The Nigerian Institute of Builders has projected the value of the Federal Government’s abandoned properties at about N230 billion.

This disclosure was made at the recent PwC Nigeria’s executive roundtable on the Finance Act 2020 and Economic Outlook for 2021.

According to the Press release by PWC Nigeria,

“Nigeria holds as much as US$900 billion worth of dead capital in residential real estate and agricultural land. The value of the Federal Government’s abandoned properties alone, according to the Nigerian Institute of Builders, is projected to be about N230 billion.

“And about a half of Nigeria’s population live in cities, of which almost 80% of them are living in substandard conditions. Finding the political will to act and unlock Nigeria’s dead real estate assets will have a transformative impact on the lives of Nigerians.

“Out of the 10 themes, another important theme to consider was Nigeria’s Gross Fixed Capital Formation, which in 2019, stood at less than 20%. And PwC estimates that Nigeria would need an investment rate of at least 26% – 28% of GDP to achieve 7% growth.”

The virtual event attracted the CEOs, C-Suite executives and MSMEs, and focused on the impact of changes to existing laws by the Finance Act 2020 and other significant government policies, to businesses and taxpayers in Nigeria.