Kwara State Governor AbdulRahman AbdulRazaq has signed all the certificates of occupancy (C of Os) that had been pending since 2016, a giant step that is certain to help businesses to raise capital from banks and strengthen the local economy.
Director General of the Bureau of Land Barrister Bolaji Edun said in a statement on Friday that the feat was unprecedented in the recent history of the state.
“All in all, the Governor has signed 175 C of Os. He also gave approval for 102 subsequent transactions like mortgages, leases, assignments that had been pending since 2016 to date. The effect of this singular act of the Governor is that the economy of the state will pick up immediately after the COVID-19 lockdown,” Edun said.
He said the step would enable owners to access to loans in the capital market to kickstart or expand their businesses.
“There will be inflow of capital to the state and this will have spiralling effects on the economy including the informal sector. It is going to be a win-win situation for everyone,” he added.
The development would have huge impacts on Kwara’s rating in the upcoming national ease of doing assessments as prompt issuance of C of Os and other legal documents — which serve as collaterals —are critical to people’s access to loans to run their businesses.
A 2018 World Bank ease of doing business report rated Kwara low in quick issuance of C of O, among other criteria, which is key to attracting businesses to the state.