By ADERONKE OJEDIRAN

The Lagos State Government on Tuesday held a stakeholders’ engagement on the reviewed Fair Market Value (FMV), also known as the Blue Book 2026.

The initiative is aimed at strengthening land administration and improving the state’s economic competitiveness.

Speaking at the meeting in Alausa, Ikeja, the Permanent Secretary, Lands Bureau, Mr Kamal Olowosago, said the review aligned land-related charges with current market realities as a periodic exercise.

Olowosago said the framework had received approval from the State Executive Council (SEC) and was formalised through an Executive Order in 2015.

“The first Blue Book was issued on Jan. 5, 2015, and subsequently published in the State Gazette, giving it full legal backing and administrative effect,” he said.

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

“A key provision of the framework is a mandatory review every five years to ensure responsiveness to urban growth and market dynamics,” he said.

Olowosago said the current review was guided by four key pillars: ease of doing business, revenue optimisation, transparency, and market alignment.

“The objective is to ensure fairness and consistency in valuation, improve classification of land zones, and strengthen the integrity of the land administration system,” he said.

Addressing concerns over possible increases in charges, he said the review was not intended to impose additional burdens on residents.

“This process is not about increasing costs, but about ensuring that valuations reflect reality in a structured and transparent manner,” he said.

He added that a transparent valuation system would reduce disputes, improve transaction timelines, and boost investor confidence.

“Maintaining outdated values creates distortions and inequity, whereas a market-aligned system ensures fairness and credibility,” he said.

The permanent secretary expressed optimism that the review would enhance real estate development and strengthen the state’s economic outlook.

“We anticipate improved investment inflow, a more reliable land database, and enhanced planning, taxation, and policy decisions,” he said.

He emphasised that stakeholder collaboration remained critical to the success of the initiative.

“We will continue to engage surveyors, developers, legal practitioners, and financial institutions to ensure inclusiveness and practicality of the framework,” he said.

Olowosago assured stakeholders of transparency in methodology and accessibility of valuation data.

“This review is about accuracy, transparency, and positioning Lagos State for sustainable growth and investment,” he said. (NAN)