.Delivers 10, 623 units in 7yrs

By Olasunkanmi Akoni

Lagos State Governor, Babajide Sanwo-Olu administration has targeted the delivery of 14,000 home units to residents by the first quarter of 2027 aimed at bridging the housing deficit in the State.

It also assured that the new tenancy reforms still at the State House of Assembly for approval will protect residents from exploitation from property owners.

State Commissioner for Housing, Moruf Akinderu-Fatai, popularly called MAF, announced this on Tuesday, at the ministerial press briefing to commemorate the third year in office of Governor Babajide Sanwo-Olu and deputy, Dr. Obafemi Hamzat’s second term, held at Alausa Ikeja.

Akinderu-Fatai stressed that under Governor Babajide SanwoOlu, Lagos State has rolled out several commendable initiatives designed to solve the affordable housing problem, adopting multiple fronts approach such as: direct budgetary allocations for constructing housing units targeted at low income groups, and fostering a business friendly environment for private developers through Public Private Partnerships, PPPs in affordable housing.

According to him, “Under Governor Babajide SanwoOlu, Lagos State has rolled out several commendable initiatives designed to solve the affordable housing problem.

“The administration in October 2025 delivered and commissioned the Akinsanya Sunny Ajose Estate (Phase 1) comprising of 420 units of one, two- and three-bedroom apartments.

“Then, in November 2025, we commissioned another 233 units of quality, affordable housing within the Abraham Adesanya Housing Estate (Parcel A & B) – a flagship Joint Venture with Urban Shelter.

“These two developments bring the total number of housing estates completed under the Sanwo-Olu administration across Lagos’s five divisions to 23 since 2019.”

Akinderu-Fatai added that the effort of the ministry in providing affordable homes through direct budgetary funding has yielded 4,414 units of one, two- and three-bedroom homes, while PPP across the housing sector provided additional 6,209 homes for allottees.

“Therefore, this administration has increased the state housing stock with a total of 10,623 home units in the last seven years.

“Currently, the Ministry has five ongoing housing schemes under the budgetary allocation at areas like; Egan-Igando Mixed Housing Scheme, LagosHOMS Sangotedo Phase 2, located in Eti-Osa East Local Council Development Area, LCDA, Epe Housing Scheme, Itamarun in Epe Local Government, l”among others.

The commissioner said the State government targets to complete all the above-mentioned project before the end of the year 2027, probably by the end of first quarter.

“At completion, the administration of Mr Babajide Sanwo-Olu would have delivered a total of 14,022 home units to Lagosians,” Akinderu-Fatai stated.

While noting that the world is currently in the grip of an unprecedented housing crisis, quoted the UN-Habitat report stating that approximately 3.4 billion people, lack access to secure, safe, and adequate housing.

According to him, “This crisis has left over 300 million people homeless and forced more than 1.1 billion individuals into informal settlements and slums.

“The shortage of adequate housing has worsened by 30 per cent in just over a decade, with the global deficit now exceeding 268 million housing units.This global challenge is acutely mirrored in Nigeria, Africa’s most populous nation.

“For years, the narrative of a 22-million-unit housing deficit was widely quoted, but the National Housing Data Technical Committee recently inaugurated by the Federal Ministry of Housing and Urban Development has provided a more precise, data-driven assessment.”

The commissioner noted that “the report, unveiled in January 2026, reveals that Nigeria’s housing deficit currently stands at 14.925 million units.

“Even more alarming is the finding that an additional 15.2 million existing homes are classified as structurally inadequate or substandard.”

Akinderu-Fatai added that in response to housing need, the Federal Government had rolled out its most ambitious housing agenda to date, anchored on a new national strategy of land reforms, urban renewal, and robust PPPs.

A flagship initiative under this agenda, he said is the Ministry of Finance Incorporated, MOFI, Real Estate Investment Fund, MREIF. Launched in 2025 and listed on the Nigerian Exchange, MREIF is a government-backed, market-driven fund designed to inject massive liquidity into the housing sector.

“By mobilising both private and institutional capital, MREIF provides affordable mortgage financing at a competitive single-digit interest rate of 9.75 per cent per annum, with tenures extending up to 20 years, and has already disbursed billions to support home ownership.

“Complementing this are the ongoing Renewed Hope Housing Projects and a new ₦10 billion housing loan scheme for civil servants, signalling a intensive federal push to tackle this national challenge from multiple fronts.

“At the current rate of development, with annual formal production struggling to keep pace, experts warn that the effective shortage could reach 28 million units within the next few years.”

On housing affordability, the commissioner disclosed that the Lagos State Mortgage Board had supported more than 20,000 residents through mortgage and rent-to-own schemes over the last 12 years.

He said 100 beneficiaries under the Rent-To-Own policy successfully completed their mortgage repayment in 2024 and became full homeowners, while another 110 beneficiaries exited the scheme in 2025.

“The Lagos State Mortgage Board presently has 2,207 pending applications for home unit allocation within various schemes,” he added.

Akinderu-Fatai also announced plans by the state government to introduce a monthly and quarterly rent payment policy to reduce the financial burden of yearly rent payment on residents.

“The success of the rent-to-own initiative encouraged the need to promote monthly and quarterly rent to provide succour to rent seekers. This will replace the burden of yearly rent payment especially for low-income earners,” he said.

On real estate regulation, the commissioner said the Lagos State Real Estate Regulatory Authority (LASRERA) intensified enforcement against fraudulent operators across the state.

He disclosed that LASRERA received 505 petitions from residents over real estate transactions, resolved 39 cases, recovered three properties and recovered over N270 million from fraudulent estate agents.

According to him, the agency also sealed the office of an unregistered real estate operator in Ikorodu during a joint operation with the Lagos State Task Force.

Akinderu-Fatai said the state government was working with the Lagos State House of Assembly on a new tenancy bill to address excessive rent increases, arbitrary charges and fraudulent practices in the sector.

“The new tenancy bill will address abnormal rental increment, illegal charges and dues. Registration of all agents in Lagos State by LASRERA will also become mandatory,” he said.

The commissioner further disclosed that 944 civil servants benefited from a 40 per cent housing rebate approved by Governor Sanwo-Olu to improve access to home ownership.

He added that the housing sector generated 4,793 direct and indirect jobs in the last one year across skilled, semi-skilled and unskilled labour categories.

Akinderu-Fatai reaffirmed the state government’s commitment to reducing housing deficits and strengthening regulation in the real estate sector.

“We will continue to explore partnerships with financing organisations keen on providing mass housing and innovative ideas that promote accessibility,” he said

The commissioner, however listed challenges facing housing delivery to include: encroachments on State Owned Land for housing projects, litigations.Issues related to allocation of homes due to its limited number, inflationary trends, issues with recalcitrant allottees.