$300bn Dormant Capital In Asset Must Be Unlocked For Economic Growth – Minister

Minister of Housing and Urban Development, Ahmed Dangiwa yesterday insisted that in the face of the current economic downturn in the country, urgent steps must be taken to unlock over $300 billion dead capital in the housing sector through a series of reforms in the nation’s land administration to boost economic growth.

The minister said this at the 28th conference of Directors of Lands in the Federal and State Ministries, with the Theme: “Improving Land Based Revenue of The Federating Units in Nigeria through Efficient and Effective Land Administration” held in Lagos.

Dangiwa who disclosed his displeasure about the current state of land administration in the country said the same issues that were there decades ago are still there currently retarding economic growth. 

He said: “This is the 28th one in a series, can we say that the sum of annual gatherings and conversations over the years, close to three decades of this conference are helping us make progress in fixing the many issues in land administration in our dear country?’’

The minister who queried the effectiveness of an annual conference and its ability to solve issues and implement recommendations asked if progress was being made or the conference has merely become a repetitive event without a tracking mechanism to monitor progress.

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Dangiwa said, “Currently l think we have over $300 billion dead capital in land asset that must be unlock effectively via administration, if we have a proper administration the country is going to unlock nothing less than $300 billion as an investment into the coffers of the country and President Bola Ahmed Tinubu’s administration has a bold vision for the sector and is committed to backing it up with the necessary political will to break down all barriers to unlock the revenue earning potential of land. 

“As the Minister of Housing and Urban Development, my aim is to implement historic land reforms that make it easier, safer, and more profitable for private sector investment in the sector,” he said.

In his address, the Lagos state governor, Mr Babajide Sanwo-Olu said, it is pertinent to address the housing gap issue in the state , adding that the housing deficit in the country has risen from seven million in 1991 to an estimated 28 million in 2023.

He said, to bridge the gap, “Lagos State has delivered over 3,000 housing units in the five divisions of the state through direct budgetary allocation and joint venture partnership. We Are not stopping at that because we still have ongoing projects in various locations across the state.