Lagos State has launched a statewide initiative to identify, document, and formalise informal land assets estimated to be worth about N3 trillion.
This is according to a statement posted on the state’s official X account on Thursday, which said the project is designed to curb land misuse, unlock dormant economic value, and significantly boost revenue generation by bringing undocumented land into the formal system.
The exercise will involve mapping, valuation, and integration of informal land spaces that have remained undocumented and underutilised for years.
What they are saying
The Lagos State Government said the N3 trillion informal land formalisation initiative aims to unlock the economic potential of undocumented lands across the state.
The project follows Governor Babajide Sanwo-Olu’s approval, with Octragon Multi Projects appointed as the consultant to lead the effort in collaboration with relevant Ministries, Departments, and Agencies (MDAs).
“The Lagos State Government has announced a comprehensive project to identify, document, and revitalise all informal land spaces across the state. The initiative aims to curb misuse, unlock economic value, and boost revenue generation,” the statement read in part.
The government said formalising informal lands would reduce revenue leakages and ensure compensation is paid where applicable.
Details of the project
The CEO of Octragon Multi Projects, Engr. Gbolahan Awonusi, said the initiative builds on earlier land documentation efforts in Lagos. He noted that the economic value of informal land assets in the state has risen sharply over the past decade.
According to him, the project initially targeted about 2,000 hectares of undocumented land but has since expanded to cover 3,744 hectares across multiple locations. He added that the estimated value of these informal land assets is about N3 trillion.
The Permanent Secretary of the Office of Physical Planning, Engr. Olumide Sotire, described land as Lagos State’s most critical resource. He said formalising informal land would improve urban planning, attract investment, and boost government revenue.
The Lagos State Valuation Office will coordinate the exercise alongside relevant MDAs, while the Lagos State Informal Space Management Authority said proper valuation could help convert informal spaces into sustainable, revenue-generating assets.
What you should know
The Federal Government had earlier in July 2024 announced a partnership with the World Bank Group to increase land formalisation in Nigeria to 50 percent over the next 10 years.
The initiative is expected to help unlock more than $300 billion in dead capital currently trapped in undocumented and untitled land assets across the country.
- According to the Ministry of Housing and Urban Development, less than 10% of land in Nigeria is currently registered and titled, leaving much of its economic potential untapped.
- This national push for land documentation aligns with Lagos State’s informal land formalisation drive, positioning land reform as a critical lever for economic growth, investment attraction, and improved public revenue generation.
