Lagos State Governor, Babajide Sanwo-Olu, has restated his administration’s dedication to reducing the housing deficit in the state.
Speaking at Lagos House, Ikeja, on Tuesday, the Governor announced the signing of a Memorandum of Understanding (MoU) for the construction of 704 two-bedroom apartments in Odo Nla, Ikorodu.
The project is a collaboration between the Lagos State Government and Access Bank PLC.
The ambitious project will feature 44 blocks of 16 units per block and include modern amenities such as a cinema, gym, playground, and advanced security systems.
It is expected to be completed within two years, providing affordable housing options for low-income Lagosians.
Governor Sanwo-Olu highlighted the importance of public-private partnerships in addressing the state’s housing challenges.
“Guided by our T.H.E.M.E.S.+ Agenda, we have delivered 21 housing estates in five years, but we recognize that more needs to be done. This partnership with Access Bank PLC is a bold step towards addressing the housing deficit and offering affordable mortgage options, including a 10 percent down payment, single-digit interest rates, and repayment terms of up to 20 years,” he said.
He added that the initiative would boost the local economy by engaging artisans, suppliers, and professionals across the housing value chain. “This project will not only create homes but also jobs and economic growth, showing our commitment to building sustainable communities,” the Governor stated.
Sanwo-Olu also mentioned ongoing housing projects in other locations, including Sangotedo, Epe, Badagry, and Igando, reiterating his administration’s focus on long-term housing solutions.
Access Bank Group Managing Director, Roosevelt Ogbonna, lauded the state government’s strides in development and emphasized the private sector’s role in bridging the infrastructural gap. He noted that the partnership exemplifies how public capital can be leveraged for impactful results.
Lagos State Commissioner for Housing, Moruf Akinderu-Fatai, explained that the Odo-Nla site was chosen after thorough planning and analysis of its suitability for the project.
