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Lagos State Government Reveals Plans to Tokenise Real Estate
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Lagos State Government has decided to tokenize real estate on the blockchain. According to Africa’s Web 3 and Digital Economy Aggregator, Cyberchain, this development can lead to shared prosperity, as more Nigerians can participate in real estate investments previously out of their reach.
Lagos State Government Tokenise Real Estate
The digitization and tokenization of real estate projects in Lagos state will be made through an advanced system called E-GIS.
This unique initiative will allow global access to property and land information via government portals. This aims to enhance efficiency and accuracy in data management.
The plan highlights the efforts Lagos state is taking to boost internally generated revenue.
The initiative will be led by the Ministry of Science & Technology in collaboration with various agencies and partners. Also, the tokenization process is expected to take 16 months.
A budget of ₦500 million has been allocated for this project, reflecting the government’s commitment to modernizing real estate management in Lagos.
Real Estate Tokenization To Create an Accessible Platform For Investors
To support this initiative in Nigeria, Cyberchain has planned the Tokenized Economy Conference, which is set to take place on the 3rd and 4th of October in Abuja.
Also Read: Lagos State Government Attacks Uber/Moove Vehicles over Failure to Provide Access to Database
Additionally, the Fintech stressed that it was an event dedicated to promoting Blockchain adoption in Nigeria.
The initiative in Lagos aims to create a transparent and accessible platform for both local and foreign investors. This will foster active participation in the real estate sector.
The Lagos State Real Estate Regulatory Authority (LASRERA) is also working to ensure that only qualified and certified practitioners are allowed to operate, thereby maintaining the integrity of the sector.
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