Lagos Partners Access Bank to Build Affordable Housing: 704 Homes for Low-Income Earners Coming Soon

By Achimi muktar

In a groundbreaking move to tackle the housing deficit in Lagos State, the Babajide Sanwo-Olu administration has partnered with Access Bank to deliver 704 affordable two-bedroom housing units for low-income earners in Ikorodu within the next 24 months. The initiative aims to provide sustainable housing solutions while stimulating economic growth across the state.

A Call to Action Against a Global Housing Crisis

At the signing ceremony for the Memorandum of Understanding (MoU), Governor Babajide Sanwo-Olu highlighted the urgent need for bold interventions to address the global housing crisis.

“Projections by the United Nations suggest that by 2030, over 3 billion people may face inadequate housing conditions. This statistic isn’t just alarming—it’s a call to action,” Sanwo-Olu said.

The Governor acknowledged that Lagos, as Nigeria’s urban hub, faces a severe housing demand that far outweighs supply. However, his administration remains committed to bridging the gap through innovative solutions.

Public-Private Partnership: The Key to Progress

The Odo-Nla housing project represents a cornerstone of the state’s Public-Private Partnership (PPP) strategy, which has been instrumental in accelerating housing development. According to Sanwo-Olu, these partnerships provide a framework for innovation, resource mobilisation, and efficiency.

“Access Bank’s commitment to this initiative is a testament to the power of collaboration. Together, we’re not just building houses—we’re creating homes, fostering communities, and laying the foundation for better lives,” he stated.

The housing units will be offered under affordable mortgage terms, including:

A 10% down payment.

A single-digit interest rate.

A 20-year repayment period.

Economic and Social Impact

The Governor underscored the ripple effects of the project, noting that it will generate massive employment opportunities across the housing construction value chain. Artisans, suppliers, and building professionals will benefit from the increased demand, driving economic growth and job creation.

Additionally, the state government has introduced incentives such as a 40% rebate on permits (Environmental Impact Assessments, Traffic Impact Assessments, and physical planning permits) and tax incentives to encourage private-sector participation in housing development.

Beyond Ikorodu: Expanding the Vision

The Odo-Nla project is one of several ongoing housing developments in Lagos. Others include:

Sangotedo Phase 2.

Ita Marun in Epe.

Ajara in Badagry.

Ibeshe Phase 2 in Ikorodu.

Egan Igando Clusters 2 and 3.

These projects collectively underscore the administration’s resolve to provide lasting solutions to the state’s housing challenges.

Access Bank’s Role: Financing the Dream

Sanwo-Olu commended Access Bank for its innovative financing model, which made the project feasible. “Your partnership exemplifies the collaborative effort needed to solve complex challenges like affordable housing,” he said.

A Vision of Fulfillment

The Governor expressed optimism about the future of housing in Lagos and assured stakeholders of the project’s success.

“In 24 months, we will return to Odo-Nla to hand over 704 two-bedroom apartments to deserving families. This will be a moment of pride and fulfillment for all involved,” Sanwo-Olu concluded.

Setting a Benchmark for Affordable Housing

The Odo-Nla project is expected to redefine affordable housing standards in Lagos, offering a replicable model for other states in Nigeria. With strong public-private collaboration, Lagos continues to lead the charge in addressing the housing needs of its growing population, proving that with the right partnerships, even the most pressing challenges can be overcome.