The Lagos State Government has signed a Memorandum of Understanding (MoU) with Access Bank to deliver 704 housing units in the Ikorodu area within the next 24 months, aimed at providing affordable homes for low-income earners.
Governor Babajide Sanwo-Olu, speaking at the signing ceremony on Tuesday, emphasized the urgency of addressing the global housing crisis, particularly the socio-economic challenge of providing affordable housing for low-income populations. Citing United Nations projections that over 3 billion people may face inadequate housing by 2030, he called for immediate action from governments worldwide.
“The shortage of land, lending, labor, and materials is intensifying the housing crisis. This makes it harder for families to access affordable homes,” Sanwo-Olu said. “Bold interventions and collaborative efforts are essential to tackle this issue.”
The governor highlighted Lagos State’s rapid urbanization and the growing demand for housing that exceeds supply, resulting in a critical housing deficit. He assured that his administration is committed to addressing this challenge through the T.H.E.M.E.S+ Agenda, which has already delivered 21 housing estates across various categories in the past five years.
“To accelerate housing development, we have embraced Public-Private Partnerships (PPP), which foster innovation, efficiency, and resource mobilization,” Sanwo-Olu added.
The partnership with Access Bank aims to address the housing deficit in the state by delivering 704 two-bedroom apartments at Odo-Nla in Ikorodu. The initiative targets low-income residents and offers affordable mortgage terms, including a down payment of just 10%, single-digit interest rates, and a repayment period of up to 20 years.
“This project is not just about building houses; it’s about creating communities and improving lives,” the governor said, emphasizing the economic benefits of the initiative. He noted that the housing project will stimulate the construction sector, creating jobs for artisans, suppliers, and building professionals.
To further encourage private sector involvement, the Lagos State Government has streamlined approval processes and introduced incentives, such as a 40% rebate on permits for Environmental Impact Assessments (EIA), Traffic Impact Assessments (TIA), and physical planning permits, along with tax incentives.
Sanwo-Olu also highlighted the ongoing housing developments in various parts of Lagos, including Sangotedo Phase 2, Ita Marun in Epe, Ajara in Badagry, Ibeshe Phase 2 in Ikorodu, and Egan Igando Clusters 2 and 3. He assured that these projects reflect the government’s commitment to providing lasting solutions to the state’s housing needs.
In closing, Governor Sanwo-Olu expressed gratitude to the Board and management of Access Bank for their partnership and innovative financing model. “In the next 24 months, we will return to Odo-Nla to inaugurate these 704 homes, marking a significant milestone in our efforts to provide affordable housing for Lagosians.”
