IBRAHIM QUADRI
Lagos State Governor, Mr Babajide Sanwo-Olu on Tuesday said housing affordability requires scale, smart design, blended finance, and strong public-private collaboration.
Governor Sanwo noted that the State government is redefining affordable housing by playing its rightful role as enabler, regulator, and partner—not sole provider.
Sanwo-Olu spoke at the 6th Lagos State Real Estate Marketplace Conference & Exhibitions organized by the Lagos State Real Estate Authority, LASRERA at Victoria Island, Lagos.
The two-day conference themed, ‘Shaping the Future of Lagos Mega City,’ was attended by international delegates who joined from Dubai, USA, India, Saudi Arabia, Ghana, Uganda, Taiwan, Canada among others.
The conference which drew 2,000 participants from all over Lagos and the world confirmed that Lagos is not just only the economic heartbeat and nerve center of Nigeria, but a globally recognized frontier for real estate innovations and investment.
In his speech, Sanwo-Olu raised questions, “How do we house a rapidly growing population with dignity?
How do we ensure affordability without sacrificing quality?
How do we align private capital with public purpose?
And how do we build a mega city that works—not just for the few—but for the many?”
Governor Sanwo-Olu explained that housing is not just about buildings. “Housing is about human dignity.
Housing is about economic productivity.
Housing is about social stability.
And housing is about the kind of city we choose to become.
“In Lagos State, we understand that you cannot build a 21st-century mega city on 20th-century planning assumptions. That is why housing sits firmly at the heart of our development agenda—interwoven with transportation, infrastructure, energy, climate resilience, and economic opportunity.”
To address these challenges, the Governor stated, “First, we are investing in enabling infrastructure—roads, rail, power, water, drainage—because housing cannot thrive in isolation. Developments must connect to jobs, to markets, and to mobility. That is why our transport investments, from rail to road corridors, are intentionally aligned with housing growth zones.
“Second, we are reforming regulation, not to stifle the market, but to strengthen it. Through LASRERA, we are promoting transparency, professionalism, and consumer protection. A credible real estate market is one where buyers are protected, investors are confident, and developers operate on a level playing field.
“Third, we are embracing innovation—in construction methods, in financing models, in land administration, and in planning technology. Innovation is how we reduce costs, shorten delivery timelines, and expand access to housing across income brackets.
“And fourth—and this is critical—we are re-defining affordable housing. Affordable housing is not a slogan. It is not charity. It is a serious economic sector that requires scale, smart design, blended finance, and strong public-private collaboration.”
The Governor explained that “In Lagos, affordability means building homes that people can actually live in, pay for, and access—close to where they work and raise families. It means leveraging PPPs, structured finance, land optimisation, and demand-led planning. And it means government playing its rightful role as enabler, regulator, and partner—not sole provider.
“None of this is possible without strong partnerships,” he argued.
The Commissioner for Housing, Hon Moruf Akinderu-Fatai said “Lagos carries one of the highest urban density on the African continent yet rather than be overwhelmed by these realities we have chosen to respond with vision structure and deliberate actions.”
He added housing is a deliberate and strategic call to action as it perfectly captures the essentials of building a megacity that is not only large but also livable resilient and prosperous for all.
“Over the past few years, we are driven by targeted investment in transportation corridors housing estates utilities and economic infrastructure. These investments are guided not by chance but by long-term planning instruments such as Lagos State Development Plan which is now extended to 2052 and which outlines hundreds of strategic initiatives and capital projects designed to position Lagos as an African model megacity.
The Commissioner noted that a 21st century city cannot be regulated or built using outdated tools except through digital supervision system, smarter approval processes, quality assurance framework and involving building standards.
He however assured “Lagos continues and will continue to embrace innovation while ensuring safety and professionalism in this regard the role of legacy regulatory authority like LASRERA is central by ensuring that innovation in the built sector never compromises integrity public safety or regulatory compliance.”
Special Adviser on Housing, Barr Barakat Odunuga Bakare disclosed that the State government had responded with initiatives in terms of regulatory and policy shifts in line with some of the solutions preferred at the 2024 conference.
According to her, “Some of the achievements so far include the new tenancy bill, currently being reviewed by the Lagos State House of Assembly.
She explained the Bill aims to balance the rights of landlords and tenants, streamlining the role of practitioners and provide clearer guidelines for real estate transactions in the State.
“We have had regular stakeholders’ meeting that has broadened awareness on regulatory compliance, benefiting both tenants and landlords. This effort has led us to demonstrate Lagos’ commitment to ease of doing business and flexibility to creating a more transparent regulated real estate market in Lagos.
“Our population is expanding, our infrastructure demanding and the expertise we have are also expanding. Our infrastructure is demanding and the expectations of the residents for livable, secure, and modern housing solutions continue to grow.
“The conference is therefore designed to align global expertise, regional opportunities, and local realities to build the Lagos of the future.”
She added that the conference had been structured to move beyond discussions to concrete and well-established collaborations, saying “Lagos is committed to creating the most transparent and investor friendly real estate ecosystem in Africa.”
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