent of 40 million, which is 36 million households.”
