As part of efforts being put in place by the Lagos State Government to build a more effective, inclusive, and practical land administration system, the government has engaged relevant stakeholders in the built sector on the reviews of Fair Market Value for land administration in the state.
Speaking during a stakeholders’ engagement held at Adeyemi Bero Hall, Alausa, Ikeja, on Tuesday, the Permanent Secretary, Lands Bureau, Mr. Kamal Olowosago, reaffirmed the Lagos State government’s commitment to continuous stakeholder engagement on the reviewed fair market value document.
He said the objective of the review was to ensure transparency, fairness in market values, boost investors’ confidence and ensure an increase in internally generated revenue, driven by improved compliance and expanded coverage.
Olowosago hinged the reviewed Fair Market Value on four pillars of ease of doing business, accurate and reliable land database, supporting planning, taxation and policy decisions.
He said the initiative was expected to boost real estate development; strengthen the state’s land database; improve Lagos’ Ease of Doing Business ranking and global competitiveness; and increase internally generated revenue.
Olowosago said sustained engagement with stakeholders remains critical to ensuring the framework is widely accepted and effectively implemented.
The Head of Service, Mr Olabode Agoro, represented by the Permanent Secretary of the Ministry of Waterfront Infrastructure Development, ESV Wasiu Olayinka, said the Blue Book served as a tool to improve land-based revenue generation, enhance transparency, reduce conflicts between the government and property owners and improve data-driven governance.
He described the Blue Book as a cornerstone of good governance in land administration, designed to support the development of a more equitable, efficient, and liveable Lagos
Agoro said the introduction of the Blue Book reflected ongoing reforms in land administration aimed at aligning property values with current market realities, noting that Lagos State would sustain periodic reviews of the document and invest in personnel training to ensure efficiency.
He noted that the benefits were not just limited to the government alone but to all stakeholders involved, especially residents, as it would reduce the risk of sharp practices and arbitrary charges for fair market value.
Speaking earlier, the Director of Acquisition, Revocation and Compensation in the Lands Bureau, ESV Olawale Ojikutu, said that the government had continued to involve the public in the review process to enhance transparency and build trust around the new valuation system.
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