Lagos State Governor, Mr. Babajide Sanwo-Olu, has described the partnership between the state government and Access Bank PLC for the construction of 704 new housing units of two-bedroom apartments in Odo Nla, Ikorodu, as part of efforts to provide affordable, decent homes for residents, especially low-income earners.
He reiterated his administration’s commitment to addressing the housing deficit in the state.
Governor Sanwo-Olu spoke on Tuesday at Lagos House, Ikeja, during the presentation of a Memorandum of Understanding (MOU) for the construction of the new housing units, facilitated by the Lagos State Government and Access Bank PLC.
The housing project will consist of 44 blocks, each containing 16 units of two-bedroom flats. It is expected to be completed in the next two years, with complementary features such as a cinema house, gym center, playground, and security network, among others.
Sanwo-Olu, while pledging his administration’s commitment, noted that addressing the housing deficit required bold steps, initiatives, and partnerships with the private sector.
He also stated that his administration had streamlined approval processes and introduced several incentives to demonstrate the government’s commitment to making Lagos an attractive destination for housing investments.
“Guided by our T.H.E.M.E.S.+ Agenda, we have implemented a range of initiatives to tackle this challenge. Over the past five years, we have delivered 21 housing estates across low, medium, and premium categories, providing homes to thousands of Lagosians. While these achievements are commendable, we recognize that much more needs to be done.
“In collaboration with Access Bank PLC, we are embarking on a transformative housing project that will deliver the first batch of 704 units of two-bedroom apartments at Odo-Nla in Ikorodu.
“This initiative is designed specifically for low-income Lagosians, offering affordable mortgage terms: a down payment of just 10 percent, a single-digit interest rate, and a repayment period of up to 20 years. This is not just about building houses; it is about creating homes, fostering communities, and laying the foundation for better lives.
“The economic multiplier effect of this project cannot be overstated. It will stimulate massive engagement across the housing construction value chain, including artisans, suppliers, and building professionals. By doing so, it not only addresses housing needs but also creates jobs and drives economic growth,” the governor said.
Speaking further, Sanwo-Olu assured that his administration’s commitment to addressing the housing deficit in the state was unwavering. He disclosed that, beyond the Odo-Nla project, other housing developments at Sangotedo Phase 2, Ita Marun in Epe, Ajara in Badagry, Ibeshe Phase 2 in Ikorodu, and Egan Igando Clusters 2 and 3 were ongoing.
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According to him, these projects collectively represent his government’s determination to provide lasting solutions to the housing needs of Lagosians. He expressed his profound appreciation to the Board and Management of Access Bank PLC for believing in the viability of this project and for their innovative financing model that makes it possible.
He said the bank’s partnership exemplified the kind of collaborative effort needed to address complex challenges like affordable housing in the state.
“Our commitment to addressing the housing deficit is unwavering. Beyond the Odo-Nla project, we have other ongoing housing developments at Sangotedo Phase 2, Ita Marun in Epe, Ajara in Badagry, Ibeshe Phase 2 in Ikorodu, and Egan Igando Clusters 2 and 3. These projects collectively represent our determination to provide lasting solutions to the housing needs of Lagosians.
“I wish to express my profound appreciation to the Board and management of Access Bank PLC for believing in the viability of this project and for their innovative financing model that makes it possible. Your partnership exemplifies the kind of collaborative effort needed to address complex challenges like affordable housing,” the governor said.
Earlier, the Group Managing Director of Access Bank, Mr. Roosevelt Ogbonna, noted that the partnership on the housing project was aimed at ensuring that every Lagosian had access to a decent home.
Ogbonna commended the Lagos State Government for its developmental strides in various sectors, particularly in the housing sector, saying that Access Bank was excited about its partnership with the state government.
He emphasized that leveraging public capital, the private sector needed to collaborate with the government on affordable housing, as the government alone could not meet the $3 billion required over the next 15 years to bridge the infrastructural deficit.
Also speaking, Lagos State Commissioner for Housing, Hon. Moruf Akinderu-Fatai, said the agreement with Access Bank PLC was reached after rigorous deliberation and planning. Odo-Nla in Ikorodu was chosen due to the nature of the soil and existing infrastructure.
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