Prominent legal scholar and former President of the Nigerian Bar Association (NBA), Dr. Olisa Agbakoba, SAN, has called for urgent and comprehensive reforms in Nigeria’s land titling system, arguing that it represents the single most transformative policy that could unlock over N1.5 quadrillion in dormant capital and reposition the nation’s economy for sustainable growth.
Speaking in a policy paper titled “Devolution is the Solution: Foundational Reform Agenda for Nigeria’s Transformation,” Agbakoba said that Nigeria’s vast wealth lies not in oil or foreign reserves but in the untapped potential of land and real estate assets currently trapped under informal ownership.
He emphasized that the failure to properly document and legally recognize land ownership has left billions of dollars in “dead capital” — assets that cannot be leveraged, traded, or integrated into the financial system.
“Over 90 percent of land and real estate in Nigeria have tainted, defective, or no titles at all,” Agbakoba said, citing findings from studies conducted by the World Bank, PwC, and his firm, Olisa Agbakoba Legal (OAL). “This creates ‘dead capital’—assets that cannot be traded, serve as collateral, or be indexed to the financial system.”
According to him, this situation mirrors the thesis of Peruvian economist Hernando de Soto, who argued in The Mystery of Capital that converting dead capital into productive assets through formal property rights is one of the most powerful tools for economic transformation in developing countries.
Formal Land Titling as an Economic Game-Changer
Agbakoba stressed that land titling — the process of formally recognizing and recording private property rights — could radically expand access to credit and investment in Nigeria. With formal ownership documents, property holders can use their land or buildings as collateral for loans, unlocking liquidity and empowering individuals and businesses alike.
“Once property owners have legal titles, banks will be more willing to lend because the assets represent secure collateral backed by enforceable rights,” he explained. “This is how nations build credit-based economies that drive wealth creation and industrialization.”
Commendation for Ongoing Federal Reforms
The senior advocate praised the Federal Government’s National Land Registration, Documentation and Titling Programme, which aims to digitize land records and create a transparent national property registry. However, he urged the administration of President Bola Tinubu to accelerate and scale up the project, ensuring full collaboration between federal and state land agencies.
According to Agbakoba, integrating land values into the national financial system through digital mapping, legal harmonization, and unified documentation would lay the groundwork for massive capital mobilization. “This is not just an administrative reform,” he added. “It is a structural economic revolution.”
From a Cash Economy to a Credit Economy
Agbakoba argued that Nigeria must transition from its prevailing cash-based economy to a credit-driven system if it hopes to achieve inclusive and sustained growth. He maintained that a credit economy allows citizens to leverage assets and expand purchasing power beyond immediate cash availability.
“Nigeria operates a cash economy, which limits the economy’s productive potential because people can only buy what they can afford,” he said. “A functional credit system allows individuals to buy, build, and invest in ways that multiply economic activity.”
To illustrate the potential impact, Agbakoba projected that if 200 million Nigerians each accessed N300,000 in credit, the country would inject N60 trillion into circulation — stimulating domestic demand, supporting small businesses, and easing the country’s foreign exchange pressures.
“When citizens can access affordable credit in naira to own homes, start enterprises, or expand production, it strengthens the naira’s real value,” he explained. “It becomes a currency backed not just by policy, but by productivity and confidence.”
Government Commitment to Land Reform
In August, the Minister of Housing and Urban Development, Arc. Ahmed Dangiwa, reaffirmed the Federal Government’s commitment to improving land titling, documentation, and registration across the country. He announced a plan to raise formal land documentation coverage to 50 percent within the next decade, under a national initiative aimed at unlocking the full economic potential of land assets.
Agbakoba welcomed this commitment but emphasized that political will and institutional coordination would determine the reform’s success. “With the right legal framework, Nigeria can turn its vast land resources into bankable wealth,” he concluded. “This is the surest path to financial inclusion, poverty reduction, and genuine national prosperity.”
