The Lagos State Government has renewed its commitment to improving access to affordable housing finance, describing the housing sector as a vital tool for economic development, job creation, and social stability.
Governor Babajide Sanwo-Olu made the declaration during the 21st Annual General Meeting of the Lagos Building Investment Company Plc held in Ikeja.
Represented by the Commissioner for Housing, Moruf Akinderu-Fatai, the governor commended the management, board, and shareholders of the mortgage institution for maintaining steady operations despite prevailing economic pressures and market uncertainties.
According to Sanwo-Olu, the Lagos Building Investment Company has continued to demonstrate resilience in supporting inclusive growth through mortgage financing initiatives targeted at expanding homeownership opportunities.
“Despite the economic realities and changing market conditions, LBIC has remained resilient in promoting inclusive development through housing finance,” the governor stated.
He stressed that housing should not only be viewed as a social necessity but also as a major economic enabler capable of stimulating businesses and generating employment opportunities across multiple sectors.
“Housing goes beyond shelter. It drives economic activities, creates jobs, and supports businesses across the housing value chain,” he said.
Sanwo-Olu further noted that the Lagos State Government alone cannot solve the growing housing deficit, emphasising the need for stronger partnerships between government, financial institutions, and private investors.
“The public sector cannot address the housing challenge alone. Sustainable progress will require stronger collaboration with credible financial institutions and private sector stakeholders,” he added.
The governor also encouraged LBIC to leverage technology and innovation to improve mortgage accessibility, particularly for low- and middle-income earners who often struggle to secure housing finance.
According to him, the state government remains supportive of initiatives aimed at strengthening digital mortgage systems and expanding retail lending within the housing sector.
He expressed optimism that resolutions reached during the annual meeting would further strengthen the institution’s operations and position it for greater impact in Nigeria’s housing finance industry.
“I am confident that the decisions taken at this meeting will position LBIC for continued growth and stronger contributions to housing development,” Sanwo-Olu said.
The Lagos Building Investment Company was established to provide mortgage facilities for low-cost housing schemes in Lagos State and has since evolved into one of Nigeria’s leading primary mortgage institutions focused on expanding access to homeownership.
