Sanwo-Olu: We’re Dedicated to Tackling Lagos Housing Deficit
Lagos State Governor, Mr. Babajide Sanwo-Olu, has reaffirmed the state government’s commitment to solving the housing deficit by announcing a partnership with Access Bank PLC for the construction of 704 new two-bedroom housing units in Odo Nla, Ikorodu. The project aims to provide affordable homes for residents, particularly low-income earners.
The Governor made this statement on Tuesday at Lagos House, Ikeja, during the presentation of a Memorandum of Understanding (MOU) for the new housing project. The development will consist of 44 blocks, each with 16 two-bedroom flats, and is expected to be completed within two years. The housing units will also feature additional amenities such as a cinema house, gym, playground, and a security network.
Governor Sanwo-Olu emphasized that addressing the housing deficit requires bold actions, strategic initiatives, and collaborations with the private sector. He highlighted the steps his administration has taken to make Lagos an attractive destination for housing investments, including streamlining approval processes and introducing incentives for investors.
He added, “Guided by our T.H.E.M.E.S.+ Agenda, we have delivered 21 housing estates over the past five years across low, medium, and premium categories, providing homes to thousands of Lagosians. While these achievements are commendable, much more needs to be done.”
Sanwo-Olu explained that the partnership with Access Bank PLC would help deliver the first batch of 704 two-bedroom apartments at Odo-Nla, Ikorodu. The housing initiative is designed specifically for low-income Lagosians, offering affordable mortgage terms, including a 10% down payment, single-digit interest rates, and a repayment period of up to 20 years.
The Governor also pointed out that the economic impact of the project extends beyond housing construction, stimulating job creation and economic growth through the engagement of artisans, suppliers, and building professionals.
In addition to the Odo-Nla project, Sanwo-Olu mentioned other ongoing housing developments across the state, including projects in Sangotedo Phase 2, Ita Marun in Epe, Ajara in Badagry, Ibeshe Phase 2 in Ikorodu, and Egan Igando Clusters 2 and 3. These projects are part of the state government’s broader efforts to address the housing needs of Lagosians.
Sanwo-Olu expressed his gratitude to Access Bank PLC for their partnership and innovative financing model, which has made the project possible. He emphasized that the collaboration exemplifies the kind of teamwork needed to solve complex challenges like affordable housing.
The Group Managing Director of Access Bank, Mr. Roosevelt Ogbonna, also spoke at the event, noting that the partnership aims to ensure every Lagosian has access to a decent home. He commended the Lagos State Government for its developmental efforts, particularly in the housing sector, and emphasized the importance of public-private collaboration to address the $3 billion infrastructure deficit over the next 15 years.
Lagos State Commissioner for Housing, Hon. Moruf Akinderu-Fatai, explained that the decision to choose Odo-Nla in Ikorodu for the housing project was based on thorough planning and the suitability of the area’s soil and existing infrastructure.
