Chudi Ubosi, a real estate consultant, on Tuesday appealed to the Federal Government to explore potentials in the real estate sector to create wealth and aid national economic development.
Ubosi, the Africa President, International Real Estate Federation (FIABCI), told journalists in Lagos that this could be achieved through the review of the Land Use Act.
He said that some sections of the Land Use Act of 1978, which vested powers over land matters on state governors, could be looked into to unleash wealth in the real estate sector.
“The challenges that come with this aspect is a burden to prospective property owners.
“This is because the process of obtaining the Certificate of Occupancy is expensive, time consuming and frustrating,” he said.
Ubosi stressed that government should realise that land is an asset that could be held by the poor and the ability to exploit it was critical to their economic advancement.
“Through this process, individuals can accumulate enough wealth to stay on site permanently and be able to sustain their living.
“If the Land Use Act, which is now before the National Assembly, can be properly reviewed to facilitate easier access to land, it will go a long way to reduce poverty in the country,’’ Ubosi said.
According to him, there are numerous lands both in the rural and urban areas lying untapped, saying that those resources can be put to use to generate incomes, if access to them can be made easy.
Ubosi noted that only the volume of land which Nigeria possess was enough make it a very rich country, if properly harnessed.