Professionals in the real estate sector have urged the Federal Government of Nigeria to repeal the Land Use Act of 1976. The experts made the demand at a mandatory continuing professional development seminar for Estate Surveyors and Valuers, held at the Polytechnic Ibadan, Oyo State.
Among those who made the call was Prof. Abel Olaleye of the Department of Estate Management, Obafemi Awolowo University, Bode Ajisafe of the Department of Urban and Regional Planning, University of Ibadan and an estate surveyor and valuer, Makanjuola Ojewumi.
They were speaking at a seminar organized by the Oyo State branch of the Nigerian Institution of Estate Surveyors, with the theme: “Real Estate Investment Potentials for Wealth Creation in a Stringent Economy.”
According to them, the Act was one of the major challenges facing the real estate practitioners.They explained that government policies and environmental laws were the major hindrances facing the sector.
Olaleye said: “The country’s landowning system, as stipulated in the land use act was an impediment to real estate investment in the country. This is why stakeholders have repeatedly called for its repeal.
“If the land registration and tilling system could be made favourable and less stressful, homeowners would be able to create wealth from their investments. Such funds that are currently dormant in the capital base of the real estate in the name of home ownership would be put to effective use.”
Ajisafe in his paper ‘Strategies for Financing Real Estate Investment Potentials in Nigeria’ said that the high-interest rate on loans from the country’s financial institutions has had a negative impact on the sector’s development.
Ojewumi also urged government at all levels to put measures in place to meet the housing deficits in the country.
The experts appealed to the people to use locally made building materials to attract investors and encourage professionals in the sector.