Lagos State Governor Babajide Sanwo-Olu has formed an alliance with Access Bank Plc to deliver 704 affordable housing units for low-income residents in Odo-Nla, Ikorodu.
The announcement came on Tuesday during the signing of a Memorandum of Understanding between the state government and Access Bank, a significant milestone in efforts to tackle Lagos’ housing deficit.
Governor Sanwo-Olu emphasised the urgency of addressing the global housing crisis, referencing United Nations projections that over three billion people could face housing challenges by 2030.
He described the initiative as a proactive measure to mitigate this concern.
The Odo-Nla housing project, executed under a Public-Private Partnership, will feature 704 two-bedroom apartments with affordable mortgage plans.
Beneficiaries are required to make a 10% down payment, with access to single-digit interest rates and a repayment period of up to 20 years.
“This initiative goes beyond constructing houses. It is about building homes, nurturing communities, and improving lives,” Sanwo-Olu stated.
The project is also expected to boost economic activities through job creation and engagement across the construction value chain, involving artisans, suppliers, and building professionals.
To encourage private sector involvement, Sanwo-Olu announced incentives, including a 40% rebate on permits for Environmental Impact Assessments, Traffic Impact Assessments, and planning approvals, along with tax and regulatory flexibility.
He commended Access Bank for its innovative financing approach, describing their role as critical to addressing the complex challenges of affordable housing.
Promising swift execution, the governor affirmed, “In 24 months, we will return to Odo-Nla to hand over 704 two-bedroom apartments to deserving families.”
The project is supported by 11 government agencies, including the Ministries of Finance, Physical Planning, and Justice, ensuring seamless implementation.
