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Nigeria Partners with World Bank to Launch National Land Digital System, Unlocking $300 Billion in Economic Potential

Blessing Joseph by Blessing Joseph
November 15, 2024
in Economy, News
0
Nigeria Partners with World Bank to Launch National Land Digital System, Unlocking $300 Billion in Economic Potential
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The Nigerian Federal Government has announced a partnership with the World Bank to establish a National Land Digital System (NLDS) to modernize land administration, potentially unlocking $300 billion in economic value. The initiative, unveiled by the Minister of Housing and Urban Development, Arc Ahmed Musa Dangiwa, at the 13th National Council on Housing, Lands, and Urban Development in Gombe, aims to address longstanding challenges in land registration and ownership verification.

This NLDS is expected to serve as a comprehensive digital registry that streamlines land transactions by making land ownership data accessible, transparent, and secure. Minister Dangiwa explained that by reducing fraud and enhancing transaction efficiency, the NLDS will formalize over 50% of Nigeria’s land transactions within a decade—up from the current rate of less than 10%—thereby boosting investor confidence.

The NLDS initiative aligns with Nigeria’s broader economic goals, emphasizing secure property rights and promoting sustainable land use. It is anticipated to attract domestic and foreign investment, thereby stimulating economic growth. Dangiwa also underscored the government’s intention to work closely with state governments to document, title, and register all land parcels across the country. This comprehensive land titling initiative will facilitate additional revenue streams for state governments through ground rent, Certificates of Occupancy, and real estate taxes.

Additionally, the World Bank’s involvement includes both financial and technical support to establish the National Digital Land Information System (NDLIS). Set for full implementation over the next five years, this system is a critical part of the government’s plan to drive economic transformation by increasing formal land transactions and securing land ownership rights across Nigeria.

This partnership signifies a transformative shift in Nigeria’s land administration approach, paving the way for long-term economic growth and development through improved land governance.

 

 

 

 

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Tags: Economic PotentialMSME AfricaMSME News in Nigeria todayNational Land Digital SystemNigeriaWorld bank
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