- Alebiosu explained that the former approach often shortchanged the state
- He added that the Odogun Waterfront alone is projected to provide about 4,000 housing units
- He also revealed that the state introduced floating pontoons for jetties, first deployed at Agboyi-Ketu and six other locations
The Lagos State Government is repositioning its waterfront assets with a new development strategy aimed at unlocking sustained revenue from coastal and island locations across the state.
Eko Hot Blog reports that the Commissioner for Waterfront Infrastructure Development, Dayo Alebiosu, disclosed this shift on Saturday while presenting an overview of the ministry’s achievements in 2025 and its development roadmap for 2026.
EDITOR’S PICK
- DDG Says Streaming Pays More Than Music
- NRC Records Massive Passenger Turnout as 50 Percent Festive Fare Discount Ends
- SERAP Urges Tinubu to Probe Alleged ₦128bn Power Funds
According to him, the state has moved away from selling reclaimed land through single lump-sum payments to a profit-sharing model that allows Lagos to benefit from the long-term economic value of waterfront projects.
Alebiosu explained that the former approach often shortchanged the state, as large portions of reclaimed land were disposed of without accounting for their future appreciation. He noted that in some cases, developers acquired vast areas at relatively low costs, only for the land to multiply in value within a few years, leaving the government without any stake in the gains.
Under the new framework, developers are no longer burdened with heavy upfront payments. Instead, the state charges administrative fees and enters into revenue-sharing agreements, ensuring that as private investors profit, Lagos also earns a steady return that can be reinvested in infrastructure and public services.
The commissioner pointed out that the ministry’s activities in 2025 were largely shaped by the Waterfront Infrastructure Development Summit, which brought together government agencies and private sector players to address challenges such as illegal dredging and unregulated waterfront use.
He also revealed that the state introduced floating pontoons for jetties, first deployed at Agboyi-Ketu and six other locations, as part of efforts to modernise water transport infrastructure.
According to Alebiosu, the pontoons are being tested for durability and performance before wider deployment, with expansion plans tied to the 2026 budget.
Highlighting ongoing and upcoming projects, Alebiosu said developments like Orange Island and Graceville show strong prospects for completion, while the Odogun and Oworonshoki waterfront projects in Kosofe Local Government Area are expected to deliver major economic benefits.
He added that the Odogun Waterfront alone is projected to provide about 4,000 housing units, noting that once construction begins, the area will experience increased economic activity through job creation for artisans, suppliers, transporters and small businesses, further reinforcing the state’s long-term growth strategy.
FURTHER READING
