Senior Advocate of Nigeria and Senior Partner at Olisa Agbakoba Legal (OAL), Dr. Olisa Agbakoba, has called for urgent reforms in Nigeria’s land administration system, stressing that it holds the key to unlocking an estimated N40 trillion in dead capital that could significantly boost the nation’s economy.
Agbakoba, a former President of the Nigerian Bar Association, said reforming land titling and linking property to the financial system would convert untapped assets into bankable capital, enabling citizens to use property as collateral for loans.
He made the recommendation in a recent report by his firm titled “OAL Governance and Economic Analysis and Forecast 2025: Nigeria Can Succeed Rather Than Fail – Innovation and Efficiency to Create a N500 Trillion Budget for 2026; Implications for the Moving Parts in a New World Trade Order.”
According to him, more than 80 per cent of Nigeria’s estimated $6 trillion in property assets are classified as dead capital—assets that cannot generate income or be used to access credit due to lack of proper titling.
“The Land Use Act was designed to create a framework for land titles, but the system has become clogged. As it stands, land cannot efficiently serve as collateral, which limits access to finance and stifles economic activity,” Agbakoba said.
He proposed the enactment of a Land Use Administration Act, which would simplify the consent process and make land transactions more efficient and credible in the eyes of financial institutions.
Key components of the reform would include:
Digitisation of land registries to build a comprehensive national database of property ownership
Streamlining property registration procedures to reduce bureaucratic delays and costs
Establishing strong legal frameworks for protecting property rights
Incentivising banks and lenders to offer credit against land collateral, particularly for SMEs and low-income property owners
Adopting technology such as Geographic Information Systems (GIS) and blockchain to enhance transparency and security in land transactions
Agbakoba noted that empowering informal settlements through urban planning and infrastructure development could also transform undervalued properties into productive economic assets.
“By addressing our institutional challenges with courage and determination, we can unlock our nation’s full potential. It’s time to make Nigeria and Africa great again,” he said.
The report further outlines a path for Nigeria to achieve a N500 trillion budget by 2026, through bold governance reforms, innovation, and efficient economic strategies—positioning the country for leadership in the evolving global trade order.
