By Esther Agbo
Lagos State Commissioner for Housing, Honourable Moruf Akinderu-Fatai has said that the state faces a significant housing shortfall, with an estimated gap of 2.3 million homes.
This revelation was made at the Stanbic IBTC Home Ownership Summit, held on Tuesday where the Commissioner was represented by the Permanent Secretary of the Lagos State Ministry of Housing, Engineer Abdulhafiz Gbolahan Toriola.
The summit emphasised the urgent need for collaborative efforts from both the public and private sectors to address the housing deficit and foster home ownership as a pillar of economic stability in Lagos.
During his keynote address, Engineer Toriola underscored the escalating demand for housing in Lagos and the consequent business opportunities in the sector.
“In Lagos, the demand for housing is ever-increasing, and the importance of facilitating home ownership cannot be overemphasised, considering the 2.3 million housing gap that requires strategic attention from governments across board and stakeholders across the value chain,” he said.
The Lagos State government has made strides to address this deficit, delivering over 10,000 flats across 39 state-owned estates, with ongoing projects expected to add nearly 2,000 more units.
“In bridging this gap, the state government via direct intervention has delivered 39 estates across the state, amounting to 10,060 flats, with ongoing projects adding approximately 1,938 more flats.
“Lagos State has launched multiple affordable housing schemes to cater to people with different incomes, we have the low, medium, and high. The Ministry of Housing takes care of the low and medium, while the LSDPC takes care of the high.
“The program aims to provide housing at subsidised rates and enables more Lagosians to enter the property market. It includes the allocation of 40 per cent rebate for civil servants. There is the open balloting for private workers where people apply online,” Toriola noted.
The summit, themed “Building Wealth through Home Ownership,” also featured insights from the Chief Executive of Stanbic IBTC Bank, Mr. Wole Adeniyi.
Adeniyi highlighted the critical role of home ownership in financial stability and wealth creation. He said, “As access to affordable housing remains a pressing issue, our Home Loan solution offers hope. With competitive interest rates, flexible equity contribution, and personalised guidance, our bank aims to bridge the gap and make home ownership attainable for our stakeholders.”
Additionally, Prince Adeniyi Aromolaran, an Executive Director with the Lagos State Development and Property Corporation (LSDPC), proposed home ownership as a strategic approach to staff retention. “I have proposed this as a staff retention strategy. To hold a staff for five years is now very tough, but if a company were to acquire a property and say, we want to build for our staff at this level.”
“The land belongs to the organisation, but we give the apartments to individuals. If you work with us for five years, we tell you from the get-go, an amount is set every year, so that by your fifth year, when you celebrate long service award, we give you a certain amount towards house ownership,” he said.