Lagos seeks foreign investment for low-cost housing projects

The Lagos State Government has called on foreign business interests to invest in low-cost housing schemes with long-term plans to meet their repayment obligations.

A statement on Tuesday revealed that the Commissioner for Housing, Mr Moruf Akinderu-Fatai, made the call at the just concluded 2024 World Urban Forum convened by the United Nations Human Settlements Programme (UN-Habitat) in Cairo, Egypt.

The statement noted that the five-day programme, with the theme “It all starts at home: Local actions for sustainable cities and communities,” had impactful sessions, one of which was the Lagos networking event tagged “Our Lagos, a home for all.”

In his remarks, Akinderu-Fatai delivered an insightful presentation to the global community, showcasing Lagos and its success story in the housing sector.

According to him, the LASG consistently balanced its rapid urbanisation challenges while implementing the Sustainable Development Goals with a focus on Goal 11.

He added that the state is addressing issues of housing, infrastructure, and urban regeneration to create a more liveable, equitable, and environmentally friendly urban landscape.

Akinderu-Fatai said, “This unit, which would be accessed through affordable mortgage arrangements, is another laudable stride by the state towards social housing, particularly aimed to reduce the housing deficit further, hence bringing more low and middle-income earners on the housing ladder.”

He added that the state has engaged in various collaborations to provide more affordable and sustainable homes for Lagos’ ever-growing population.

Akinderu-Fatai disclosed that the state government’s strategic partnership with some financial institutions to develop more housing units across various locations within the state.

The Commissioner for Physical Planning and Urban Development, Dr Abiodun Olumide, who was a member of the panel, explained the measures the state government is putting in place to ensure Lagos sustains its urbanisation goal, despite its exponential population growth.