Lagos Government Moves to Unlock ₦3 Trillion Worth of Land Assets

The Lagos State Government has commenced a comprehensive project to identify, document, and revitalise all informal land spaces across the state valued at ₦3 trillion.

The initiative aims to curb misuse, unlock economic value, and boost revenue generation.

At a collaborative meeting hosted by the Lagos State Valuation Office in Alausa, Engr. Olumide Sotire, the permanent secretary of the Office of Physical Planning, stated that informal spaces in Lagos have been widely abused.

The government is now taking a definitive position to restore these areas systematically.

“Lagos’ oil is its land,” Engr. Sotire emphasised. “These informal lands will be identified and put to proper use.”

He confirmed that the Governor has approved the appointment of the consultancy firm, Octagon Multi Projects, to facilitate this statewide project, which involves all Ministries, Departments, and Agencies (MDAs).

The project has adopted the slogan: “In Lagos, every square meter matters.”

In his welcome address, Dr. Adekunle Awolaja, the director of the Lagos State Valuation Office, praised Engr. Sotire as one of the state’s distinguished civil servants.

He affirmed that his office, although small, is actively fulfilling its mandates and described the informal lands project as a welcome development for Lagos.

Stakeholders at the meeting 

Engr. Gbolahan Awonusi, the chief executive officer of Octagon Consultants, provided details on the collaboration between his firm, the Valuation Office, and other MDAs.

He referenced a previous project from a decade ago, initially valued at ₦800 million, whose worth has now escalated to an estimated ₦8 billion, a figure verified by the UK evaluation firm Knight Frank. This significant gap, he noted, represents lost revenue for the state.

“If Lagos State can properly document and develop informal land, its value increases substantially,” Engr. Awonusi explained. “Our intervention is to correct this, generate more revenue for the government, and drive value through proper planning.”

He revealed that while initially 2,000 hectares of undocumented land were proposed, the figure has now risen to 3,744 hectares across various locations, with an estimated value of ₦3 trillion.

He also acknowledged that compensations would be made where necessary.

Oludaisi Oso, the general manager of the Lagos State Informal Space Management Authority, highlighted the necessity of the collaboration to value all lands, physical developments, and walkways. The spaces identified by Octagon will be leveraged to generate revenue for the state.

Concluding, the Director of the Lagos State Valuation Office stated that the collaborative effort promises a better future for Lagos, driving increased revenue generation and fostering greater investment growth in the state.

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