Follow Us on Google
By Maduka Nweke
Lagos State Governor, Mr. Babajide Sanwo-Olu, has warned that over 3 billion people worldwide will be impacted by inadequate housing by 2030.
Speaking at the presentation of the memorandum of understanding (MoU) by the state government and Access Bank housing scheme in Ikorodu, Lagos, recently, he highlighted the growing global housing crisis and emphasised the urgent need for sustainable solutions to address the housing deficit.
He explained that the global housing challenge, especially the socio-economic task of providing affordable housing for millions of low-income individuals was urgent, real and pressing.
Quoting projections by the United Nations and experts, which suggest that over 3 billion people may be affected by inadequate housing by 2030, he noted that the matter should be a source of deep concern for governments at all levels.
This, he said, is not just a statistic but a call for action.
“It is well established that shortages of land, lending, labour and materials are exacerbating this crisis, making it increasingly difficult for individuals and families to afford low-income homes. Addressing this requires bold interventions, innovative solutions, and collaborative efforts.
“Here in Lagos State, the epicenter of Nigeria’s urbanisation and home to a rapidly growing population, the demand for housing continues to outpace supply by significant margins. The resulting housing deficit poses a critical challenge, one that our administration is determined to address head-on.
“Guided by our T.H.E.M.E.S+ Agenda, we have implemented a range of initiatives to tackle this challenge. Over the past five years, we have delivered 21 housing estates across low, medium, and premium categories, providing homes to thousands of Lagosians. While these achievements are commendable, we recognize that much more needs to be done.
“To accelerate the pace of housing development, we have embraced Public-Private Partnerships (PPP) as a cornerstone strategy. These partnerships provide a platform for innovation, efficiency, and resource mobilization.
“Today, we are proud to witness the consummation of another milestone partnership aimed at addressing the housing deficit in Lagos State.
“In collaboration with Access Bank PLC, we are embarking on a transformative housing project that will deliver the first batch of 704 units of two-bedroom apartments at Odo-Nla in Ikorodu. This initiative is designed specifically for low-income Lagosians, offering affordable mortgage terms: a down payment of just 10 percent, a single-digit interest rate, and a repayment period of up to 20 years. This is not just about building houses; it is about creating homes, fostering communities, and laying the foundation for better lives.
“The economic multiplier effect of this project cannot be overstated. It will stimulate massive engagement across the housing construction value chain, including artisans, suppliers, and building professionals. By doing so, it not only addresses housing needs but also creates jobs and drives economic growth.
“To support private sector participation, we have streamlined approval processes and introduced several incentives, including a 40 percent rebate on permits such as Environmental Impact Assessments (EIA), Traffic Impact Assessments (TIA), and physical planning permits. Additionally, tax incentives and regulatory flexibility further demonstrate our commitment to making Lagos an attractive destination for housing investments”, the governor explained.
He added that a project of this magnitude requires seamless coordination, adding that the state government has initiated a multi-agency synergy to ensure its success.
“Representatives from eleven key Ministries, Departments, and Agencies (MDAs) have worked tirelessly to fine-tune every aspect of this project. These MDAs include: The Ministries of Finance; Transportation; Justice; Economic Planning and Budget (MEPB); Physical Planning and Urban Development; Environment and Water Resources; Lands Bureau; Lagos State Development and Property Corporation (LSDPC); Lagos State Mortgage Board; and New Towns Development Authority (NTDA);
“This collaborative approach eliminates potential bottlenecks and ensures timely delivery of the project.
“Our commitment to addressing the housing deficit is unwavering. Beyond the Odo-Nla project, we have other ongoing housing developments at Sangotedo Phase 2, Ita Marun in Epe, Ajara in Badagry, Ibeshe Phase 2 in Ikorodu, and Egan Igando Clusters 2 and 3. These projects collectively represent our determination to provide lasting solutions to the housing needs of Lagosians”, he added.
In his opening remarks, the Commissioner for Housing, Moruf Akinderu-Fatai, highlighted that the state will engage other key government ministries, departments, and agencies involved in the built sector to collaborate on the initiative.
“It is also noteworthy to mention that the Access Bank team was wonderful at every stage of the conversation.
“During this initial planning period, we identified and considered various land sites across the IBILE division of which Odonla in Ikorodu was picked. The nature of the soil and existing scheme infrastructure were principal factors for this decision,” he stated.
