Governor Babajide Sanwo-Olu of Lagos State has called for stronger collaboration with credible financial institutions, including the Lagos Building Investment Company (LBIC), to expand access to sustainable housing finance and address the state’s growing housing needs.
The governor made the appeal at the 21st Annual General Meeting (AGM) of LBIC held in Ikeja, Lagos, where he reiterated that government alone cannot resolve the housing deficit.
Represented by the Commissioner for Housing, Moruf Akinderu-Fatai, Sanwo-Olu reaffirmed the state government’s commitment to improving affordable housing finance systems across Lagos.
He described housing as a critical economic driver that supports job creation, stimulates small businesses, and strengthens overall economic stability in the state.
Housing Beyond Shelter, Says Sanwo-Olu
The governor commended LBIC’s board, management, and shareholders for sustaining the institution’s mandate of promoting mortgage access and inclusive housing development.
He noted that despite prevailing economic challenges and shifting market conditions, LBIC has continued to demonstrate resilience in supporting Lagos residents through mortgage financing.
“Housing is not just a social need; it is an economic driver that creates jobs and supports small businesses across the value chain,” he said.
Call For Digital Expansion And Innovation
Sanwo-Olu urged LBIC to embrace technology-driven solutions and innovative financial products to expand access to underserved segments of the housing market.
He stated that digital transformation and retail lending expansion should remain central to LBIC’s 2026 priorities, particularly in reaching low- and middle-income earners.
According to him, modern housing finance systems must leverage technology to improve efficiency, accessibility, and affordability.
LBIC’s Role In Lagos Housing Development
The Lagos Building Investment Company, a primary mortgage institution in the state, was originally established to provide mortgage facilities for low-cost housing schemes.
Over the years, it has evolved into a key player in Lagos’ housing finance ecosystem, supporting homeownership and real estate development through structured mortgage products.
The governor expressed confidence that outcomes from the AGM would strengthen LBIC’s capacity to deliver greater impact in the housing sector.
Outlook
Stakeholders say strengthening housing finance partnerships remains critical as Lagos continues to face rising housing demand driven by rapid population growth and urbanisation.
With government backing and increased private sector collaboration, institutions like LBIC are expected to play a central role in expanding access to affordable mortgages and improving housing delivery across the state.
