The main laws that govern real estate in Nigeria are:
- The Constitution of the Federal Republic of Nigeria 1999 Cap C23, Laws of the Federation of Nigeria (LFN) 2004 (as amended) which guarantees the right of every Nigerian to own and acquire real property/estate in any part of the country.
- The Land Use Act 1978 Cap L5, LFN 2004, which primarily regulates land ownership in Nigeria. It enhances the principle of leasehold by which land in each state is vested in the governor of a state, to be held in trust for the benefit of Nigerians within the state.
Real estate is, however, largely regulated by the laws in the state in which the land is situated and differs from state to state. The laws governing real estate in Lagos State (the commercial capital of Nigeria) include the following:
- Land Registration Law Cap L41, 2015.
- Land Use Charge Law 2020.
1.2 What is the impact (if any) on real estate of local common law in your jurisdiction?
The decision of judges is a core element of the Nigerian legal system. In interpreting local legislations on real estate, the principles of law upon which a court bases its decision in relation to material facts become judicial precedents, which must be followed by lower courts in deciding future cases with similar facts.
1.3 Are international laws relevant to real estate in your jurisdiction? Please ignore EU legislation enacted locally in EU countries.
International laws are not relevant to real estate in Nigeria as real estate is governed by the law of the place where the property is situated.
To read the full article visit https://iclg.com/practice-areas/real-estate-laws-and-regulations/nigeria
