The federal government has stated that the ongoing land reforms would help to unlock $300billion dead capital.
The Minister of Housing and Urban Development, Arch. Ahmed Dangiwa stated this at the 28th Conference of Directors of Lands in the Federal and State Ministries, Department and Agencies held yesterday in Lagos.
Dangiwa admitted the setbacks the country had suffered owing to the ineptitude of the 1978 Land Use Act, saying that the ongoing land reform would remove the impediment in the 1978 Land Use Act.
He also stated that plans are underway to establish the National Land Commission which would serve as a regulatory body and attend to the myriad of public complaints on land matters.
“Currently, we have a situation where the Land Use Act was enacted in 1978 but there was no complementary institution set up alongside it to provide the necessary framework, guidelines, and regulations for operationalizing it.
“We are working to establish a National Land Commission that would fix this gap and chart a new way forward for effective land administration in the country.
“Currently, I think we have over 300billion dollars dead capital in land assets that must be unlocked effectively via administration.
“If we have a proper administration we are going to unlock nothing less than $300billion as an investment into the coffers of this country,” he added.