Don Advocates Review of Nigeria’s Land Use Act of 1976

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By; BAYO AKAMO, Ibadan.
A University Don, Prof Abel Olaleye of the Department of Estate Management Obafemi Awolowo University, Ile Ife has advocated review of the Land Use Act of 1976 in Nigeria by the Federal Government.
Professor Olaleye made the made at a day Mandatory Continuing Professional Development (MCPD), Seminar for Estate Surveyors and Valuers held at the Polytechnic, Ibadan.
According to the Don,the Land Use Act of 1976 in Nigeria “is still a major constrain to the survival of the real estate in the country which he said is capable of generating billions of naira and provide jobs for millions in the country.
Professor Olaleye while speaking on the topic “Issues in Real Estate Investment Potentials and Wealth Creation” declared that the “Land Use Act is no doubt an impediment to real estate investing in Nigeria”
“Our country land owning legal system, as govern by the Land Use Act is no doubt an impediment to real estate investing in Nigeria. This explains why stakeholders have at different foral, called for it to be repealed. If our land registration and titling system can be made favorable and less stressful for example, home owners will be able to create wealth from their investments that are tied down in real estate capita in the name of home ownership” he said.
Professor Olaleye added that “efforts should also be geared towards empowering local investors by given them access to large pool of fund from sources in the capital market”saying,“by doing this local investors too will be able to have the financial muscle to compete with foreign investors in tapping into the real estate investment potentials”.
“There will be the need for local experts and professionals to evolve extra skills and specialized training capable of meeting investors’ needs that will come with the investments in real estate”.
In his paper titled “Strategies for Financing Real Estate Investment Potentials in Nigeria”, Mr. Bode Ajisafe of Department of Urban and Regional Planning, University of Ibadan frowned at the high interest rate which had over the years had serious implications for property development in the country.
Mr Ajisafe pointed out that the mortgage interest rate in Nigeria as at 2016 which is 17.9 is one of the highest if not the highest as compared to United Kingdom 1.24, United States of America 2.125, Canada 2.14, United Arab Emirate 3.24, Malaysia 4.5, China 4.5, India 9.45 and South Africa 10.5.
He added that conditions attached to debt equity must also be made less stringent when take congnisance of the reputation of the developer, suitability and viability of the location and presence of off takers.
“Government needs to consciously participate in the financing of real estate developments by providing cheap funds for on lending to developers.
The development and use of local building materials should be encouraged. This will create massive employment, lower the cost of construction which expectedly will make life easier for real estate investors,” he said.
An Estate Surveyor and Valuer, Mr. Makanjuola Ojewumi in his paper, titled ‘Creating Wealth from Real Estate investment Potentials: The Role of Estate Surveyors and Valuers’ said all efforts must be put in place by the governments at all levels and relevant stakeholders to meet the housing deficit of millions of Nigerians.
Oyo state NIESV Chairman, Alhaji Rafiu Adegboyega Quadri in his remark disclosed that “Nigeria with mono-economy, relying on oil and with downward slide in its price globally another area should be fashioned out quickly to get out of recession”.

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