.Gives assurance on judicious spending of tax payers’ money
IBRAHIM QUADRI
Lagos State Governor, Mr Babajide Sanwo-Olu on Tuesday charged stakeholders in the real estate sector to come up with recommendations that will redesign the state to the advantage of residents and attract investors.
Governor Sanwo-Olu made the call at the 5th edition of Lagos Real Estate Marketplace, Conference and Exhibitions at Eko Hotels, Victoria Island, Lagos.
The theme for this year’s conference: ‘Reimagining Lagos Landscape: The Critical Role of Regulations in Sustainable Real Estate Development’ is meant to be a test for all operators and regulators to reshape and scale up roles and responsibilities where necessary.
This annual gathering has consistently served as a cornerstone for innovative ideas, robust discussions, and strategic collaborations that shape the real estate sector in Lagos State and beyond.
As the pivotal of this initiative, the Lagos State Real Estate Regulatory Authority (LASRERA) continues to play a significant role in promoting professionalism and enhanced transparency on the built industry.
Sanwo-Olu said, “As we navigate an era marked by rapid technological advancements, shifting economic realities, and urgent environmental challenges, the need to prepare ourselves and the next generation for evolving real estate demands cannot be overstated. Real estate is not just about structures; it is a cornerstone of our economy, a driver of social equity, and a critical element in sustainable urban planning.
“As a government, we remain steadfast in our efforts to build a thriving real estate sector by prioritizing human capital development to ensure we have skilled professionals capable of driving innovation. We are equally committed to establishing sustainable regulations that protect practitioners and consumers alike, while fostering an integrated ecosystem that links housing development with transportation, technology, agriculture, health, and youth development.
While acknowledging changes in global trends, the Governor believes the conference would enrich the stakeholders’ collective vision for the real estate sector.
“We understand that the pace of change is accelerating, and partnerships with private sector players are essential. This forum is an opportunity to co-create pathways for upskilling and reskilling the workforce while ensuring the sector’s accessibility and sustainability.
“We are your partners in this journey, your strongest enablers, and your allies in creating a thriving business environment. Let us seize this moment to drive meaningful change and lay the foundation for a brighter future.”
In his comments, the State Commissioner for Housing, Hon Moruf Akinderu-Fatai noted, “As we strive to reimagine the Lagos landscape, regulations must take center stage in guiding sustainable real estate development.”
The Commissioner added, “Regulations are the foundation of a well-ordered society, and in the real estate sector, they play an even more critical role. Regulations set standards for development and ensure that projects meet safety, quality, and sustainability benchmarks as well as protect lives and investments.
“Regulations are not barriers—they are enablers of orderly growth, protectors of our shared environment, and guarantors of a sustainable future. As we reimagine Lagos, let us commit to embracing and strengthening the regulatory frameworks that will guide us toward a resilient, inclusive, and vibrant city.”
Special Adviser to the Governor on Housing, Barr. Bakarat Odunuga-Bakare stated, “The real estate sector remains a significant pillar of Lagos State’s socio-economic development, providing employment opportunities, enhancing urban infrastructure, and driving economic growth. However, we are equally aware of the challenges facing the sector, including incidents of building collapses, fraudulent activities, and environmental concerns. These issues demand urgent and collective action.
She stated further, “By registering practitioners and enforcing compliance with global best practices, LASRERA ensures that the real estate market remains trustworthy and investor-friendly.
“In addition, the State has strengthened its regulatory frameworks through enhanced building codes, disaster-resilient urban planning, and initiatives to promote the use of sustainable building materials and technologies. These efforts are testament to our dedication to creating a future where the safety and well-being of residents are prioritized.”
.Gives assurance on judicious spending of tax payers’ money
In another development, Lagos State Governor, Mr. Babajide Sanwo-Olu on Tuesday assured residents that their taxes will not be spent on frivolities, noting economic growth of the State remains paramount.
The governor stated this while inaugurating the second phase of the upgraded and rehabilitated network of roads in Eti-Osa local government area of the state.
The Governor said his administration is determined to transform the state and ensure its productivity.
He said , “As we all know, transportation infrastructure is the backbone of any thriving economy. In Lagos State, we recognize that every aspect of our social and economic life depends on an efficient, reliable, and sustainable transportation network.
“When we envisioned the Greater Lagos dream, we set out to build a state that is safe, clean, and prosperous—a place where opportunities abound, and the quality of life continues to improve for all residents. One of the biggest impediments to realizing this vision was the man-hours lost in traffic congestion and the persistent challenges of flooding in certain areas. These were issues we could not ignore.
“Our administration’s THEMES+ Agenda placed transportation and traffic management as a critical priority. We understood that the provision of world-class road infrastructure would not only enhance mobility but also catalyze economic growth, improve productivity, and make Lagos more competitive globally
Sanwo-Olu explained that since the inception of his administration, they have been devoted to rehabilitating, upgrading, and in some cases, reconstructing roads across all five divisions of the state.
“These efforts are guided by our commitment to creating seamless access within and between communities, thereby reducing travel time and enhancing productivity. Ikoyi, renowned as a hub of economic activity and the property capital of Lagos, has been central to our development agenda.
“Recognizing its strategic importance, we launched the Ikoyi Urban Regeneration Initiative in July 2020—a comprehensive effort designed to tackle persistent flooding, streamline traffic flow, and upgrade vital road networks. This initiative reflects our commitment to transforming Ikoyi into a model district that not only enhances the quality of life for its residents but also strengthens its role as a driver of Lagos’ economic prosperity.
“These roads are more than just pathways; they are lifelines for economic activity and community well-being. The improved road infrastructure has reduced travel times, minimized disruption caused by flooding, and boosted the property and business value of Ikoyi. These upgrades also contribute to creating jobs and fostering economic stability across the state.
He urged all residents to take ownership of the projects by refraining from actions that could undermine their durability, such as indiscriminate dumping of waste into drainage systems or illegal parking on roadways that could undermine its durability
The Special Adviser on Infrastructure, Engr. Olufemi Daramola explained that the network of roads will complement the previously commissioned Phase 1, which included Milverton, MacDonald, Lateef Jakande Avenue, Thompson Avenue, Reeve and Onilegbale Roads.
He said, “Under the visionary leadership of Mr. Governor, Babajide Olusola Sanwo-Olu the Lagos State government is focused on creating sustainable, modern infrastructure to improve mobility, reduce travel time, and enhance the quality of life for Lagosians. The rehabilitation of these roads is a key step in realizing that vision.
“Each road plays a critical role in decongesting traffic and improving access across Ikoyi, known for its residential, commercial, and governmental significance. The Road Network has a combined length of 5.90 km with the under listed scope of work:
“The standard of quality assurance and quality control maintained during the construction of these roads is commendable. The project is designed to meet the highest international standards, ensuring durability, safety and efficiency for all users.”
