The study examined the growth in land market in peri-urban Nigeria with a view to determine its effect on land ownership in Nigeria and factors discriminating between land ownership and land tenancy. Data were collected from some 53 respondents and analysed using discriminant analysis and descriptive statistics. The result showed that land prices in the past seven years have been growing at a compounded rate of 44.4%. Also, there are significant differences between landowners and landless respondents especially with respect to age, household size, income, and marital status. Landowners tend to be older, married and having higher income. A land policy that will safeguard the environment should be vigorously pursued.