Lagos, Access Bank partner to deliver 704 housing units
CHIGOZIE AMADI
The Lagos State Governor, Babajide Sanwo-Olu, has announced a partnership with Access Bank Plc to provide 704 affordable housing units for low-income residents in Odo-Nla, Ikorodu.
The initiative, revealed during the presentation of the Memorandum of Understanding between the two parties on Tuesday, was described as a significant step in addressing the housing deficit in the state.
Sanwo-Olu highlighted the urgency of tackling the global housing crisis, citing alarming United Nations projections.
“Projections by the United Nations and experts, which suggest that over three billion people may be affected by inadequate housing by 2030, should be a source of deep concern for governments at all levels. This is not just a statistic; it is a call to action,” he said.
The Odo-Nla project, a Public-Private Partnership, is expected to deliver 704 two-bedroom apartments with affordable mortgage options.
According to the governor, beneficiaries will be required to make a down payment of 10 per cent, with 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,” Sanwo-Olu stated.
The governor emphasised the economic benefits of the project, including job creation and stimulation of the construction value chain.
“It will stimulate massive engagement across the housing construction value chain, including artisans, suppliers, and building professionals,” he added.
To attract more private sector participation, Sanwo-Olu revealed incentives such as a 40 per cent rebate on permits for Environmental Impact Assessments, Traffic Impact Assessments, and physical planning approvals, alongside tax incentives and regulatory flexibility.
The governor also acknowledged the coordinated efforts of 11 key government agencies, including the Ministries of Finance, Physical Planning, and Justice, ensuring the project’s seamless execution.
He expressed appreciation to Access Bank for their innovative financing model, saying, “Your partnership exemplifies the kind of collaborative effort needed to address complex challenges like affordable housing.”
Promising timely delivery, Sanwo-Olu said, “In the next 24 months, we will return to Odo-Nla in Ikorodu to cut the tape and hand over 704 units of two-bedroom apartments to deserving families.”
