Lagos State Overhauls Waterfront Revenue Policy — HC Dayo Alebiosu

The Lagos State Government has introduced a new profit-sharing framework for waterfront developments to maximize the revenue generated from its coastal assets. Commissioner for Waterfront Infrastructure Development, Dayo Alebiosu, announced that the state will no longer rely on one-off payments from land developers.

The Commissioner explained that the old model of selling reclaimed land for a lump sum was no longer sustainable. In many cases, land sold by the government for a few billion naira appreciated significantly within years, leaving the state out of massive future profits. Under the new system, the state will remain a partner in the long-term value of these developments.

Alebiosu highlighted that some parcels of land initially valued at 1 billion naira have jumped to over 4 billion naira in just two years. By shifting to a profit-sharing arrangement, the government ensures that taxpayers benefit from the continuous growth of Lagos as a commercial hub. This move is expected to boost the state's internal revenue significantly.

​The policy shift is part of a broader 2026 projection aimed at making Lagos a more self-sufficient economy. The government plans to work closely with private developers to ensure that waterfront projects are not only profitable but also meet modern urban standards. This strategy targets the high-value coastal and island assets that define the state’s skyline.

Alebiosu highlighted that some parcels of land initially valued at 1 billion naira have jumped to over 4 billion naira in just two years. By shifting to a profit-sharing arrangement, the government ensures that taxpayers benefit from the continuous growth of Lagos as a commercial hub. This move is expected to boost the state's internal revenue significantly.

​The policy shift is part of a broader 2026 projection aimed at making Lagos a more self-sufficient economy. The government plans to work closely with private developers to ensure that waterfront projects are not only profitable but also meet modern urban standards. This strategy targets the high-value coastal and island assets that define the state’s skyline.