The Lagos State government, on Tuesday, revealed that by March 2026, an additional 1,828 housing units with different completion dates would be delivered by the first quarter of 2026. As a result, 14,022 housing units would have been completed by the administration of Mr. Babajide Sanwo-Olu.

The Commissioner for Housing, Moruf Akinderu-Fatai, disclosed this at the ongoing ministerial press briefing to mark the second year of the second term of Governor Babajide Sanwo-Olu in office.

The commissioner stated that one of the biggest obstacles in Nigeria’s housing market is the challenge of affordable mortgage financing. He noted that mortgage interest rates from private developers can be as high as 20-25%, making it difficult for low-income earners in Nigeria to purchase a home.

He said, “The government and private sector are exploring ways to improve financing options. The well-known global housing delivery challenge does not exclude Nigeria, and in particular, our dear Lagos State. Our country, like other developing nations, keeps evolving with ideas on how to provide affordable housing for a population that keeps growing in multiple numbers.

“The global challenges of rapid urbanization, high construction costs, inadequate infrastructure, and limited financing options are more real than ever due to unstable global economic dynamics.

“The impact of the economic shockwaves across the world is affecting low- and medium-income earners and rendering many homeless as a result of the huge surge in construction costs, materials, as well as a hike in housing rentals.”

The commissioner stated that the high migration of low-income individuals to Lagos State daily increases the stock of low-income earners who must be provided for in terms of accommodation.

He added, “The ever-growing population, with an annual growth rate of 3.34% within a limited land area of 3,577 km², with one-third of this being water, has made it ever more challenging for low-income citizens to access decent and affordable housing.

“The government of Lagos State, under the administration of Mr. Babajide Sanwo-Olu, realized that housing is a major pillar of the economic development of any city. Hardly will you have significant economic development without housing construction, with its usual huge multi-dimensional economic values.”