By Lukman Olabiyi
Lagos State Government and Access Bank have signed a Memorandum of Understanding (MOU) for the construction of 704 housing units in Odo-Nla, Ikorodu.
The agreement, signed on Tuesday at the Lagos House in Ikeja, is part of a collaborative effort to address the housing deficit in the state.
The initiative, named the Lagos State Access Bank Housing Scheme, will be developed on 9.98 hectares of land and will consist of 44 blocks of two-bedroom apartments.
The project aims to bridge the housing gap in Lagos, with Governor Babajide Sanwo-Olu emphasising the urgent need for solutions to the nation’s 14 million housing deficit, which is exacerbated by factors like land scarcity.
Sanwo-Olu commended Access Bank for its role in this public-private partnership, designed to provide affordable housing for low-income Lagosians.
He highlighted that the scheme would offer accessible mortgage terms, including a 10% down payment, single-digit interest rates, and repayment options spanning up to 20 years.
The construction of the housing units is expected to take 24 months, with the completed project contributing to the socio-economic development of Ikorodu and Lagos at large.
Moruf Akinderu-Fatai, the Commissioner for Housing, noted that this partnership was born out of Governor Sanwo-Olu’s directive to explore collaborations for affordable housing solutions. He acknowledged the hard work of various ministries involved in the negotiation and expressed satisfaction with the project’s progress.
Access Bank’s Group Managing Director, Roosevelt Ogbonna, shared that while the bank had previously attempted to partner with the federal government on similar projects in 2008, it was the state’s public-private partnership initiative that ultimately made this collaboration possible.
Ogbonna emphasised that the bank’s involvement was not driven by profit but by a commitment to making Lagos a “centre of excellence” and improving the lives of its residents.