
Lagos State, Access Bank partner to construct 704 housing units in Ikorodu
The Lagos State Government has partnered with Access Bank PLC for the construction of 704 new housing units, consisting of two-bedroom apartments, in Odo Nla, Ikorodu.
This collaboration was formalised with the signing of a Memorandum of Understanding (MOU) at the Lagos House, Ikeja, on Tuesday.
Speaking at the event, Lagos State Governor, Mr. Babajide Sanwo-Olu, reiterated his administration’s commitment to addressing the housing deficit in the state.
The housing project, comprising 44 blocks of 16 two-bedroom flats per block, is expected to be completed within the next two years. The development will include additional amenities such as a cinema, gym, playground, and a security network, among others.
Governor Sanwo-Olu described the partnership between the Lagos State Government and Access Bank PLC as a key part of the efforts to provide affordable, decent housing for the state’s residents, particularly low-income earners.
He highlighted that addressing the housing deficit requires bold initiatives and private sector partnerships. The governor noted that his administration had streamlined approval processes and introduced various incentives to make Lagos a more attractive destination for housing investments.
He said, “Guided by our T.H.E.M.E.S.+ Agenda, we have implemented a range of initiatives to tackle this challenge. Over the past five years, we have delivered 21 housing estates across low, medium, and premium categories, providing homes to thousands of Lagosians. While these achievements are commendable, we recognise that much more needs to be done.”
“In collaboration with Access Bank PLC, we are embarking on a transformative housing project that will deliver the first batch of 704 two-bedroom apartments in Odo Nla, Ikorodu.
“This initiative is specifically for low-income Lagosians, offering affordable mortgage terms: a down payment of just 10 percent, a single-digit interest rate, and 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.
“The economic multiplier effect of this project cannot be overstated. It will stimulate massive engagement across the housing construction value chain, including artisans, suppliers, and building professionals. By doing so, it not only addresses housing needs but also creates jobs and drives economic growth.
“Our commitment to addressing the housing deficit is unwavering. Beyond the Odo Nla project, we have other ongoing housing developments at Sangotedo Phase 2, Ita Marun in Epe, Ajara in Badagry, Ibeshe Phase 2 in Ikorodu, and Egan Igando Clusters 2 and 3. These projects collectively represent our determination to provide lasting solutions to the housing needs of Lagosians.
“I wish to express my profound appreciation to the Board and management of Access Bank PLC for believing in the viability of this project and for their innovative financing model that makes it possible. Your partnership exemplifies the kind of collaborative effort needed to address complex challenges like affordable housing.”
Earlier, the Group Managing Director of Access Bank, Mr. Roosevelt Ogbonna, stated that the partnership was designed to ensure that every Lagosian has access to a decent home.
Ogbonna commended the Lagos State Government for its developmental strides in various sectors, particularly housing, and expressed excitement about Access Bank’s involvement in the project.
He also highlighted the need for public and private sector collaboration to address affordable housing challenges, noting that the government alone could not meet the estimated $3 billion required over the next 15 years to bridge the infrastructural deficit.
Also speaking, Lagos State Commissioner for Housing, Hon. Moruf Akinderu-Fatai, explained that the agreement with Access Bank PLC followed a thorough planning process, and Odo Nla in Ikorodu was selected due to the suitability of the soil and existing infrastructure.