Lagos State Governor Babajide Sanwo-Olu has unveiled a groundbreaking partnership with Access Bank Plc to deliver 704 affordable housing units targeted at low-income earners in Odo-Nla, Ikorodu.
The initiative, formalized on Tuesday through a Memorandum of Understanding between the Lagos State Government and Access Bank, is a major stride toward reducing the state’s housing deficit.
Speaking at the event, Sanwo-Olu underscored the urgency of addressing the global housing crisis, citing sobering statistics from the United Nations.
“Projections by the United Nations and experts, which suggest that over three 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,” he said.
The Odo-Nla housing project, structured as a Public-Private Partnership, aims to deliver 704 two-bedroom apartments with accessible mortgage options for prospective homeowners.
Beneficiaries, as outlined by the governor, will need to make an initial deposit of 10 per cent. The balance will be payable at a single-digit interest rate over 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,” Sanwo-Olu remarked.
He highlighted the economic ripple effects of the project, noting its potential to create jobs and invigorate the construction industry.
“It will stimulate massive engagement across the housing construction value chain, including artisans, suppliers, and building professionals,” the governor explained.
To encourage private sector participation in similar initiatives, Sanwo-Olu announced a range of incentives, including a 40 per cent rebate on permits for Environmental Impact Assessments, Traffic Impact Assessments, and physical planning approvals. He also mentioned tax incentives and regulatory flexibility as additional benefits.
The coordinated efforts of 11 government agencies, including the Ministries of Finance, Physical Planning, and Justice, were instrumental in driving the project forward, according to the governor.
Sanwo-Olu also lauded Access Bank for their innovative approach to financing, stating, “Your partnership exemplifies the kind of collaborative effort needed to address complex challenges like affordable housing.”
Promising a timely completion, the governor concluded, “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.”
