In a bid to boost its already booming property sector, the Lagos State Government is going to introduce a new Certificate of Occupancy (CoO).

Vanguard newspaper reports that well-known security paper expert, DeLaRue UK Limited has been appointed to manufacture the new CoO security paper.

According to Gbenga Ashafa, permanent secretary of the Lagos State Ministry of Lands, the new CoO would increase investor confidence and lead to an increase in real estate investment. The whole process of issuing the document will also be computerised.

Vanguard further reports that the Lagos State Government is planning to pass a new law on land title registration that will soon be enacted. The process for transferring real estate is also continuously being reviewed to lower costs, eliminate delays and ensure greater transparency.

Land value in Lagos state has grown by a staggering 2 000% over the ten year period from 1998 to 2008.