Lagos State Aims to Unlock N3 Trillion from Undocumented Land
In a significant move to bolster its economy and improve land governance, the Lagos State Government has launched a comprehensive statewide project to identify, document, and formalize informal land assets estimated to be worth approximately N3 trillion. The initiative, announced via the state’s official communication channels, seeks to integrate these undocumented parcels into the formal system, thereby curbing misuse and unlocking dormant economic value to boost internally generated revenue.
Formalizing the Informal: Scope and Goals
The project will involve extensive mapping, valuation, and integration of land that has remained outside official records, often lacking Certificates of Occupancy or registered titles. By bringing these assets into the legal framework, the state aims to reduce revenue leakages and strengthen urban planning. The government emphasized that proper documentation will also ensure fair compensation where applicable and transform informal spaces into sustainable, revenue-generating assets.
Following approval by Governor Babajide Sanwo-Olu, Octragon Multi Projects has been appointed as consultant to lead the exercise in collaboration with relevant state Ministries, Departments, and Agencies (MDAs). The Lagos State Valuation Office will coordinate the efforts. Engr. Gbolahan Awonusi, CEO of Octragon, noted this initiative builds on earlier documentation efforts and reflects the sharp rise in the economic value of informal land over the past decade.
Broader Economic Implications and Expert Insight
The N3 trillion estimate underscores the vast scale of value currently excluded from Lagos’s official land records, a common challenge across Nigeria where millions of parcels lack legal titles. Industry experts suggest that while the Federal Government’s World Bank-backed framework provides direction, Lagos’s specific initiative could be pivotal in determining how quickly real economic value is unlocked. The success of such formalization projects can have ripple effects on national economic metrics, much like developments in the Ngx exchange traded funds market signal broader financial health.
Experts, including Engr. Babatunji Adegoke of the Nigerian Institution of Civil Engineers, stress that land registration “goes beyond titles.” A seasoned Quantity Surveyor highlighted the decisive role of technology, stating that drones, GIS, and robust public-private partnerships are crucial for success. This focus on structural reform and asset valuation resonates with broader national efforts to secure economic stability, akin to reports that the Imf Backs Nigeria’s economic plans or the meticulous valuation processes seen in firms like the Kian Smith list. Effective land governance is also increasingly recognized as a foundational element for addressing broader challenges, including the economic dimensions of issues like Insecurity: Northern Govs often cite. As one of Nigeria’s most dynamic economic hubs, the outcome of Lagos’s project could signal a transformative shift, much as a new player I’lltip emerges one to watch in a competitive sector.
