The Lagos State Government and Access Bank have signed a Memorandum of Understanding (MOU) for the construction of 704 new housing units of two-bedroom apartments in Odo Nla, Ikorodu in measures to address the housing deficit in the state.
The housing project, 44 blocks of 16 units per block of two-bedroom flats, is expected to be completed in the next two years with complementing features like a cinema house, gym centre, playground, and security network, among others.
Governor Babajide Sanwo-Olu described the partnership between the Lagos State Government and Access Bank as part of efforts to provide affordable, decent homes for the State’s residents, especially low-income earners.
The Governor noted that addressing the housing deficit requires bold initiatives and partnerships with the private sector. He added that his administration has streamlined approval processes and introduced several incentives to demonstrate further, the government’s commitment to making Lagos an attractive destination for housing investments.
He said: “Guided by our T.H.E.M.E.S.+ Agenda, we have implemented initiatives to tackle this challenge. Over the past five years, we have delivered 21 housing estates across low, medium, and premium categories, providing homes to thousands of Lagosians. While these achievements are commendable, we recognise that much more needs to be done.
“In collaboration with Access Bank PLC, we embarked on a transformative housing project to deliver the first batch of 704 two-bedroom apartments at Odo-Nla in Ikorodu. This initiative is designed for low-income Lagosians, offering affordable mortgage terms: a down payment of just 10 per cent, a single-digit interest rate, and a repayment period of up to 20 years. This is about homes, fostering communities, and laying the foundation for better lives.
“The economic multiplier effect of this project cannot be overstated. It will stimulate massive engagement across the housing construction value chain, including artisans, suppliers, and building professionals. By doing so, it not only addresses housing needs but also creates jobs and drives economic growth.
“Our commitment to addressing the housing deficit is unwavering. Beyond the Odo-Nla project, we have other ongoing housing developments at Sangotedo Phase 2, Ita Marun in Epe, Ajara in Badagry, Ibeshe Phase 2 in Ikorodu, and Egan Igando Clusters 2 and 3. These projects collectively represent our determination to provide lasting solutions to the housing needs of Lagosians.
“I am expressing my profound appreciation to the Board and management of Access Bank Plc for believing in this project and their innovative financing model which makes it possible. Your partnership exemplifies the collaborative effort needed to address complex challenges like affordable housing.”
Speaking earlier, the Group Managing Director of Access Bank, Roosevelt Ogbonna, noted that the partnership on the housing project is to ensure that every Lagosian has access to a decent home.
Ogbonna, who commended the Lagos State Government for its developmental strides in different sectors, particularly in the housing sector, said Access Bank is excited about its partnership with the Lagos State Government.
He said leveraging public capital, the private sector needs to partner with the government on affordable housing because the government alone cannot meet the three billion dollars required for the next 15 years to meet the infrastructural deficit.
Also speaking, Lagos State Commissioner for Housing, Hon. Moruf Akinderu-Fatai, said the agreement with Access Bank PLC was reached after a rigorous deliberation and planning in which Odo-Nla in Ikorodu was picked because of the nature of the soil and existing scheme infrastructure.
