Former President of the Nigerian Bar Association (NBA) and Senior Advocate of Nigeria (SAN), Dr. Olisa Agbakoba, has called for an urgent and comprehensive land titling reform, describing it as the single most transformative economic policy that can unlock over N1.5 quadrillion in dormant capital and lay the foundation for sustainable national prosperity.
Land titling is the process of formally recognizing and documenting private property rights through an official public record aimed at converting informal or customary land holdings into legally recognized ownership.
Agbakoba made the assertion in a policy presentation titled “Devolution is the Solution: Foundational Reform Agenda for Nigeria’s Transformation”, where he argued that Nigeria’s greatest untapped wealth lies in its land and real estate assets that lack proper documentation or legal recognition.
Citing studies conducted by the World Bank, PwC, and his firm, Olisa Agbakoba Legal (OAL), the legal luminary revealed that over 90 per cent of Nigerian land and real estate have tainted, defective, or no titles, creating what he termed “dead capital”.
“This creates ‘dead capital’—assets that cannot be traded, serve as collateral, and cannot be indexed to the financial system,” Agbakoba said. “Economist Hernando de Soto demonstrated in his book “The Mystery of Capital” that converting dead capital into productive assets through formal property rights revolutionises developing economies.”
Former NBA president commends FG’s land titling scheme
Agbakoba noted that formal property titling reforms would convert dead capital into productive assets by giving land and homeowners the legal recognition necessary to use their property as collateral for credit.
“Owners can use their land or homes as collateral to access credit. Banks become willing to lend because the property now represents secure collateral with enforceable legal backing,” he said.
He commended the Federal Government’s ongoing National Land Registration, Documentation and Titling Programme, which seeks to digitise land records and establish a transparent and unified national registry. However, he urged the Tinubu administration to “accelerate and scale” the initiative, integrating property values into the national financial system through digital and legal harmonisation between federal and state agencies.
Case for a credit-based economy
Agbakoba further called for the establishment of a robust legal and policy framework to build a credit economy, which he said was essential for inclusive economic growth.
“Nigeria operates a cash economy. This limits the economy’s potential because people can only buy what they can afford. By contrast, a well-developed credit system allows people to buy what they cannot afford, provided they manage their debt,” he stated.
He argued that if 200 million Nigerians each had access to N300,000 in credit facilities, it would inject N60 trillion into the economy, boosting domestic consumption, stimulating local production, and easing foreign exchange pressure.
“When citizens can access credit in naira to own homes, start businesses, and build wealth, the currency gains intrinsic value and stability. This credit infrastructure becomes a vital fundamental—a reason for people to hold and transact in naira, thereby reducing our vulnerability to exchange rate shocks,” he said.
What you should know
In August, the Minister of Housing and Urban Development, Arc. Ahmed Dangiwa announced FG’s commitment to scale up efforts towards improving land titling, documentation and registration across the country up to 50 per cent in the next 10 years.
He said the plan was part of efforts put in place by the administration of President Bola Tinubu to unlock the economic potential of land in Nigeria.