Lagos State Governor, Babajide Sanwo-Olu, has reiterated his administration’s commitment to expanding access to affordable housing finance, describing housing as a key driver of economic growth, job creation, and social stability in the state.
Sanwo-Olu made the statement at the 21st Annual General Meeting (AGM) of the Lagos Building Investment Company (LBIC) Plc, where he highlighted the importance of sustainable mortgage systems in addressing Lagos’ housing challenges.
The governor, who was represented by the Commissioner for Housing, Moruf Akinderu-Fatai, commended the LBIC board, management, and shareholders for maintaining stability and staying true to the institution’s founding mandate despite a difficult economic environment.
He noted that shifting market conditions and broader macroeconomic pressures have not weakened LBIC’s role in supporting inclusive housing development through mortgage financing.
According to him, housing should not be treated solely as a social necessity but as a strategic economic sector that stimulates employment and supports micro and small businesses across construction and allied industries.
Sanwo-Olu stressed that government alone cannot bridge the housing deficit in Lagos, calling for stronger collaboration with credible financial institutions, private developers, and mortgage providers to expand access to sustainable housing finance solutions.
He expressed confidence that decisions and resolutions emerging from the AGM would strengthen LBIC’s capacity to deliver greater impact and deepen its contribution to Lagos State’s long-term housing and economic development agenda.
