Lagos Seeks Low-cost Housing Funds from International Investors

The Lagos State Government has disclosed that it has ramped up its plan to incentivise foreign business interests to invest in low-cost housing schemes with long-term plans to meet their repayment obligations.

The state Commissioner for Housing, Hon. Moruf Akinderu-Fatai, disclosed the plan at 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. One was the Lagos networking event tagged: ‘Our Lagos, a home for all’.

As the keynote Speaker at the forum, Akinderu-Fatai delivered an insightful presentation to the global community, showcasing Lagos and its success story in the housing sector.

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

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

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

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

According to him, “This unit, which would be accessed through affordable mortgage arrangements, is another laudable stride by the state towards social housing, particularly aimed to reduce the housing deficit further, hence bringing more low and middle-income earners on the housing ladder.”

He also spoke on some of the ongoing urban regeneration plans in certain parts of Lagos, such as Makoko, Ajegunle, Ilasan, and Ikota.

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

The commissioner stimulated the audience to join Lagos in building a city that not only meets today’s needs but also lays the foundation for a resilient, inclusive, and thriving city for generations to come.

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

During the session, Olumide debunked the notion that the state government was indiscriminately demolishing buildings without due process, particularly emphasising that the majority of the buildings were built without planning approvals or recourse to state planning laws.