The Lagos State Government has unveiled a revised Fair Market Value (FMV) framework for land transactions, alongside a new reference document known as the “Blue Book,” aimed at improving transparency, accuracy, and efficiency in land administration across the state.
The initiative was formally presented at a stakeholders’ engagement organised by the Lagos State Lands Bureau, where officials explained that the updated system reflects current market realities and is designed to strengthen confidence in land transactions.
Speaking at the event, the Permanent Secretary of the Lands Bureau, Kamar Olowosago, said the review of the valuation framework is a key step toward improving governance, economic competitiveness, and service delivery in the state’s land sector.
He noted that the original valuation structure dates back to 2012, when authorities first identified the need to update land charges that had remained unchanged since 2005 and no longer reflected prevailing market conditions.
According to him, the review process involved extensive data collection over about 18 months, working with professional bodies to ensure accurate valuation across different parts of the state.
He added that the latest update, which produced the Blue Book, took nearly a year to finalise and was approved by the State Executive Council after wide consultations.
Olowosago also referenced the legal basis of the framework, tracing it to an Executive Order issued in January 2015 during the administration of former Governor Babatunde Fashola, later published in the Lagos State Official Gazette.
He explained that the policy was introduced to reduce transaction costs, improve transparency, align government charges with real market values, and make land processes easier for investors and residents.
A major feature of the system is a mandatory review every five years to ensure valuations remain in line with urban growth and changing economic conditions. The last review was carried out in 2021 under Governor Babajide Sanwo-Olu.
Olowosago said the current update focuses on four key areas: improving the ease of doing business, optimising revenue, ensuring transparency, and aligning property values with market realities.
He also said the framework captures previously unlisted areas, improves neighbourhood classification, and ensures consistency in valuation across the state.
According to him, the new system is not intended to increase charges but to ensure fairness and accuracy in land transactions.
“A transparent and market-aligned system reduces disputes, shortens transaction timelines, and improves investor confidence,” he said.
He added that outdated valuation systems create distortions and undermine trust in government processes.
Olowosago expressed optimism that the new framework would support real estate growth, improve land data management, guide better policy decisions, and enhance internally generated revenue through improved compliance.
He also said it would further strengthen Lagos State’s position in global ease of doing business rankings.
Also speaking, the Permanent Secretary of the Ministry of Infrastructure and Waterfront Development, Wasiu Olayinka—representing the Head of Service, Bode Agoro—said the Blue Book was developed through extensive research and collaboration with professional bodies.
He noted that the state identified early on that inconsistent valuation practices were causing disputes, revenue leakages, and reduced investor confidence.
According to him, the Blue Book now serves as a unified reference guide that reflects realistic market values across different zones and property categories.
Olayinka added that capacity building sessions have also been conducted for public officers involved in land administration to ensure smooth implementation of the new framework.
