Lagos State Government Unveils Plan to Tokenize Real Estate Using Blockchain
CryptoNewsTerminal Staff14 Aug, 2024
Lagos State Government Unveils Plan to Tokenize Real Estate Using Blockchain
Lagos State Government Unveils Plan to Tokenize Real Estate Using Blockchain The Lagos State Government in Nigeria has announced plans to tokenize real estate using blockchain technology. According to Cointelegraph, the government plans to invest 500 million naira ($314,000) to promote local real estate tokenization, with the expectation of attracting investors and generating revenue from transaction fees. This move aligns with Nigeria's broader efforts to explore the potential of blockchain technology. Recently, the National Information Technology Development Agency (NITDA) reconstituted the National Blockchain Policy Steering Committee (NBP-SC) to reassess blockchain-related policies. Real estate tokenization involves representing ownership of real estate assets on a blockchain network using digital tokens. This allows for fractional ownership, increased liquidity, and easier transactions. The Lagos State Government's initiative is expected to provide a boost to the real estate sector and support the government's efforts to promote innovation and economic growth.
