Lagos State Government, yesterday, said that it had ramped up plan to incentivise foreign business interests to invest in low-cost housing schemes with long-term plans to meet their repayment obligations.

The state’s Commissioner for Housing, Moruf Akinderu-Fatai, disclosed the plan during the 2024 World Urban Forum convened by the United Nations Human Settlements Programme (UN-Habitat) in Cairo, Egypt.

The five-day programme, which commenced on November 4, with the theme, “It all starts at home: Local actions for sustainable cities and communities,” had several impactful sessions.

Akinderu-Fatai, in his keynote address at the forum, gave an insightful presentation to the global community, showcasing Lagos State and its success story in housing sector.

He spoke extensively about how the state consistently balanced its rapid urbanisation challenges while implementing the Sustainable Development Goals (SDGs) with focus on Goal 11.

He delved into how the city is addressing issues of housing, infrastructure, and urban regeneration to create a more liveable, equitable, and environmentally-friendly urban landscape.

The commissioner also spoke on the various collaborations the state government had made to provide more affordable and sustainable homes for the state’s ever-growing population.

Akinderu-Fatai reiterated the state government’s strategic partnership with some financial institutions to develop more housing units across various locations within the state.

He, therefore, encouraged more partnerships with global communities, particularly seeking low-cost and long-term funding from international investors to support low-income earners.

Also, the Commissioner for Physical Planning and Urban Development, Dr Abiodun Olumide, gave a robust insight on the measures the state government is putting in place to ensure Lagos sustains its urbanisation goal despite its exponential population growth.

He, however, debunked the notion that the state government was indiscriminately demolishing buildings without due process, emphasising that the majority of the buildings were built without planning approvals or recourse to state’s planning laws.