The Lagos State government said it has provided over 3,000 housing units in the state in the last four to five years, with efforts underway to reach 7,000.
The Lagos State Commissioner for Housing, Mr Moruf Akinderu-Fatai, made this disclosure in a statement at a media parley on the scorecard of his ministry on Thursday in Lagos.
Akinderu-Fatai emphasized that increasing the number of housing units would assist the state in tackling the housing shortfall amidst the continuously expanding population.
According to him, housing deficit is a major challenge, particularly for low-income earners.
He noted that the migration of individuals from other regions to Lagos has amplified the need for housing.
Lagos State Seeks investors in the Housing Sector
According to him, the government is seeking investors in the housing sector.
He mentioned that the government is working on two critical laws that will attract private investments in the real estate sector.
- “The state government is seriously working on two laws – rent control laws and the mortgage laws.
- “The rent laws are aimed to impose limitations on rent increases and so, amending them will make it more flexible and attractive to those looking to invest in rental properties.
- “Also, the government is working on improving mortgage laws and attracting private sector investment in affordable housing.
- “So, modifying construction standards or permitting processes can streamline the development process and reduce investment costs,” he added.
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- Speaking further, Akinderu-Fatai noted that inflation and foreign exchange exposure had also made building affordable houses for these groups more challenging.
- The commissioner advised the private sector to cooperate with the state to address the housing needs of low-income earners through Corporate Social Responsibility (CSR) initiatives.
- He said that the government was open to flexible forms of involvement and would welcome even limited contributions to make a collective impact.
