He warned that this issue is stifling economic growth, land security, and financial accessibility.

Represented by Cyril Hart, Abbas pointed out that 60 per cent of civil cases in Nigerian courts are land-related, underscoring the urgent need for reforms. He referenced a World Bank report, which states that 70 per cent of the global population lacks legally registered land titles, a trend that mirrors Nigeria’s ongoing land crisis.

Despite Nigeria’s vast 923,000 square kilometers of land, only a small percentage is officially registered. This lack of formal ownership prevents millions of Nigerians from using their land as collateral for bank loans, particularly farmers and small-scale entrepreneurs.

Abbas identified key barriers to land registration, including high costs, bureaucratic delays, corruption, documentation irregularities, and low public awareness. Many Nigerians either do not understand the importance of land titling or face overwhelming challenges in securing legal ownership.

Beyond financial struggles, Abbas emphasized that insecure land rights fuel poverty, inequality, and political instability. He highlighted the prevalence of land disputes and forced evictions, which further threaten social and economic development.

Reaffirming the House of Representatives’ commitment to legislative reform, Abbas pledged support for policies that will streamline land registration, lower costs, and modernize administrative processes.

With Nigeria’s rapid urbanization and growing population, Abbas urged stakeholders, policymakers, and agencies to prioritize land security. He stressed that ensuring more Nigerians have legal land ownership will unlock economic opportunities, foster financial growth, and drive national progress.

The post Speaker Abbas Says Only 3% of Nigerian Landowners Have Legal Titles, Promises Legislative Support appeared first on Housing TV Africa.

Commissioner Ope George emphasised that the report aligns with Governor Babajide Sanwo-Olu’s ‘Budget of Sustainability,’ supporting economic diversification and infrastructure development.

Taiwo Oyedele, Chairman of the Presidential Fiscal Policy and Tax Reforms Committee, highlighted the need for Lagos to increase its revenue generation significantly.

He identified property taxation, expansion of personal income tax, and tax harmonisation as essential strategies for boosting internally generated revenue.

Lagos collects less than two percent of its GDP in revenue, despite having one of Africa’s most valuable real estate markets.

Oyedele urged reforms to formalise the informal sector, simplify taxation processes, and leverage technology for more efficient tax administration.

With the right strategies in place, Lagos could generate up to five trillion naira annually, strengthening its economic position globally.

Stakeholders were called upon to collaborate in overcoming inflationary pressures, fiscal constraints, and global uncertainties to sustain Lagos’ economic leadership.

The post Lagos Unveils 2025 Economic Development Update, Targets Revenue Growth appeared first on Housing TV Africa.