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Lagos woos French investors on housing development

The Lagos State government has invited French investors to partner with the state on housing development in its bid to provide decent accommodation for the citizens.

Governor Babatunde Fashola, who recently met with the French business community in Paris, France, noted that the move is aimed at strengthening the state’s drive for investment and also engage in partnership with interested foreign developers that will facilitate bridging the housing gap in the country.

Fashola assured that investors in housing have the opportunity of a ready market in the state, due to the high demand for housing with no less than 40, 000 housing units required annually, adding that for those willing to invest in the construction of low and middle income housing estates, the state government is willing to provide land and equity with which to facilitate the provision of mortgages.

The governor noted that his administration embarked on aggressive provision of infrastructure to reduce the huge infrastructure deficit , that had made life difficult for them, noting that the vision of transforming Lagos into Africa’s model mega city underscored the role of the private sector and took time to explain the concept and philosophy behind his administration’s Public Private Partnership (PPP) initiative.

He said Lagos is naturally poised for foreign investments because it is not only the largest market in West Africa, but also the home of more than 250 financial institutions and 10, 000 of Nigeria ‘s commercial concerns.

Fashola listed power, infrastructure, transportation, tourism and housing as some of the major sectors, where investment opportunities exist in the State, adding that the government has provided an enabling environment to protect investors.

Fashola said that his administration has made tremendous progress in some of the key initiatives it has taken since inception such as the continuation of the Lekki_Epe Expressway, which is the first public private partnership(PPP) road infrastructure project in West Africa, road rehabilitation and construction, security trust fund, which involves equipping the Rapid Response Squad to reduce crime rate in the State as well as the establishment of a local transformer manufacturing facility to salvage current market demands.

He also highlighted the on_going phased development of the Lekki Free Trade Zone, where investment opportunities exist in the proposed Lekki Airport, Deep sea multi_purpose port within the Free Zone, Light Industrial and Manufacturing, Petrochemicals Plants and Oil Refineries, Housing and Power Supply.

He disclosed that there is a demand gap of 332 million gallons of water per day in the State, adding that opportunities exist also in the construction and management of water plants, water distribution and bulk metering of 31 zones and water works.


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