THE Lagos State GovernmentLagos State Government has unveiled plans for a comprehensive project to identify, document and revitalise informal land spaces across the state, to unlock their economic value and boost revenue generation.

Speaking at a collaborativecollaborative meeting hosted by the Lagos State Valuation Office, the Permanent Secretary, Office of Physical Planning, Olumide Sotire, said informal spaces in Lagos have long been abused and underutilised.

He disclosed that the government is taking a definitive step to restore these areas through a systematic framework, emphasising that land remains one of the state’s most valuable assets. “Lagos’ oil is its land,” Sotire said, noting that informal lands would be properly identified, documented and put to productive use.

He confirmed that Governor Babajide Sanwo-Olu has approved the appointment of the consultancy firm, Octagon Multi Projects, to drive the statewide initiative in collaboration with relevant Ministries, Departments and Agencies (MDAs).

According to him, the project is anchored on the slogan: “In Lagos, every square meter matters.”

Director of the Lagos State Valuation Office, Dr Adekunle Awolaja, described the initiative as a welcome development, commending the permanent secretary for his leadership and commitment to strengthening the state’s land administration framework.

Awolaja said the Valuation Office remains focused on delivering its statutory mandates, adding that the informal lands project would enhance property documentation, improve valuation processes and support sustainable economic growth.

He noted that the collaborative effort signals a positive outlook for Lagos by stimulating investment and expanding government revenue.

Providing further insight into the project, Chief Executive Officer of Octagon Consultants, Gbolahan Awonusi, outlined the scope of the partnership between his firm, the Valuation Office and other MDAs.

Awonusi referenced a similar project executed about a decade ago, initially valued at N800 million but now estimated at nearly N8 billion, a figure verified by a United Kingdom-based property advisory firm, Knight Frank.

He said the sharp increase underscores the scale of revenue the state could lose when land assets are not properly documented or developed.

“If the state can effectively document and develop informal land, its value will rise significantly,” he said. “Our intervention is designed to correct this, generate more revenue for the government and drive value through proper planning.”

Awonusi revealed that while the initial proposal covered about 2,000 hectares of undocumented land, updated assessments show the figure has expanded to 3,744 hectares across multiple locations, with an estimated value of N3 trillion.

He added that compensation would be provided where necessary, in line with statutory requirements.

Also speaking, the General Manager of the Lagos State Informal Space Management Authority, Oludaisi Oso, stressed the importance of inter-agency collaboration in valuing land assets, physical developments and pedestrian corridors.

He noted that a coordinated approach would ensure that previously overlooked spaces are integrated into the state’s formal planning structure, ultimately supporting orderly urban growth.