Lagos State to Tokenize Real Estate for Revenue Boost!

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August 14, 2024 7:56 PM

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

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

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

Collaboration and Budget for the Tokenization Project

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

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.

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