Nigeria loses billions to lock-up capital in land

He said the theme of the conference, ‘Unlocking Real Estate Potentials for Economic Development

The Surveyor General of the Federation (SGoF), Samuel Adeniran Taiwo, has said Nigeria suffers huge economic loss because of lock-up capital in land resulting from ineffective land administration, improper land use and property management.

Surv. Taiwo made the statement at the opening ceremony of the 51st Annual Conference of the Nigerian Institution of Estate Surveyors and Valuers held at the International Conference Centre, Abuja.

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He said the theme of the conference, ‘Unlocking Real Estate Potentials for Economic Development’ was timely and inspiring adding that “land remains a major resource of any type of physical development impacting heavily on our national economic architecture.”

He also said the management of land for development was of great consequence because it would help in curtailing waste of energy, time and financial resource among others.

Taiwo reiterated that land remained a major factor of production and “it is key for all purposes of socioeconomic development”.

The SGoF stressed the crucial role of estate surveyors to the delivery of quantitative and qualitative physical development and the socioeconomic advancement of the country in the broad spectrum.

“Your role with the support of other professionals will definitely promote proper use of our land spaces that would guarantee aesthetics, healthy environment and even distribution of infrastructure and more prosperity for our nation,” he said.