In a major strategic shift toward land-based wealth creation, the Lagos State Government has launched a statewide initiative to identify, document, and formalise all informal land spaces.
The project aims to end the systemic abuse of undocumented areas and transform them into economic engines for the state.
Speaking at a collaborative meeting at the Lagos State Valuation Office, the Permanent Secretary of the Office of Physical Planning, Olumide Sotire, described land as the state’s most valuable resource.
READ ALSO: NNPC raises petrol price to N835 in Lagos, N839 in Abuja
“Lagos’ oil is its land,” Sotire emphasised. “Informal spaces have been widely abused, and the government is now taking a definitive position to restore and put them to proper use systematically.”
The project, which operates under the slogan “In Lagos, every square meter matters,” has revealed a massive gap in the state’s asset registry.
Gbolahan Awonusi, CEO of the lead consultancy firm, Octagon Multi Projects, highlighted the staggering appreciation of land value over the last decade.
He cited a previous project initially valued at ₦800 million that is now worth an estimated ₦8 billion—a figure verified by international valuation firm Knight Frank.
This discrepancy underscores the significant revenue the state has lost due to poor documentation.
The project was originally planned to cover 2,000 hectares.
However, recent findings identified 3,744 hectares of previously undocumented land, with an estimated market value of about ₦3 trillion.
The initiative involves a cross-functional collaboration between several Ministries, Departments, and Agencies (MDAs), including the Lagos State Valuation Office and the Lagos State Informal Space Management Authority (LASISMA).
Adekunle Awolaja, Director of the Lagos State Valuation Office, welcomed the development as a vital move to fulfil the office’s mandate, while Oludaisi Oso, General Manager of LASISMA, noted that the project would extend beyond just empty lots to include the valuation of physical developments and walkways.
While the primary goal is revenue generation and urban revitalisation, the government assured residents that the process would be fair.
READ ALSO: Police teargas residents protesting Lagos demolitions
Awonusi confirmed that Octagon Consultants will work with MDAs to ensure every identified plot is legally accounted for, lands will be designated for uses that drive communal value and compensation will be provided to legitimate stakeholders where necessary.
The initiative is expected to foster massive investment growth, providing the state with the liquidity needed to fund critical infrastructure while ensuring that “informal” no longer means “ignored.”
For more details, visit New Daily Prime at www.newdailyprime.news.
