Can A Foreigner Buy Land In Nigeria? (Full Answer)
Can a foreigner buy land in Nigeria?
Yes. However, terms and conditions apply.
Can A Foreigner Buy Land In Nigeria?
What are These Conditions?
Keep reading to find out.
Many people may have doubts about foreigners’ intentions to buy land in a country like Nigeria. Nigeria is, indeed, endowed with fertile fields. Foreign investors, like domestic investors, are always looking for innovative ways to diversify their portfolios and boost their profits.
Real estate is no exception. With all of the enormous luxury developments springing up around the country, foreign capital and developers are in high demand. Outsiders with large sums of money are ready to invest in initiatives since they usually make a profit.
Foreigners’ ability to buy land in Nigeria is restricted by Nigerian legislation. As a result, any foreigner who wishes to purchase property in Nigeria must adhere to certain regulations and processes. These limits were imposed to keep foreign land ownership in Nigeria under control.
By virtue of Section I of the Land Use Act, 1978 provides that “all lands comprised in the territory of each state in the Federation are vested in the Governor of that State and such land shall be held in trust and administered for the use and common benefit of all Nigerian in accordance with the provisions of the Act”, it is stated that all lands are under the Governor of whichever state the land is found.
In Nigeria, foreigners are referred to as “Aliens”. The law guiding the ownership of Nigerian lands by Aliens is thus found in the Acquisition of Lands by Aliens Act.
According to the Acquisition of Lands by Aliens Law (ALAL), “No alien shall acquire any interest or right in or overland from a native of Nigeria unless the transaction under which the interest or right is acquired has been previously approved in writing by the Governor”
ALAL also provides that, “Any agreement and any instrument_ in writing or under seal by or under which an alien purports to acquire any interest or right in or over any land (other than an interest or right acquired pursuant to the provisions of this Law and regulations or orders made thereunder) and which forms part of or gives effect to a transaction that has not been duly approved in accordance with the provisions of this Law shall be void and of no effect.”
In principle, an alien can acquire an interest or rights inland from a Nigerian native if the Governor’s written consent is requested and obtained before the required papers are completed between the alien and the Nigerian native.
What does Government approval look like?
The government approval contains useful information such as a treasury receipt indicating that the statutory fee has been paid and of course, the stamp from the Governor’s office indicating that your proposal has been granted.
what Next?
After obtaining the government’s written approval, what next? Parties may proceed to demonstrate the transaction by executing a registrable instrument after obtaining formal authorization from the Governor. The length of the interest or right to be acquired, including an opportunity to renew it, shall not exceed (25) twenty-five years.
The Governor has the authority to waive or alter any of the aforementioned criteria, including the provision regarding the period of the grant. The applicant will get the Governor’s formal permission in the ALAL Regulation format.
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Conclusion
Can a foreigner buy land in Nigeria? According to this post, yes. This piece covers necessary information regarding if a foreigner can obtain land in Nigeria or not.
It also covers certain procedures to be followed before this can be achieved. Feel free to ask questions using the comment section below. Answers will be provided as soon as possible.
