Effective solid waste management is a critical environmental challenge, particularly in rapidly growing Global South countries like Nigeria. This issue is exacerbated by burgeoning populations, lax waste regulations, and the widespread practice of open dumping. The deterioration of soil quality and alteration of water quality are major consequences of open waste dumping, posing significant environmental and public health risks. This study aims to assess the environmental risk and pollution status of soil and water resources near major dumpsites in Lagos. It aims to offer insights that can inform targeted interventions and policy measures not only in Lagos but also in comparable urban settings worldwide. Results indicated that important soil parameters, including TN (11.89-13.83mg/kg), pH (6.45-7.35), sulfate (36.71-39.49mg/kg), phosphate (9.31-14.39mg/kg), and electrical conductivity (342-566 µS/cm), were significantly affected by the dumpsites. Additionally, concentrations of heavy metals varied, with some exceeding permissible limits set by international standards, highlighting the environmental challenges posed by improper waste disposal in urban settings like Lagos. The analyzed parameters for water were mostly within acceptable limits, indicating a lesser impact of the waste dump on water resources. Water samples from boreholes and hand-dug wells near three dumpsites showed that pH, TDS, and heavy metal concentrations were mostly within WHO limits, with borehole water deemed safe for drinking and hand-dug wells suitable for cleaning. To alleviate the environmental impacts of open dumpsites, it is recommended to implement effective waste segregation, recycling programs, controlled landfilling, and investment in waste treatment technologies, along with regular water quality monitoring to prevent further pollution and protect public health. While these measures offer opportunities, they also face significant challenges due to financial and land constraints. Therefore, strong public awareness, infrastructure investment, and government commitment are essential, along with coordinated efforts among the government, private sector, and communities.