Lagos State is working to close its housing gap with an ambitious plan to complete over 14,000 homes by 2026.
This announcement came during the 75th World Congress of the International Real Estate Federation, held at Eko Hotels and Suites.
Governor Babajide Sanwo-Olu, represented by the Housing Commissioner, Moruf Akinderu-Fatai, said the state had already completed nearly 10,000 housing units over the past six years. Now, the focus is on doing even more.
Sanwo-Olu explained that the government has put strategies in place to boost affordable housing. These efforts are meant to help low- and middle-income residents find decent homes. To support this push, the state created a better environment for private investors and increased its housing budget. These steps aim to attract more developers and also grow the economy by creating jobs in the construction sector.
The governor said that housing is about more than just shelter. It is also a tool to build stable communities and boost long-term economic development.
In 2025, the state plans to spend N101.6 billion on housing and community projects. That is a big jump from the N55.92 billion allocated in 2024. The housing portion makes up about 3% of the state’s total N3.366 trillion budget.
The state has also launched programs to make home ownership easier. One of them is the Rent-To-Own plan. It allows first-time buyers to move in after paying only 5% up front.
The rest of the cost is paid monthly over ten years. To qualify, applicants must live in Lagos, pay taxes, and prove that monthly payments will not exceed one-third of their income. Another program, Lagos HOMS, gives people the option to contribute up to 30% up front, with the rest paid over ten years. Both programs limit payments to 30% of the buyer’s income and do not allow subletting. Applications go through a draw system to keep the process fair.
Lagos is also partnering with banks to build new homes. In late 2024, the state signed a deal with Access Bank to develop a housing estate in Ikorodu. The Odonla-Odugunyan estate will sit on nearly 10 hectares and include 704 two-bedroom units spread across 44 buildings.
With these steps, the Lagos State Government hopes to reduce its housing shortage and give more people the chance to own a home.
