Lagos Govt seeks foreign investment for affordable housing projects

The Lagos State Government has called on foreign investors to support its low-cost housing initiatives aimed at addressing the city’s growing housing deficit.

The call was made by the Commissioner for Housing, Mr. Moruf Akinderu-Fatai at the 2024 World Urban Forum in Cairo, Egypt, organized by the United Nations Human Settlements Programme (UN-Habitat).

Speaking during the event, which was centered on the theme “It all starts at home: Local actions for sustainable cities and communities,” Akinderu-Fatai outlined Lagos’ ongoing efforts to balance rapid urbanization with sustainable development goals, particularly Goal 11, which focuses on making cities inclusive, safe, resilient, and sustainable.

“Our focus is on addressing housing and urban regeneration challenges to create a more liveable, equitable, and environmentally friendly urban landscape,” Akinderu-Fatai stated.

He highlighted Lagos’ continued push towards providing affordable housing units, which would be available through low-cost mortgage schemes aimed at helping low and middle-income earners.

The commissioner explained that the state had formed key collaborations with financial institutions to accelerate housing development across Lagos, addressing the needs of its ever-growing population.

He emphasized that these efforts were designed to integrate more citizens into the housing market and mitigate the housing deficit in the state.

Dr. Abiodun Olumide, Commissioner for Physical Planning and Urban Development, who also participated in the forum, elaborated on the measures Lagos is taking to ensure sustainable urban growth despite the challenges of an increasing population.