In my book which received IGI Global “Book of the Year” award in 2010 (link on IGI Global here https://www.igi-global.com/newsroom/archive/igi-global-announces-winner-2010/712/ ), and upon which I received an invitation from Harvard Business Review, I dropped some lines: no country can develop without property rights.
In other words, if you lack property rights, you will not advance as a nation. I tracked 2,000 years of GDP of some nations and posited that property rights (including IP rights) are a condition precedent to transmute from an invention society era to an innovation society era. Simply, there is no shortcut.
Amazingly, Nigeria gets the memo: “In a much-needed move, the Ministry of Housing and Urban Development has joined forces with the World Bank to tackle Nigeria’s land registration woes, aiming to bring order to a chaotic system where over 90% of land remains untitled…The Ministry signed a landmark agreement with the World Bank to register all land parcels within the next five years, digitize the country’s land records, and formalize transactions to bring the system in line with global standards.”
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If you title those lands, you make them available in the balance sheets of banks/financial institutions, and that means you have created “capital” out of them, making them possible for people to trade (credits, loans, etc) on them. A very commendable policy
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