Lagos State Blue Book to Take Effect from 1 May 2026

At the stakeholders’ engagement on Fair Market Value (the “Blue Book”) held on 28 April 2026, the Lagos State Lands Bureau announced that it has completed its periodic review of the Blue Book, which prescribes Fair Market Value (FMV) rates for land transactions across the State. The review is undertaken every five years to keep the rates aligned with market conditions.

Stakeholders were informed that the revised FMV rates have already been gazetted and will take effect on 1 May 2026. The Bureau clarified that applications submitted before the effective date will continue to be assessed using the existing rates, while filings made on or after 1 May 2026 will be processed under the new schedule.

FMV rates are the baseline for a range of statutory and regulatory charges in Lagos State. These include Governor’s Consent fees on sales, mortgages, and leases; premiums payable on land regularisation and registration; land use charge assessments; and compensation payable on compulsory acquisition. A revision to the rates therefore feeds through to the transaction cost of most land dealings in the State.

According to the Lands Bureau, the review reflects continued urban expansion across Lagos and is intended to improve ease of doing business, broaden revenue mobilisation, strengthen transparency, and bring the rate card closer to prevailing market realities. Parties currently structuring real estate transactions in Lagos (including developers, lenders, and corporate occupiers) should factor the new rates into closing economics, particularly where consent or registration is still outstanding.