Public private partnership : challenges and opportunities in real estate development in Nigeria

Makama, Basil and David Ishava

The Nigerian Railway Property Management Company, a subsidiary of the Nigerian Railway Corporation leased vast developed land on medium lease to private individuals and organizations. This paper examined the following: the requirements met by individuals/organizations before the lease was granted, lease agreement period and amount charged as ground rent. The findings revealed that the challenges faced by applicants included: corruption on the part of the officials, bureaucratic bottlenecks, under payment of ground rent, and improper documentation by individuals among others. The prospects of the paradigm shift included increase in income base of the company, creation of job opportunities, stimulation of real estate development, and it also helped in stabilizing rental values.

Event: 6th FIG Regional Conference 2007 : Strategic Integration of Surveying Services

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Document type:Public private partnership : challenges and opportunities in real estate development in Nigeria (41 kB - pdf)