Experts – 80% Allocated Lands In Nigeria Not Certified
The Nigerian Institute of Estate Surveyors and Valuers says over 80 per cent of lands in Nigeria lacks certificates of occupancy, thus preventing financial transactions on these properties.
Emmanuel Wike, the President of NIESV and Chairman of the Council, made these remarks during the institute’s maiden Valuation Day themed, “unlocking the nation’s wealth through valuation”, held Wednesday in Port Harcourt, Rivers State.
The lack of engagement by key professionals in the built industry accounts for the incessant collapses of buildings in the country.
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According to Wike, most of the lands in Nigeria are dead capital, as they cannot be used for anything since they do not have title documents, which is Certificates of Occupancy.
He says, “It is only in Nigeria that we have 80percent of lands not titled with C of O and cannot be used for any financial transaction and until we unlock the potentials of our lands, it will be very difficult for us to use.”
NIESV president noted that a robust collaboration between the NIESV, other professionals in the built industry, and the Federal Government regulator would put an end to building collapses in the nation.
“When you have a building collapse, it means that some of the resources used for that particular construction have gone.
“Yes, we are now carrying this advocacy to let people know that there is a colossal loss of investment when there is a building collapse, and we don’t need that”, he explained.
“So, people should be able to consult professionals from the design to the construction and to the use of that particular structure. Our advice is that both the professionals and the regulatory body of the government should work together for the benefit of society.
“This will reduce it (building collapse) because as professionals we will ensure that round pegs are put in round holes”, Wike advised.