Jimmy Omotosho led a team of surveyors who conducted the first valuation and identification of the infrastructure assets of the Nigerian state of Lagos.
25 January 2018
The valuation involved surveying 698 roads and bridges covering a distance of 687km, and included Nigeria’s largest city. The project has enabled the government to make more informed decisions on future spending, and to be more transparent and accountable in the management of state assets
The valuation revealed that the Lagos State Government’s (LASG) LASG owned 1.7 trillion Naira, or $4.7 billion worth of assets, and allowed the LASG to perform an overall assessment of the past year’s spending by the state. It showed, for example, that in 2016 the Lagos health infrastructure had received a boost, with the government procuring modern equipment to facilitate treatment in hospitals.
Similarly, improvement works was conducted on 300 of the states 698 roads and schools enjoyed new classroom blocks. In sharing the financial statement with the public, the LASG demonstrated a higher degree of accountability and transparency, which in turn boosted the confidence of both civilians and lenders to the state.
With a better understanding of the value of their assets, the LASG has been able to make more informed decisions around spending for the following year. From the report, the LASG have decided to drive future prosperity through a tripod of security, infrastructure development, and job creation.
Following the success of phase one of the project, 2018 will see the LASG engage in phase two of the valuation, which will assess other fixed assets such as; leased assets, vehicles, plants and heritage assets.
The first of a kind project carried out by Jimmy and his team of surveyors gave the Government of Lagos crucial information to facilitate better decision making and improve transparency.