Lagos Moves to Unlock N3trn in Untitled Land Assets

TEMITOPE ADEBAYO

Lagos State has commenced a sweeping land formalisation drive targeting informal and undocumented land assets estimated at N3 trillion, in a move designed to unlock dormant economic value, strengthen urban planning and widen the state’s revenue base.

The initiative, announced by the state government, will focus on identifying, mapping, valuing and integrating long-undocumented land spaces into the formal property system, to curb misuse and reduce revenue leakages linked to informal holdings.

The project follows Governor Babajide Sanwo-Olu’s approval, with Octragon Multi Projects appointed as consultant to lead implementation in collaboration with relevant Ministries, Departments and Agencies (MDAs).

According to the government, bringing these assets into the formal system will not only improve transparency in land administration but also ensure due compensation where applicable, while transforming idle or poorly regulated spaces into productive, revenue-generating assets.

Chief Executive Officer of Octragon Multi Projects, Engr. Gbolahan Awonusi said the exercise builds on earlier land documentation efforts, noting that the economic value of informal land assets in Lagos has risen significantly over the past decade.

He disclosed that the scope of the project has expanded from an initial 2,000 hectares to about 3,744 hectares across multiple locations, with the assets currently valued at roughly N3 trillion, underscoring the scale of untapped wealth tied to undocumented land.

The Permanent Secretary, Office of Physical Planning, Engr. Olumide Sotire described land as Lagos State’s most strategic resource, stressing that formalisation would enhance orderly urban development, improve planning data and create a stronger platform for investment.

The Lagos State Valuation Office is expected to coordinate the valuation process alongside other MDAs, while the Lagos State Informal Space Management Authority noted that structured valuation and documentation could help convert informal spaces into sustainable economic assets.

The move aligns with broader national efforts to deepen land formalisation. The Federal Government had earlier partnered with the World Bank Group to raise land formalisation in Nigeria to 50 per cent over the next decade, in a bid to unlock hundreds of billions of dollars in “dead capital” tied to untitled land.

With less than 10 per cent of land in Nigeria formally registered, Lagos’ N3 trillion target signals a strategic push to turn land reform into a major lever for economic growth, investment attraction and stronger internally generated revenue.