Lagos State Government has launched a revised Fair Market Value (FMV) framework for land transactions, alongside a document known as the “Blue Book,” aimed at improving transparency, accuracy and ease of doing business.

At a stakeholders’ engagement organised by the Lagos State Lands Bureau, officials said the updated framework was designed to reflect current market realities and strengthen confidence in the state’s land administration system.

Permanent Secretary (PS) of the Lands Bureau, Kamar Olowosago, who spoke at the event, said the review of the FMV framework is central to improving efficiency, transparency and economic competitiveness in Lagos State.

He said that the policy dates back to 2012 when the Land Services Directorate identified the need to reform land valuation rates, which had remained unchanged since 2005 and no longer reflected market conditions.

According to him, the process involved about 18 months of data gathering and collaboration with professional bodies to compile accurate land values across different locations.

“That exercise laid the technical and professional foundation for a new valuation regime,” he said, adding that the latest review leading to the Blue Book took nearly a year to complete, following consultations and approval by the State Executive Council.

Olowosago, who traced the legal backing of the framework to an Executive Order issued in January 2015 by former Governor Babatunde Fashola, which was later published in the Lagos State Official Gazette in February of the same year, said the policy was introduced to reduce the cost of land transactions, improve the ease of doing business, ensure transparency, and align government charges with actual market values.

A key feature of the framework, he added, is a mandatory review every five years to keep valuations in line with urban growth and changing market conditions. The last review was carried out in 2021 under Governor Babajide Sanwo-Olu.

The PS noted that the current update is guided by four priorities: improving the ease of doing business, optimising revenue, ensuring transparency, and aligning valuations with market realities.

He said the review also aims to capture previously unrecognised areas, improve neighbourhood classification, and ensure consistency in land valuation across the state, adding that the framework is not designed to raise charges but to ensure fairness and accuracy.

“A transparent and market-aligned system reduces disputes, shortens transaction timelines, and improves investor confidence,” he said.

He added that maintaining outdated values would create distortions and weaken the credibility of the system.

Olowosago said the government expects the new framework to support real estate development, provide a more reliable land database, improve planning and policy decisions, and increase internally generated revenue through better compliance.

He also said the initiative would strengthen Lagos’ position in global ease of doing business rankings.

In his remark, Permanent Secretary of the Ministry of Infrastructure and Waterfront Development, Wasiu Olayinka, who represented the Head of Service, Bode Agoro, said the Blue Book was developed through extensive data collection and collaboration with professional bodies.

He said the state recognised early that arbitrary valuation practices led to disputes, revenue leakages and reduced investor confidence.

“To address this, the Blue Book was conceived as a unified reference document that reflects realistic market values across different zones and property types,” he said.

Olayinka added that the process also included capacity building for public officers involved in land valuation and administration to ensure effective implementation of the framework.