The Lagos State Government has appointed seven consultancy firms to carry out a comprehensive valuation of all government-owned infrastructure across the state.

The exercise, being coordinated by the Lagos State Valuation Office, is expected to commence this week as part of ongoing public financial management reforms.

Among the firms selected for the assignment are Ayo Oladapo and Associates and Jide Taiwo and Company, alongside five other estate surveying and valuation companies.

The Director of the Lagos State Valuation Office, Adekunle Awolaja, said the exercise represents the eighth phase of the state’s implementation of the International Public Sector Accounting Standards (IPSAS) on an accrual basis, a reform process Lagos has pursued since 2016.

According to him, the objective is to ensure that all government-owned infrastructure assets are properly identified, measured, documented, and reported in line with international accounting and valuation standards.

“All data generated from the exercise will be captured and uploaded into a centralised government assets database,” Awolaja said, noting that Lagos remains at the forefront of financial reforms among Nigerian states.

He described the initiative as a critical step toward strengthening transparency, accountability, and long-term infrastructure planning.

Scope of the Exercise

The valuation will cover a wide range of public assets, including more than 279 roads currently under construction, as well as bridges, jetties, and canals across the state.

Key government agencies involved in the exercise include the Ministry of Infrastructure, Ministry of Energy and Mineral Resources, Ministry of Waterfront Infrastructure Development, and the Lagos Metropolitan Area Transport Authority.

Awolaja explained that the exercise would help determine the total value of the state’s infrastructure, improve insurance coverage, and support more effective budgeting and asset management.

He added that the shift from cash-based accounting to the accrual system under IPSAS aligns Lagos with global best practices in public sector financial reporting.

“This valuation will provide a reliable basis for decision-making, strengthen asset management, and ensure greater transparency in public financial reporting,” he said.

The valuation office also appealed to residents to cooperate with the consultants to ensure a smooth and effective exercise.

Speaking on behalf of the consulting firms, project lead Ayoola Oladapo thanked the state government for the opportunity and assured that the team would deliver accurate results in line with the project’s timeline and objectives.

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