NIGERIA
BY LEONARD MICHAU
Transfer Of Rights
Africa’s top performing economy
T
he largest country in West Africa, Nigeria
is also the most populous in the region is
the biggest economy in Africa, displacing
South Africa (nominal GDP of $356 billion in
2013) earlier this year from the top spot, following
a recalculation of the constituents of its economy,
which resulted in a nominal GDP of $510 billion
in 2013.
With a population of 170 million and oil reserves
estimated at around 37.2 trillion barrels - almost
Real estate
All land in Nigeria is state land, managed by the
Governor of the State on behalf of the people.
Therefore, land cannot be owned privately, there is
only the transfer of rights, called an ‘assignment’ in
which the seller assigns the rights to use and occupy
the land to the buyer. Foreigners can obtain leases
from the State for a maximum of 99 years for the
use of land.The Governor’s consent is needed for
the assignment of title to use, occupy, and improve
property with a statutory certificate. Rights to sell,
Driving Nigeria’s economy
Nigeria’s economic growth is 7.67%, but is highly
dependent on oil, which has left other sectors
somewhat under-developed. However, forecasts for
2014 suggest sustained growth, driven by two key
initiatives. The first is the reform of the power sector,
which has been largely privatised, and is expected to
reduce business operating cos