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Lagos State Government's Housing Initiative: Building 3,000 Homes in 5 Years, Aiming for 7,000 Amid Population Surge

The Lagos State government has announced the provision of over 3,000 housing units within the state over the past four to five years, with plans in motion to increase this number to 7,000.
 
Mr. Moruf Akinderu-Fatai, the Lagos State Commissioner for Housing, revealed this milestone during a media briefing on the ministry's achievements held on Thursday in Lagos.
 
Akinderu-Fatai underscored the importance of expanding the housing inventory to address the growing demand amidst the continuous rise in population.
 
He highlighted the significant housing deficit, particularly affecting low-income earners, exacerbated by the influx of people migrating to Lagos from other regions.
 
housing units, Lagos state
Seeking Private Investment in Housing Sector
 
The government is actively seeking private investors to participate in the housing sector.
 
Akinderu-Fatai outlined two crucial laws in progress aimed at attracting private investments in real estate:
 
1. Rent control laws: These laws aim to regulate rent increases, making the investment climate more appealing to potential investors in rental properties.

2. Mortgage laws: Efforts are underway to enhance mortgage laws to encourage private sector investment in affordable housing.
 
The commissioner emphasized that modifying construction standards and permitting processes could streamline development and reduce investment costs.
Challenges and Opportunities

Akinderu-Fatai acknowledged that challenges such as inflation and foreign exchange exposure have made building affordable houses more difficult for certain demographic groups.
 
He urged the private sector to collaborate with the government to address the housing needs of low-income earners through Corporate Social Responsibility (CSR) initiatives.
 
Flexible Forms of Involvement

The government remains open to various forms of involvement and welcomes contributions from the private sector, even in limited capacities, to collectively address the housing challenge.
 
 

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