Gov. Abdulrahman Abdulrasaq of Kwara has signed 175 Certificates of Occupancy (C of Os) for land titles that had been pending since 2016.
A statement issued in Ilorin on Friday by the Director General of the Bureau of Lands, Mr Bolaji Edun, said the step would further enhance economic development in the state by enabling Micro, Small and Medium Enterprises to easily raise capital from banks.
The director-general said that the feat was unprecedented in the recent history of the state.
Edun added that the governor had given approval to 102 other land title-related transactions like mortgages, leases and assignments that had been pending from 2016 till date.
Kwara State Governor Abdurasaq[/caption,
According to him, the effect of this singular act of the governor is that the economy of the state will pick up immediately after the COVID-19 lockdown.
“The step would enable owners to have access to loans in the capital market to kick start or expand their businesses.
“There will be inflow of capital to the state and this will have spiral effects on the economy including the informal sector. It is going to be a win-win situation for everyone.
“The development would have huge impact on Kwara’s rating in the upcoming national ease of doing business assessments as prompt issuance of C of Os and other legal documents, which serve as collateral, are critical to people’s easy access to loans to run their businesses.
“A 2018 World Bank ease of doing business report rated Kwara low in quick issuance of C of Os among other criteria, which is key to attracting businesses to the state, ” he said.
