An estate surveyor, Chidi Ubosi, says Nigeria is losing billions of Naira in untapped economic value because less than eight per cent of its land has recognised title documents.
Ubosi, Partner at Ubosi Eleh and Co., said this at the seventh edition of the Real Estate Discussions and Awards (REDA) 2026 in Lagos on Wednesday.
The News Agency of Nigeria (NAN) reports that Thinkmint Nigeria organised the event with the theme, “Economic Development and Real Estate Linkages”.
The forum brought together industry leaders, investors, developers, policymakers and professionals to examine the relationship between real estate, tourism and economic growth.
Ubosi, a former President of the International Real Estate Federation, African and Near East Region, said many Nigerians owned family land but could not unlock its economic value.
He attributed the challenge to the lack of recognised title documents, which prevented landowners from using their properties to access financing.
He illustrated the situation with rural landowners who sought financial assistance from relatives in cities despite owning valuable properties.
“The man who is asking you for that money has family land, which is worth N20 million, N30 million but he doesn’t know what to do with it, because he has no title,” he said.
Ubosi said proper documentation would enable landowners to use their properties as collateral to finance businesses and other productive activities.
“Without title, that land is a dead capital; it cannot contribute to economic development,” he said.
Ubosi urged governments at all levels to raise awareness about land titling and encourage property owners to obtain Certificates of Occupancy and other recognised documents.
“With your certificate of occupancy, you can walk into a bank and get a facility,” he said.
Ubosi said microfinance banks could also help small business owners use titled properties to secure loans for productive ventures.
He cited the purchase of motorcycles and tricycles for commercial purposes as examples of investments that such financing could support.
The surveyor said real estate contributed about 5.2 per cent to Nigeria’s Gross Domestic Product in 2025.
He, however, said the sector’s contribution could rise to between 15 and 20 per cent if its potential was better harnessed.
Ubosi added that the sector provided between two million and three million jobs for professionals, including lawyers, builders and estate surveyors.
He identified high construction material costs, expensive land and the lack of affordable long-term mortgages as major obstacles to real estate development.
He said loans carrying interest rates of about 30 per cent and repayment periods of five years were unsuitable for mortgage financing.
Earlier, the Convener of REDA, Imelda Olaoye, said the annual event was designed to bring stakeholders together to develop practical solutions linking real estate with economic growth.
Olaoye said the platform aimed to translate industry discussions into practical ideas, stronger partnerships and opportunities that would benefit businesses, families and communities.
“We want to create and continue to create a platform where important conversations lead to practical ideas.
“Where different perspectives encourage better decisions, and where relationships formed can translate into partnerships and build opportunities,” she said.
She urged participants to share experiences, ask questions and develop actionable ideas to advance the real estate sector and contribute to Nigeria’s economic development. (NAN)
