Less than 10% of Nigerian property have proper land titles – Finance Ministry

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The Managing Director of the Ministry of Finance Incorporated (MOFI), Armstrong Takang has said that less than 10 per cent of properties across Nigeria have proper land titles, a situation that limits access to credit, discourages investment and weakens confidence in the country’s real estate market.

Mr Takang made the disclosure on Monday in Abuja at a stakeholder conference organised by the House of Representatives on a proposed legislation to establish the National Real Estate Regulatory Authority (NRERA).

He said the lack of reliable property documentation has left many Nigerians unable to use their assets as collateral to secure loans, thereby restricting the economic benefits they could derive from property ownership.

“Less than 10 percent of the properties nationwide have proper titles,” he said.

“So we invariably are creating a scenario where people own assets but are not able to use those assets for things that could deliver more value.”

Mr Takang linked the problem to Nigeria’s low credit penetration, noting that lending stood at about 12.9 per cent of Gross Domestic Product (GDP), compared with 20.1 per cent across sub-Saharan Africa and 34 per cent in lower-middle-income countries.

He explained that real estate is a major source of collateral for lending, but the absence of verifiable ownership records makes it difficult for financial institutions to accept properties as security.

According to him, weak regulatory oversight, fraudulent land transactions and the absence of a national licensing framework have further undermined the sector’s capacity to attract investment.

He also raised concerns about the prevalence of building collapses, disclosing that more than 270 deaths had been recorded in recent years, although the actual figure could be higher because some incidents go unreported.

“Over 270 deaths have been recorded in just a few years, and this is what we know and on record. I believe the number is higher than that because many of them are not reported because of poor buildings and building collapses,” he said.

The MOFI chief said the proposed regulatory authority would introduce standards for property transactions, establish licensing requirements for real estate agents and developers, and provide safeguards for funds paid by prospective property buyers.

He warned that the absence of effective regulation had enabled unlicensed operators to collect billions of naira from investors without delivering the properties promised.

Abdulmumin Jibrin, chairman of the House Committee on Housing and Habitat, said the proposed legislation was intended to address institutional gaps and overlapping responsibilities that have weakened the regulation of Nigeria’s housing and real estate sector.

Mr Jibrin said the Minister of Housing and Urban Development currently lacked direct jurisdiction over all agencies and institutions involved in the housing sector, creating gaps in coordination and duplication of responsibilities.

“There are enormous challenges. We have a wonderful minister of housing. But as the Minister of Housing of the Federal Republic of Nigeria, he does not have jurisdiction over all the agencies and institutions involved in housing. There is a link; there is a gap. So, there is duplication of functions,” he said.

He compared the situation with sectors such as oil and gas, electricity and telecommunications, where regulatory structures provide clearer oversight of industry operators.

The lawmaker said the absence of a comprehensive regulatory framework in real estate had allowed individuals and companies to undertake property development without adequate accountability.

He, however, clarified that the proposed legislation would not encroach on the constitutional powers of state governments or take over the statutory responsibilities of existing professional bodies.

Rather, he said, the authority would promote cooperation between the federal and state governments while preserving the functions of professional institutions operating in the sector.

The Minister of Housing and Urban Development, Muttaqha Darma, also identified limited access to mortgage financing as a major obstacle to homeownership in Nigeria.

He said mortgage penetration in the country remained below 10 per cent, significantly lower than the levels recorded in some other countries.

“Our population, as of today, is estimated to be about 240 million. But, as speakers after speakers mentioned, mortgage penetration is very low. It is less than 10 percent, as against 38 percent in Malaysia and 40 percent in South Korea,” he said.

Mr Darma said the federal government was addressing structural and institutional challenges in the housing sector, adding that the proposed authority would strengthen efforts to improve regulation and access to decent, affordable housing.

He also suggested that the authority, once established, should operate under the Ministry of Housing and Urban Development to ensure effective coordination with existing government housing policies.

In his remarks, Speaker of the House of Representatives, Abbas Tajudeen, called for a centralised and digitised real estate administrative system to simplify property transactions, improve transparency and attract investment.

He said Nigeria’s challenge was not a shortage of property but the lack of confidence in the systems governing ownership and transactions.

“Nigeria does not lack property. Nigeria lacks enough trust in property,” Mr Tajudeen said.

The speaker argued that an effective regulatory framework would help protect property buyers and investors from fraudulent transactions, exploitation, and unfair competition.

He added that stronger oversight was necessary to restore confidence in the real estate market and ensure that property ownership translates into economic value for Nigerians.

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