Nigeria initiated a real estate tokenization project in the state of Lagos. The aim of the project is to increase transparency and efficiency of transactions and attract additional funds to the local budget.
Nigeria’s Lagos state government announced the launch of an ambitious project to create a tokenized real estate market. The relevant plans were announced in the documents of the Eko Revenue Plus Summit, scheduled to be held in Lagos from September 25 to 26, 2024.
Technical details of the project aren’t available, but the following is known:
- the estimated timeframe for the project is up to 16 months;
- the budget is 500 million naira (~$314,500);
- the project will be led by the Federal Ministry of Innovation, Science, and Technology (FMIST).
The tokenization project is aimed at transforming the local real estate market. According to the authors, blockchain will make the real estate market more accessible to a wider range of investors. The budget is allocated for the development of the platform and its commissioning, as well as for marketing and promotion of the project.
The authors of the initiative expect to annually replenish the local budget by more than 100 billion naira as a result of income from licenses, tax, and fees.
In October 2022, the Lagos government announced a partnership with Gluwa, which planned to use blockchain to tokenize farmland in the region.
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