LEGAL FRAMEWORK FOR LAND MORTGAGES IN NIGERIA: CHALLENGES, PROSPECTS, AND PATHWAYS FOR REFORM

Abstract

The legal and institutional framework governing land mortgages in Nigeria is critical to fostering economic growth, addressing the housing deficit, and enabling secure lending practices. However, systemic inefficiencies, legal ambiguities, and infrastructural inadequacies significantly hinder the effective utilization of land as collateral. This study critically examines the fragmented legislative regime, the challenges posed by the Land Use Act (1978), state-specific mortgage laws, and institutional weaknesses, including bureaucratic bottlenecks and high transaction costs. The study identifies actionable prospects for reform, including legal modernization, technological innovation in land registration, and the establishment of a secondary mortgage market. The findings underscore the need for a harmonized and efficient framework to enhance mortgage accessibility, protect stakeholders, and drive sustainable development in Nigeria