Builder urges FG to review Land Use Act
A real estate operator, Prince David Omaghomi has called on the Federal Government to review the 1978 Land Use Act, as the law is responsible for the over 17 million housing deficit in the country.
According to him, prior to the act, land ownership was primarily ancestral, and enabled landowners to develop their lands.
Omaghoni, who doubles as the founder of Landshop.ng, stated this at an allocation ceremony carried out by the real estate outfit in Lagos.
He said: “The government has been very supportive, but operators have always frowned at the 1978 Land Use Act. We see the Act as the source of the problem of housing deficit in Nigeria, because before it was promulgated, land ownership was primarily ancestral. So my great grand father’s house in my village had value. But with the enactment of the Act vested power of ownership of land on the government. And that gives all lands to the government, which robbed all landowners of the bankability of lands. If I have to take a loan to finance my growing business, my financiers will not give me a loan because they would request for Certificate of Occupancy.”
Quoting a recent PwC report, which identified Nigeria as having a dead capital of over $30trn in lands, he said thousands of lands across the country are lying dead.
“Our primary advice to government is to consider the amendment of the Land Use Act. Government should allow people develop their lands and housing deficit in Nigeria will be reduced by 10 per cent in the next five years,” he said.
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