Mr Chudi Ubosi, the Africa President, International Real Estate Federation (FIABCI), on Wednesday said that resources in the real estate sector in Nigeria were underutilised.
He said that over 80 per cent of land resources in the country were not accessed due to challenges surrounding operations in the sector, saying that the trend could be changed through the review of the Land Use Act.
He, therefore, urged the Federal Government to explore potential in the real estate sector to aid economic development and poverty alleviation.
Ubosi said that some sections of the Land Use Act 1978, which vested land matters on state governors, could be looked into to unleash wealth in the real estate sector.
“The challenges that come with this aspect are burden to the prospective property owners.
“This is because the process of obtaining a Certificate of Occupancy is still expensive, time consuming and frustrating,’’ he said.
Ubosi said that the government should realise that land is an asset that could be held by the poor and that the ability to exploit it was critical to their economic advancement.
“Through this process, individuals can accumulate enough wealth to stay on site permanently and sustain their living.
“If the Land Use Act will be reviewed to facilitate easier access to land, it would go a long way in reducing poverty in the country,’’ Ubosi said.
According to him, there are numerous lands both in the rural and urban areas lying untapped.
He noted that those resources could be put into use to generate income if access to them were easy.
He said that the volume of land in Nigeria is enough to make it a very rich country, if properly harnessed.