The Lagos State Government on Tuesday signed a Memorandum of Understanding with Access Bank to deliver 704 housing units in the Ikorodu area for low-income earners within the next 24 months.

Speaking at the signing ceremony on Tuesday, Lagos State Governor, Mr Babajide Sanwo-Olu, noted that the global housing challenge—especially the socio-economic task of providing affordable housing for millions of low-income individuals—is real and pressing.

He said, “Projections by the United Nations and experts, which suggest that over 3 billion people may be affected by inadequate housing by 2030, should be a source of deep concern for governments at all levels. This is not just a statistic; it is a call to action.

“It is well established that shortages of land, lending, labour, and materials are exacerbating this crisis, making it increasingly difficult for individuals and families to afford low-income homes.

Addressing this requires bold interventions, innovative solutions, and collaborative efforts.

“Here in Lagos State, the epicentre of Nigeria’s urbanisation and home to a rapidly growing population, the demand for housing continues to outpace supply by significant margins. The resulting housing deficit poses a critical challenge, one that our administration is determined to address head-on.

“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.”

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According to him, to accelerate the pace of housing development, his administration has embraced Public-Private Partnerships (PPP) as a cornerstone strategy.

He added that these partnerships provide a platform for innovation, efficiency, and resource mobilisation.

“Today, we are proud to witness the consummation of another milestone partnership aimed at addressing the housing deficit in Lagos State. 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 per cent, 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.

“To support private sector participation, we have streamlined approval processes and introduced several incentives, including a 40 per cent rebate on permits such as Environmental Impact Assessments (EIA), Traffic Impact Assessments (TIA), and physical planning permits.

“Additionally, tax incentives and regulatory flexibility further demonstrate our commitment to making Lagos an attractive destination for housing investments.”

“A project of this magnitude requires seamless coordination, and I am proud to note that the Lagos State government has initiated a multi-agency synergy to ensure its success.

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“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.”

Sanwo-Olu thanked the Board and management of Access Bank PLC for believing in the viability of the project and for their innovative financing model that makes it possible.

He said, “Your partnership exemplifies the kind of collaborative effort needed to address complex challenges like affordable housing. Moving forward, I am optimistic that this initiative will set a new benchmark for affordable housing in Lagos State. In the next 24 months, we will return to Odo-Nla in Ikorodu to cut the tape and hand over 704 units of two-bedroom apartments to deserving families. This will be a moment of pride and fulfilment for all stakeholders involved.”