Lagos State to Tokenize Real Estate for Revenue Boost!

In Brief:

Lagos State Government in Nigeria plans to tokenize real estate on the blockchain to enhance revenue.

The 16-month project, with a budget of 500 million naira, involves the Ministry of Science and Technology collaborating with various agencies.

Lagos State to Tokenize Real Estate for Revenue Boost

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The Lagos State Government in Nigeria has announced an ambitious plan to tokenize real estate assets on the blockchain.

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As part of the Eko Revenue Plus Summit, this initiative aims to increase internal revenue by leveraging blockchain technology for real estate transactions.

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Collaboration and Budget for the Tokenization Project

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The project, expected to span 16 months, will be executed by the Ministry of Science and Technology in collaboration with other agencies and partners.

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With a budget of 500 million naira (approximately $314,465), the tokenization process will modernize how real estate is managed and monetized in Lagos, potentially setting a precedent for other regions.