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

The initiative was unveiled at a stakeholders’ engagement organised by the Lagos State Lands Bureau, where officials said the updated valuation system reflects current market realities and is designed to strengthen confidence in the state’s land administration.

Permanent Secretary of the Lands Bureau, Kamar Olowosago, said the reform is central to enhancing efficiency, transparency and economic competitiveness in Lagos.

He explained that the need for a review dates back to 2012, when the Land Services Directorate identified gaps in valuation rates that had remained unchanged since 2005 and no longer reflected prevailing market conditions.

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

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

He added that the framework is backed by an Executive Order issued in January 2015 by former governor Babatunde Fashola and published in the state’s Official Gazette the following month.

Olowosago said the policy was designed to reduce transaction costs, improve ease of doing business, ensure transparency, and align government charges with actual market values.

A key feature of the framework is a mandatory five-year review cycle to keep valuations aligned with urban growth and changing market conditions. The last review was conducted in 2021 under Governor Babajide Sanwo-Olu.

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

The review also seeks to capture previously unrecognised areas, improve neighbourhood classification, and ensure consistency in land valuation across the state. Olowosago stressed that the framework is not intended to increase charges but to promote fairness and accuracy.

“A transparent and market-aligned system reduces disputes, shortens transaction timelines, and improves investor confidence,” he said, warning that outdated valuations could distort the system and weaken its credibility.

The Permanent Secretary added that the new framework is expected to support real estate development, strengthen the state’s land database, enhance planning and policy decisions, and boost internally generated revenue through improved compliance.

In a separate remark, Permanent Secretary, 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 gathering and collaboration with professional bodies.

He noted that arbitrary valuation practices previously led to disputes, revenue leakages and weakened 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 capacity building for public officers involved in land valuation and administration formed part of the reform to ensure effective implementation.