Nigeria’s Lagos state government has announced an ambitious plan to tokenize real estate, leveraging blockchain technology to enhance transparency, efficiency, and ease of transfer in property transactions, reports Cointelegraph.
According to local media, this initiative, outlined in the Eko Revenue Plus Summit documents, aims to significantly boost the state’s internally generated revenue.
Real estate tokenization involves converting property assets into digital tokens on a blockchain. Each token represents a specific share of ownership in a property, similar to how stocks represent ownership in a company.
These tokens can be easily bought, sold, or traded on a blockchain platform, providing a more streamlined and accessible way for individuals to invest in real estate.
The tokenization plan will unfold over 16 months, with the Ministry of Science and Technology spearheading the project in collaboration with various agencies and partners. These agencies will be working with a budget of 500 million naira (€285,500) allocated by the state government to support the initiative.
The Eko Revenue Plus Summit documents highlight real estate tokenization as a critical strategy for increasing Lagos State’s internally generated revenue. By making property transactions more transparent and efficient, the government aims to attract more investors and generate additional revenue from property taxes and transaction fees.
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