Estate surveying and valuation firm Ubosi Eleh + Co has stressed that proper documentation and ownership titles for properties could become a powerful tool in reducing poverty and expanding economic opportunities in Nigeria.
The firm made the assertion during a media briefing in Lagos ahead of activities marking its 35th anniversary celebration scheduled for the second week of June.
According to industry experts, formal property ownership documentation can unlock access to credit, improve wealth creation and strengthen government revenue generation.
Property Titles Can Unlock Access to Capital
Speaking during the briefing, Principal Partner of Ubosi Eleh + Co, Emeka Eleh, said millions of Nigerians possess properties with economic value but are unable to maximise those assets due to lack of formal documentation.
According to him, property titles make it easier for owners to use their assets as collateral for loans and business financing.
Eleh explained that once ownership is formally recognised, property owners can leverage their assets to access funding that could support small businesses and economic growth.
He noted that individuals often struggle to raise capital from untitled properties despite their significant market value.
Call for Land Reform in Nigeria
Eleh urged government authorities to initiate broad land reforms capable of providing legal titles to property owners across the country.
According to him, such reforms would not only benefit individuals but also strengthen government revenue through improved property taxation systems.
He explained that a properly documented property system enables authorities to identify assets and collect taxes more efficiently.
Property Tax Seen as Major Revenue Source
Eleh pointed out that developed economies rely heavily on property taxes to fund public services and infrastructure.
According to him, cities in advanced countries generate significant portions of their revenue from property-related taxes due to effective land documentation systems.
He argued that strengthening land administration and documentation processes could create long-term benefits for Nigeria’s economy.
Nigeria’s Property Market Becoming More Open
Also speaking during the event, Principal Partner at Ubosi Eleh + Co, Chudo Ubosi, said the Nigerian property sector is gradually moving away from a culture of secrecy toward greater openness and transparency.
He explained that property owners are increasingly becoming comfortable with publicly advertising and transacting property assets.
Ubosi noted that the evolution reflects growing confidence within the sector and changing attitudes toward real estate ownership and investment.
He also credited strategic communication and marketing efforts for the company’s growth over the last 35 years.
