Lagos partners bank to build 704 housing units for low-income earners

‘Shortage of land, lending, labour, materials exacerbating deficit crisis’
Lagos State Government has signed a Memorandum of Understanding (MoU) with Access Bank to build 704 housing units in Ikorodu area of the state for low-income earners within the next 24 months.

The state governor, Babajide Sanwo-Olu, who spoke, yesterday, during the partnership signing ceremony, 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 that to accelerate the pace of housing development, his administration had embraced Public-Private Partnerships (as a cornerstone strategy, adding that the 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 State an attractive destination for housing investments,” he said.

Sanwo-Olu thanked the board and management of the bank for believing in the viability of the project and for their innovative financing model that makes it possible.