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Babajide Sanwo-Olu Restates Commitment to Tackle Lagos Housing Deficit Through PPP

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3 hours ago

Dec 18, 2024.

Lagos State Governor Babajide Sanwo-Olu has reaffirmed his administration’s dedication to addressing the housing deficit in the state.

Eko Hot Blog reports that the governor speaking at Lagos House, Ikeja, during the signing of a Memorandum of Understanding (MoU) between the Lagos State Government and Access Bank PLC, the Governor announced a new housing project in Odo Nla, Ikorodu.

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The project will see the construction of 704 two-bedroom apartments, spread across 44 blocks, with each block containing 16 units.

The housing development will also feature amenities such as a cinema house, gym center, playground, and a robust security network.

Speaking on the collaboration between the Lagos State Government and Access Bank PLC, Sanwo-Olu emphasized the role of such partnerships in providing affordable and decent homes for residents, particularly those with lower incomes.

The governor acknowledged that tackling the housing deficit necessitates bold initiatives and close cooperation with the private sector. In line with this vision, the administration has taken several measures to make Lagos an attractive destination for housing investments.

These measures include streamlining approval processes and offering various incentives to potential investors.

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.

“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.

“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.

“I wish to express my profound appreciation to the Board and management of Access Bank PLC for believing in the viability of this project and for their innovative financing model that makes it possible. Your partnership exemplifies the kind of collaborative effort needed to address complex challenges like affordable housing.”

Access Bank’s Group Managing Director, Mr. Roosevelt Ogbonna, expressed the bank’s commitment to ensuring that every resident of Lagos State has access to decent housing.

Speaking on the partnership with the Lagos State Government, Ogbonna commended the administration for its efforts in driving development across various sectors, with a notable focus on the housing sector.

Ogbonna emphasized Access Bank’s excitement about the collaboration, highlighting the importance of public-private partnerships in addressing housing challenges.

He stated that while public capital is essential, the private sector’s involvement is crucial in meeting the estimated three billion dollars needed over the next 15 years to bridge the infrastructure deficit in the housing sector.

Lagos State Commissioner for Housing, Hon. Moruf Akinderu-Fatai, provided insights into the selection process for the housing project site in Odo-Nla, Ikorodu.