Professor MODUPE OMIRIN is the Head of Department, Estate Management, University of Lagos. She spoke to VICTOR GBONEGUN on why the government should pay attention to the real estate sector rather than milk the industry through multi-taxation and unhealthy policies that constrain economic development.
Stakeholders have expressed concern on the escalation of land prices in major cities. What kind of reforms do we need in land administration in Nigeria?
There are many issues that result into escalating land prices. The most important of them is when you have dwindling supply in the face of growing demand. Land is needed not only for housing but also for several other uses. In an environment, where investment opportunities are limited, people tend to look at land as the best investment. So, instead of looking for land to build structures, people are looking for land for speculation reasons, expecting that the prices will go up soon and then they can sell at a huge profit….
Source: Guardian Newspaper