The Lagos State Government has disclosed a renewed strategy aimed at attracting foreign investors to participate in low-cost housing projects. 

The initiative is part of a broader effort to address the state’s housing deficit and provide affordable options for low- and middle-income residents, with long-term repayment frameworks.

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

The five-day programme commenced on November 4 with the theme “It all starts at home: Local actions for sustainable cities and communities.” 

Among the impactful sessions was the Lagos networking event tagged “Our Lagos, a home for all.”

Commissioner Moruf Akinderu-Fatai Speech at the Forum

Akinderu-Fatai, the keynote speaker,  delivered a presentation to the global community, showcasing Lagos achievements in the housing sector.

He spoke on how the state has consistently balanced its rapid urbanization challenges with the United Nations’ Sustainable Development Goals with a focus on Goal 11. 

Akinderu-Fatai detailed how Lagos is tackling challenges such as housing shortages, inadequate infrastructure, and urban renewal to create a more equitable and environmentally friendly city. 

He also disclosed the government’s strategic partnership with some financial institutions to develop more housing units across various locations within the state.

“This unit, which would be accessed through affordable mortgage arrangements, is another laudable stride by the state towards social housing, particularly aimed to reduce the housing deficit further, hence bringing more low and middle-income earners on the housing ladder,” he said.

He also highlighted ongoing urban regeneration efforts in areas like Makoko, Ajegunle, Ilasan, and Ikota.

He encouraged more partnerships with global communities, particularly seeking low-cost housing and long-term funding from international investors to support low-income earners. 

Akinderu-Fatai urged the international community to partner with Lagos in creating a city that not only meets present demands but also builds resilience and inclusivity for future generations.

Addressing Planning and Urban Development

Source: Abala M. Wanga/Facebook

Also speaking at the forum, Dr. Abiodun Olumide, the Commissioner for Physical Planning and Urban Development, outlined measures being implemented by the government to sustain urbanization goals amidst the state’s rapidly growing population.

Dr. Olumide countered allegations that the government had been indiscriminately demolishing buildings. He went on to clarify that the structures in question were constructed without proper planning approvals or adherence to state laws. 

He stressed the importance of maintaining order and adherence to regulations as Lagos continues to urbanize rapidly.

Both commissioners stressed Lagos’s commitment to sustainable urban development and invited global stakeholders to collaborate in transforming the city into a beacon of inclusive growth and innovation. 

With its strategic initiatives and international outreach, Lagos aims to position itself as a leader in low-cost housing and urban sustainability, ensuring a better quality of life for its residents.