Lagos State has a housing gap of about 2.3 million houses, according to Honourable Moruf Akinderu-Fatai, the Lagos State Commissioner for Housing, who spoke at the Stanbic IBTC Home Ownership Summit on June 25, 2024.
Moruf Akinderu-Fatai, was represented at the summit by the permanent secretary of the Lagos State Ministry of Housing, Engineer Abdulhafiz Gbolahan Toriola.
Engineer Toriola, who took the keynote address highlighted the increasing demand for housing in Lagos State, as well as the business opportunities available in the housing sector.
He said, “In Lagos, the demand for housing is ever-increasing, and the importance of facilitating home ownership cannot be overemphasized, considering the 2.3 million housing gap that requires strategic attention from governments across board and stakeholders across the value chain.”
Highlighting some of the efforts of the state government in the housing sector, he noted that there are over 10,000 flats across the 39 state-owned estates.
He added, “In bridging this gap, the state government via direct intervention has delivered 39 estates across the state, amounting to 10,060 flats, with ongoing projects adding approximately 1,938 more flats.”
“Lagos State has launched multiple affordable housing schemes to cater to people with different incomes, we have the low, medium, and high. The Ministry of Housing takes care of the low and medium, while the LSDPC takes care of the high.”
“The program aims to provide housing at subsidized rates and enables more Lagosians to enter the property market. It includes the allocation of 40% rebate for civil servants. There is the open balloting for private workers where people apply online.”
About the Home Ownership Summit
During the summit themed “Building Wealth through Home Ownership”, the Chief Executive of Stanbic IBTC Bank, Mr. Wole Adeniyi, emphasized the importance of home ownership as a fundamental pillar of financial stability and wealth creation.
He emphasized the bank’s commitment to facilitating access to home ownership, noting,
“As access to affordable housing remains a pressing issue, our Home Loan solution offers hope. With competitive interest rates, flexible equity contribution, and personalized guidance, our bank aims to bridge the gap and make home ownership attainable for our stakholders.”
One of the panelists during the summit, Prince Adeniyi Aromolaran, an Executive Director with the Lagos State Development and Property Corporation (LSDPC), identified home ownership as a staff retention strategy.
He noted, “I have proposed this as a staff retention strategy. To hold a staff for five years is now very tough, but if a company were to acquire a property and say, we want to build for our staff at this level.”
“The land belongs to the organization, but we give the apartments to individuals. If you work with us for five years, we tell you from the get-go, an amount is set every year, so that by your fifth year, when you celebrate long service award, we give you a certain amount towards house ownership.”