As Nigeria prepares to celebrate her 54th year of independence tomorrow, the World Bank Group has described Nigeria as one of the most expensive and difficult places to register and acquire property for businesses in the world.
This was stated in the findings of the Word Bank Group captioned ‘Doing Business in Nigeria- 2014 and subtitled Understanding Regulations for Small and Medium-Sized Enterprises’ which was yesterday launched in Abuja.
A major factor which put us on the expensive list is that in Nigeria, an entrepreneur has to go through 11 procedures over 78 days, and pay 15.8% of the value of the property to transfer that property.
According to the report which examined 36 states and the Federal Capital Territory, registering property is easiest in Zamfara, where it takes nine procedures, 31 days, and 8.0% of the property value, unlike in Abia, where the same process takes 13 procedures, 108 days, and 15.9% of the property value.
It was also discovered that aside search fee, consent fee, registration fee and stamp duty, legal fees account for almost half of the total cost incurred during the registration of property.
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