Governor Sanwo-Olu Commits to Reducing Lagos Housing Deficit

Lagos State Governor, Babajide Sanwo-Olu.

Lagos State Governor, Babajide Sanwo-Olu, has reaffirmed his administration's commitment to tackling the state's housing shortage. On Tuesday, he announced a partnership with Access Bank PLC to construct 704 two-bedroom apartments in Odo Nla, Ikorodu.

This ambitious project, set to be completed within two years, will feature 44 blocks of 16 units each, equipped with modern amenities like a cinema, gym, playground, and advanced security systems. It aims to provide affordable housing options for low-income Lagosians.

Governor Sanwo-Olu emphasized the crucial role of public-private partnerships in addressing the state's housing challenges. "Through this collaboration with Access Bank, we are taking a significant step towards reducing the housing deficit and offering affordable mortgage options, including a 10% down payment, single-digit interest rates, and flexible repayment terms of up to 20 years," he said.

The Governor noted that addressing the housing deficit requires bold steps initiatives, and partnerships with the private sector, adding that his administration has streamlined approval processes and introduced several incentives to further demonstrate the government's commitment to making Lagos an attractive destination for housing investments.

The Governor highlighted the project's potential to stimulate economic growth by creating jobs for artisans, suppliers, and professionals in the housing sector. "This initiative will not only provide homes but also contribute to job creation and economic development, aligning with our commitment to building sustainable communities," he added.

He said: "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 recognise that much more needs to be done.

Sanwo-Olu also mentioned ongoing housing projects in various locations across the state, including Sangotedo, Epe, Badagry, and Igando. He reiterated his administration's focus on long-term housing solutions to meet the growing demand.

Special Adviser to the Governor on Housing, Barr. Barakat Bakare-Odunuga; Deputy Governor of Lagos State, Dr. Obafemi Hamzat; the Governor, Mr. Babajide Sanwo-Olu; Managing Director/Chief Executive Officer, Access Bank, Mr. Roosevelt Ogbonna and Commissioner for Housing, Mr. Moruf Akinderu-Fatai during the signing off event of the Odonla-Odogunyan housing estate project, facilitated by Lagos government and Access bank, held at the Conference room, Lagos House, Ikeja, on Tuesday, 17 December 2024.

Access Bank Group Managing Director, Roosevelt Ogbonna, commended the state government's developmental efforts and underscored the private sector's role in bridging infrastructure gaps. He noted that the partnership demonstrates the power of leveraging public capital to achieve impactful results.

Lagos State Commissioner for Housing, Moruf Akinderu-Fatai, explained that the Odo-Nla site was carefully selected after thorough planning and analysis to ensure its suitability for the project.