*Governor Babajide Sanwo-Olu of Lagos State affirms the state in collaboration with Access Bank, is embarking on a transformative housing project to deliver the first batch of 704 units of two-bedroom apartments, with 10 percent initial deposit and single-digit interest mortgage on offer, at Odo-Nla, in Ikorodu Division of Lagos

Isola Moses | 绿帽献妻

The Lagos State Government (LASG) and Access Bank Plc, one of the major commercial banks in Nigeria, have collaborated to address low-income housing needs among other socio-economic challenges arising from fast-paced urbanisation in the cosmopolitan state in the country.

It was gathered the partnership is in line with the Lagos State鈥檚 housing provision strategy, which embraces Public-Private Partnership (PPP).

Lagos believes the PPP model helps to accelerate the pace of housing development and provides a platform for innovation, efficiency, and resource mobilisation.

Governor Babajide Sanwo-Olu of Lagos State

Speaking on the partnership with the bank, Governor Babajide Sanwo-Olu of Lagos State was quoted to have said: 鈥淲e are proud to witness the consummation of another milestone partnership aimed at addressing the housing deficit in the state.

鈥淚n collaboration with Access Bank, 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.鈥�

Sanwo-Olu stated: 鈥淭his initiative is designed specifically for low-income Lagosians, offering affordable mortgage terms which include a down payment of just 10 percent, a single-digit interest rate, and a repayment period of up to 20 years.

鈥淭his is not just about building houses; it is about creating homes, fostering communities, and laying the foundation for better lives.鈥�

Lagos Governor also observed the world is undergoing a housing challenge, affirming that the socio-economic task of providing affordable housing for millions of low-income consumers is real and pressing.

He equally cited projections by the United Nations (UN) and experts, which suggest that over three billion people may be affected by inadequate housing by 2030, a situation, he said, should be a source of deep concern for governments at all levels.

Sanwo-Olu noted: 鈥淭his is not just a statistic; it is a call to action.鈥�

According to him, shortages of land, lending, labour, and materials are worsening the global housing crisis, making it increasingly difficult for individuals and families to afford low-income homes.

He, nonetheless, said that addressing the challenge requires bold interventions, innovative solutions, and collaborative efforts.

The governor further stated: 鈥淗ere in Lagos State, the epicentre of Nigeria鈥檚 urbanisation and home to a rapidly growing population, the demand for housing continues to outpace supply by significant margins.

鈥淭he resulting housing deficit poses a critical challenge, one that our administration is determined to address head-on.

鈥淕uided by our THEMES+ Agenda, we have implemented a range of initiatives to tackle this challenge.鈥�

He also noted the state government, over the past five years, has delivered 21 housing estates across low, medium, and premium categories, providing homes to thousands of Lagosians.

鈥淲hile these achievements are commendable, we recognise that much more needs to be done,鈥� Sanwo-Olu averred.

He disclosed the economic multiplier effect of the Odo-Nla housing project could not be overstated, as the project would stimulate massive engagement across the housing construction value chain, including artisans, suppliers, and building professionals in the state and beyond.

It not only addresses housing needs but also creates jobs and drives economic growth, stated Sanwo-Olu.

In order to support the private sector participation, Governor Sanwo-Olu further revealed that the state government has 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.

Besides, 鈥渢ax incentives and regulatory flexibility further demonstrate our commitment to making Lagos an attractive destination for housing investments,鈥� he stated.

The governor as well reasoned that a project of this magnitude requires seamless coordination.