Lagos State has launched a major statewide initiative to identify, document, and formalise informal land assets estimated to be worth about N3 trillion, in a move aimed at unlocking dormant economic value and significantly boosting internally generated revenue.
The project is designed to bring vast areas of undocumented land into the formal system, helping to curb land misuse, reduce revenue leakages, and strengthen land governance across Africa’s largest city.
According to a statement posted on the Lagos State Government’s official X account on Thursday, the exercise will involve extensive mapping, valuation, and integration of land parcels that have remained outside official records for years.
Informal land assets typically include lands that are occupied, inherited, or actively used but lack formal documentation such as Certificates of Occupancy or registered titles, making them legally and economically invisible.
What the Lagos State Government is saying
The state government said the initiative is intended to unlock the economic potential of undocumented lands while improving urban planning outcomes and enhancing revenue generation.
The project follows the approval of Governor Babajide Sanwo-Olu, with Octragon Multi Projects appointed as consultant to lead the exercise 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 said.
The government added that proper documentation would also ensure fair compensation where applicable and improve transparency in land administration.
Scale and scope of the project
The CEO of Octragon Multi Projects, Engr. Gbolahan Awonusi, said the initiative builds on earlier land documentation efforts in Lagos, noting that the economic value of informal land assets has risen sharply over the past decade.
He disclosed that while the project initially targeted 2,000 hectares of undocumented land, it has now expanded to 3,744 hectares across multiple locations, with an estimated value of about N3 trillion.
The Permanent Secretary of the Office of Physical Planning, Engr. Olumide Sotire, described land as Lagos’ most critical resource, adding that formalisation would attract investment, improve urban planning, and increase 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 transform informal spaces into sustainable, revenue-generating assets.
Why this matters for Lagos and Nigeria
Across Nigeria, millions of land parcels hold real economic and social value but remain excluded from the formal economy due to the absence of legal titles.
Without documentation, landowners are unable to use these assets as collateral, attract formal investment, or fully participate in the financial system, leaving vast wealth locked as so-called “dead capital.”
Lagos’ initiative seeks to reverse this by converting undocumented land into bankable, taxable, and investable assets—strengthening both private wealth creation and public revenue.
The N3 trillion estimate highlights the scale of value currently sitting outside official land records in the state.
Expert views on land formalisation
Industry experts say Lagos’ drive could play a critical role in accelerating land formalisation in Nigeria.
Engr. Babatunji Adegoke, General Secretary of the Nigerian Institution of Civil Engineers (NICE), Lagos State Chapter, said land registration goes beyond issuing titles, noting that it also provides critical data needed to align infrastructure with population growth. However, he warned that difficult terrain and limited technical capacity could slow surveys if not properly managed.
Ekpo Sun-myke, a certified town planner with the Nigerian Institute of Town Planners (NITP) and the Town Planners Registration Council of Nigeria (TOPREC), said formalisation would reduce land disputes and strengthen urban planning, adding that integrating customary systems and educating communities would be key to successful implementation.
A Quantity Surveyor with over a decade of experience said technology would be decisive, stressing that drones, GIS, and strong public-private partnerships could significantly cut the cost and time of land mapping in a complex urban environment like Lagos.
Alignment with national policy
Lagos’ move aligns with the Federal Government’s broader land formalisation agenda, backed by a World Bank partnership announced in September 2024 to register all land titles in Nigeria within five years.
With over 90% of land nationwide reportedly undocumented, the national programme targets an estimated $300 billion in dead capital.
A key component of the federal plan is the proposed National Land Digital System (NLDS), which aims to centralise records, improve transparency, and reduce fraud.
By launching this large-scale mapping and valuation drive, Lagos is positioning itself as an early and important implementer of the national land reform framework, potentially setting the pace for other states to follow.
Emmanuel Bassey is a Financial Expert that has worked in the Banking and Finance Industry for over 15+ years across different banks in Nigeria
