As part of effort to alleviate the housing shortage jolting Lagosians, the state government and Access Bank have signed a Memorandum of Understanding (MoU) to develop 704 housing units in Odo-Nla, Ikorodu.
The agreement, which was finalised on Tuesday at the Lagos House in Ikeja, represents a major step toward addressing the growing housing deficit in the state and enhancing the quality of life for its residents.
The project, named the Lagos State Access Bank Housing Scheme, will be situated on a 9.98-hectare parcel of land. It will consist of 44 blocks, each containing two-bedroom apartments, providing much-needed housing in a city grappling with an ever-increasing population and housing demand.
The collaboration between the state government and Access Bank comes as part of a broader strategy to tackle Nigeria’s national housing deficit, which currently stands at an alarming 14 million units.
Governor Babajide Sanwo-Olu, in his address, emphasised the importance of this initiative in resolving the housing crisis, which is exacerbated by limited land availability in urban areas.
He commended Access Bank for its commitment to the project and highlighted the importance of public-private partnerships in meeting the state’s infrastructure needs. He pointed out that this project would offer affordable housing options to low-income Lagosians, with the added benefit of accessible mortgage terms.
The mortgage structure includes a 10% down payment, single-digit interest rates, and flexible repayment plans of up to 20 years, ensuring that even residents with modest incomes can aspire to homeownership.
The project is expected to be completed within 24 months, with the housing units set to make a meaningful contribution to the social and economic development of Ikorodu and Lagos as a whole.
Governor Sanwo-Olu expressed his confidence that the scheme would help decongest other parts of Lagos and bring sustainable development to the Ikorodu area, thereby improving the living standards of its residents.
