By Babajide Komolafe & Adaeze okechukwu
The Former Deputy Governor of the Central Bank of Nigeria, CBN, Professor Kingsley Moghalu, has called for constitutional repeal of the Land Use Act, stressing the Act traps the wealth of Nigeria citizens in the hands of choking grip of state bureaucracy.
He also called for an end to further foreign borrowing and deregulation of the downstream petroleum sector.
He made this call in Lagos while speaking as Guest Lecturer of the 2018 edition of the Bullion Lecture organised by the Center for Financial Journalism.
Speaking on, “Overcoming Poverty: The Secret of the Wealth of Nations”, Moghalu presented a six point solution for the country to overcome poverty.
These include establishment of a clear worldview for the Nigerian state; and the establishment and consistent application of a clear economic philosophy of entrepreneurial capitalism in context of a developmental state, as guiding framework for the Nigerian economy.
Speaking on the need to repeal the Land Use Act, Moghalu said: :” I recommend the constitutional repeal of the Land Use Act that traps the wealth of Nigeria’s citizens in the hands choking grip of state bureaucracy.
“One of the foundations of successful capitalism is property right. If you have a land vested in the state and you are just a tenant with Certificate of Occupancy instead of a freehold that allows you determine what you can use the land for in terms of generating capital or pledging it as collateral.
“Nigerians should be able to determine what even they want to do with the land they acquire. For example, We must not run to the governor to sign Certificate of Occupancy (C of O) each time investors come to invest, and the same goes for when a land is acquired. The Land Use Act has to go.”