Lagos pushes broader partnerships to bridge housing gap

By Maduka Nweke

Lagos State Governor, Babajide Sanwo-Olu has restated his administration’s commitment to expanding access to affordable housing finance, describing the housing sector as a major catalyst for economic growth, job creation and social stability.

The governor made this known in a keynote address delivered at the 21st Annual General Meeting of Lagos Building Investment Company Plc held in Ikeja, Lagos recently.

Represented by the Lagos State Commissioner for Housing, Moruf Akinderu-Fatai, Sanwo-Olu commended the board, management and shareholders of LBIC for sustaining the institution’s founding mandate of expanding access to housing finance in the state.

According to him, despite prevailing economic headwinds and shifting market realities, LBIC has remained resilient in supporting inclusive homeownership through mortgage financing initiatives.

“Despite a challenging economic climate marked by shifting market realities, LBIC has shown resilience in its role in fostering an inclusive and irrepressible Lagos through mortgage financing,” the governor stated.

He stressed that housing should not merely be viewed as a social necessity, but as a critical economic driver capable of stimulating multiple sectors of the economy.

“Housing is not just a social need; it is an economic driver that creates jobs and supports small businesses across the value chain,” he added.

Sanwo-Olu further noted that the government alone cannot solve the state’s housing deficit, emphasizing the need for stronger collaboration with credible financial institutions to deepen access to sustainable and affordable housing finance.

The administration also encouraged LBIC to accelerate the deployment of technology-driven solutions and innovative mortgage products targeted at underserved segments of the market. The move aligns with the institution’s 2026 priorities, which include strengthening digital capabilities and expanding retail lending.

The governor expressed optimism that resolutions reached at the AGM would position LBIC for greater impact and long-term growth in the housing finance ecosystem.

Established to provide mortgage support for low-cost housing schemes in Lagos State, LBIC has evolved into one of Nigeria’s leading primary mortgage institutions, playing a strategic role in democratizing homeownership through innovative financial solutions.