Lagos State government has signed a Memorandum of Understanding (MoU) with Access Bank to construct 704 housing units at Odo-Nla, Ikorodu.
The initiative, expected to be built on 9.98 hectares of land that comprises 44 blocks of two-bedroom apartments, according to the government is to address the challenges of housing deficits in the state.
Speaking after he received and signed the MoU at the Lagos House, Ikeja, the State Governor, Babajide Sanwo-Olu commended the management of the bank for partnering with the government in providing affordable homes for the people of Lagos.
Sanwo-Olu said there are 14 million housing deficits in Nigeria caused by shortage of lands among other factors, stressing that bridging the gap in housing requires bold interventions, innovative solutions, and collaborative efforts.
The Governor further stressed that in addressing the issue, his administration embraced a Public-Private Partnerships (PPP), to provide a platform for the private sector to partner with the government.
He said “In collaboration with Access Bank PLC, we are embarking on a transformative housing project that will deliver the first batch of 704 units of two-bedroom apartments at Odo-Nla in Ikorodu. This initiative is designed specifically for low-income Lagosians, offering affordable mortgage terms: a down payment of just 10 percent, a single-digit interest rate, and a repayment period of up to 20 years.”
He noted that the construction of the housing units will take 24 months and when completed, will contribute to socio-economic development of the area and the state in general.
Laudable project
In his remarks, the Commissioner, Ministry of Housing, Moruf Akinderu-Fatai said the journey into the partnership began towards the end of the first term of Sanwo-Olu’s administration, which was the outcome of directives from the Governor for the ministry to forge collaboration with Access Bank on the provision of affordable housing for low income earners.
The Commissioner commended the Governor for his ‘vision to birth such a laudable project, the first of its kind.
Exploring PPP
The General Managing Director of Access Bank, Roosevelt Ogbonna said “We want to change lives by what we are doing. We are not doing this project to make money but to contribute to making Lagos a centre of excellence.”
He maintained that the public private partnership initiative is a way to further explore the opportunities of providing affordable housing for the people of Lagos.
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