The Lagos state government has partnered with Access Bank Plc to construct 704 Housing units in Lagos.
This will be done under the Lagos State Access Bank Housing Scheme, and the Memorandum of Understanding was signed on Wednesday, December 18, 2024.
The 704 housing units are to be constructed on 9.98 hectares of land at Odo Nla, Ikorodu, and are expected to alleviate the pain of house seekers who spend long months in search of good, affordable housing.
Housing for low-income Lagosians
Leadership reported that Governor Babajide Sanwo-Olu received them and signed the MOU at Lagos House, Ikeja.
The governor observed that such bold interventions are necessary in the face of Nigeria’s about 14 million housing deficits and commended Access Bank management for collaborating with the government to provide affordable housing for Lagosians.
He said that the state government welcomes Public-Private Partnerships (PPPs) and collaborations to help solve core problems for Lagosians, adding that this is the first step of the transformative project.
Sanwo-Olu said:
“This initiative is designed specifically 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.”
He declared also that the 704 housing units will comprise 44 blocks of two-bedroom apartments, to be completed in 2 years.
Speaking on the partnership, Roosevelt Ogbonna, Access Bank’s GMD, said it is part of the Bank’s initiative to change lives and contribute to making Lagos the Centre of Excellence.
He narrated that the bank had tried to initiate a similar project with the federal government in 2008, but its efforts did not yield the desired results.
According to the Lagos state commissioner for housing, Moruf Akinderu-Fatai, the partnership is the culmination of over two years of discussions with the bank.
How to apply for Tinubu’s housing scheme
In related news, Legit reported the introduction of the Renewed Hope Housing Scheme to tackle Nigeria’s housing deficit.
The federal government launched the scheme to cover all 36 states and the Federal Capital Territory.
To apply, interested parties had to create an account, choose a preferred housing option, and choose a payment method.
The project was tagged The Renewed Hope Cities and Estates Programme.
