Nigeria’s economic development is deeply connected to the growth of its real estate sector, which not only contributes significantly to GDP and job creation but also drives essential infrastructure such as roads, electricity, and water systems.
With rapid urbanization and population growth, the demand for residential and commercial properties continues to expand, attracting both local and foreign investors; however, despite this vast potential, the sector is plagued by serious challenges including widespread fraud, weak regulatory oversight, poor documentation, and the increasing use of real estate as a channel for money laundering, all of which undermine investor confidence and hinder the sector’s ability to reach its full potential.
This article highlights that for Nigeria’s real estate sector to truly drive inclusive economic growth and national development, there must be stronger regulation, improved transparency in land transactions, effective enforcement of legal and compliance frameworks, and greater protection for investors and property buyers.
By: Oyetola Muyiwa Atoyebi SAN, FCIArb (U.K) (Notary Public).
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Read The Article Here:👇
https://omaplex.com.ng/tackling-illegal-property-sales-prevalence-of-fake-developers-unlicensed-agents-and-money-laundering-in-the-nigerian
