The Nigerian State of Lagos plans to tokenize real estate on the blockchain, part of efforts to generate more raise revenue to 5 trillion Naira for the state government.
This comes ahead of an upcoming summit, dubbed Eko Revenue Plus Summit, which aims at unlocking new streams of revenue for the State to fast-track socio-economic development.
Joko Okupe, one of the organizers of the event said:
“By leveraging technology and innovation, we can unlock ‘new money’ that will enhance Lagos State’s ability to provide better social amenities and economic opportunities for Lagosians.
Working closely with the Special Adviser to the Governor on Taxation & Revenue and his team, we have identified five core sectors of the State’s economy with the potential for additional revenue to help generate extra (Plus) IGR of about N2.73 trillion.
These sectors, in order of priority, are Property, Digital Economy, Informal Sector, Energy Sector and Circular Economy, with The Energy Sector as a support pillar for the other four sectors and a catalyst for the general economic development in any environment, for that matter.”
The tokenization process is expected to take 16 months and will be spearheaded by the Ministry of Science & Technology in collaboration with other agencies and partners.
The activity will reportedly cost a ₦500 million ($314,000) which will cover various expenses, including technology development, staff training, and public education. The state government is committed to ensuring that the project is implemented efficiently and effectively, focusing on delivering tangible benefits for investors and the broader public.
Government officials see real estate tokenization as a critical strategy for increasing Lagos State’s internally generated revenue. By making property transactions more transparent and efficient, the government aims to attract more investors and generate additional revenue from property taxes and transaction fees.
Nigeria, which launched Africa’s first CBDC in 2021, has been steadfast in embracing blockchain-based solutions.
The country is also looking to create a ‘Nigerium’ indigenous blockchain which is intended to safeguard national security, according to Kashifu Inuwa Abdullahi, Director-General, NITDA (The National Information Technology Development Agency).
REGULATION | Nigeria Set to Build The ‘Nigerium’ Indigenous Blockchain to Safeguard National Security, Says Director-General, NITDA
The Director-General stated this when he welcomed a delegation from the University of Hertfordshire Law School, in Abuja, adding that that the… pic.twitter.com/aDSHgjtqXk
— BitKE (@BitcoinKE) July 9, 2024
NITDA is also setting up research centers dedicated to blockchain and other cutting-edge technologies across Nigeria’s six geopolitical zones. It also follows the approval of a national blockchain policy in 2023.
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