Lagos reaffirms commitment to partner stakeholders on land matters

By Adeola Ogunrinde

The Lagos State Government has reiterated its commitment to involving stakeholders in land administration, property sales, and estate management to ensure fair pricing and improved efficiency in the sector.

This was made known during a stakeholders’ engagement on the review of the Fair Market Value (FMV) framework, also known as the Blue Book, where officials said the exercise is aimed at improving transparency, attracting investment, and strengthening the state’s revenue base.

Speaking at the event held at Adeyemi Bero Hall in Alausa, Ikeja, the Permanent Secretary, Lands Bureau, Kamar Olowosago, said the government would continue to consult widely with professionals and stakeholders to ensure the system reflects current market realities.

He explained that the updated FMV framework is expected to boost real estate development, improve the accuracy of land records, enhance the ease of doing business, and increase the state’s internally generated revenue.

Providing background, Olowosago noted that the FMV policy was first introduced in 2012 after it was discovered that land charges had not been reviewed since 2005 and no longer reflected actual market values. This led to collaboration with the Nigerian Institution of Estate Surveyors and Valuers to develop updated valuation rates across the state.

He added that the policy was later formalised through an executive order signed by former Governor Babatunde Fashola in 2015 and subsequently gazetted, giving it legal backing. Since then, periodic reviews have been conducted, including one in 2021 under Governor Babajide Sanwo-Olu.

According to him, the current review is built on key priorities such as ease of doing business, transparency, revenue optimisation, and alignment with market conditions. He added that it would also capture new and previously unlisted areas, improve property classification, and ensure fairness in valuation.

Stakeholders at the event welcomed the initiative, describing it as a step in the right direction. They noted that the continuous review of land policies would strengthen investor confidence, modernise land administration, and further position Lagos as a leading destination for real estate and economic growth.