There is a housing boom in Nigeria, particularly in Lagos and Abuja. There is an influx of mobile phone companies into the country who are investing heavily. Nigeria’s natural gas is another attraction for global companies and now even Nigerians overseas who have created wealth elsewhere are buying property in the country.
The most important Nigerian law pertaining to the buying and selling of property is the Land Use Act of 1978. This led to the conversion of all land in Nigeria to State Land. What this means in lay man terms is that in Nigeria, the Governor of the State has the responsibility to manage all land on behalf of the country’s people.
This means no land is owned privately. For any kind of entitlement, use, occupation, improvement or alteration, you need the Governor’s consent in the form of a statutory certificate. With this certificate you cannot however sub-let, sell or give away a property. Any such plans will have to be further consented to by the State Governor.
The sale of real estate in Nigeria does not actually involve any selling and buying. What happens on paper is a transfer of rights from a ‘seller’ to a ‘buyer’. This process is referred to as an assignment; so effectively, a seller ‘assigns’ property rights to the person who purchases it from him.
If a foreigner wishes to purchase real estate in Nigeria he/she can do so by obtaining a lease from the State for a period of 99 years. Nigeria permits companies and non-residents to buy land rights for the purpose of any activity that is declared beforehand to the government.
Buyers also have to cater to the Consent Fee which is to be paid for the consent of the Governor. As the government is the ultimate owner of land, any ‘assignment’ including lease, must have its consent. Before any purchase ensure that the seller has obtained the consent of the Governor for the sale.
For buying property in Nigeria it is best to go through a reliable, trustworthy, experienced and customer friendly Nigerian property website that can provide all relevant information and be a single platform for buyers, sellers, tenants, owners and agents to interact on. This way comprehensive and updated information can be on your finger tips about the most in-demand properties in Nigeria.
