The Lagos State Government has announced plans to complete over 14,000 housing units by 2026 as part of its broader strategy to address the state’s housing deficit and expand access to affordable homes for low- and middle-income residents.
Governor Babajide Sanwo-Olu disclosed this during the 75th World Congress of the International Real Estate Federation (FIABCI), held at Eko Hotels and Suites in Lagos on Tuesday, according to a report by the News Agency of Nigeria (NAN).
Represented by the Commissioner for Housing, Mr. Moruf Akinderu-Fatai, the governor stated that nearly 10,000 housing units had been delivered in the past six years, with efforts being intensified to scale up housing development across the state.
“We have put in place a range of strategies to increase the supply of affordable housing, especially for low and middle-income residents.
“So far, these efforts have led to the delivery of nearly 10,000 housing units in the last six years, and we aim to complete over 14,000 more by 2026,” the governor said.
He added that the government had made special budget allocations and created a conducive environment for private sector investment through public-private partnerships (PPPs).
These measures, he noted, are aimed at accelerating housing delivery while also stimulating economic activity and job creation.
Sanwo-Olu emphasized that the housing policy in Lagos is not solely about providing shelter but also about driving inclusive development, enhancing social stability, and fostering long-term economic growth.
What you should know
The Lagos State Government allocated N101.6 billion for Housing and Community Amenities in its 2025 budget, marking an 81.7% increase from the N55.92 billion allocation in 2024. This represents about 3% of the total N3.366 trillion 2025 budget.
- To improve housing access for residents, the state government has implemented initiatives such as the Rent-To-Own Program and the Lagos Home Ownership Mortgage Scheme (Lagos HOMS).
- Under the Rent-To-Own Program, first-time buyers can make a 5% down payment, take immediate possession of the unit, and repay the balance as monthly rent over 10 years. Eligibility requires residency in Lagos, tax compliance, and proof that monthly payments will not exceed 33% of the applicant’s income.
The Lagos HOMS, managed by the Lagos Mortgage Board, allows qualified applicants to contribute up to 30% equity, with the remaining balance repaid over 10 years. Monthly repayments are capped at 30% of income, and the scheme includes a transparent draw process, with subletting strictly prohibited.
In December 2024, the government also signed an agreement with Access Bank to develop the Odonla-Odugunyan housing estate in Ikorodu. The estate, spanning 9.98 hectares, will include 704 units of modern 2-bedroom apartments across 44 blocks.
