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.

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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.

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Lagos Building Investment Company (LBIC) has posted its strongest financial performance in more than ten years, declaring a dividend payout on the back of a 58% rise in gross earnings for the 2024 financial year.

The mortgage lender reported gross earnings of ₦2.54 billion, up from ₦1.61 billion in 2023. Profit before tax rose 40% to ₦1.16 billion, while profit after tax climbed 36%, reflecting improved operational efficiency and cost management.

The board approved a final dividend of 6.12 kobo per share, amounting to ₦237.58 million, marking a significant milestone in the company’s turnaround efforts.

LBIC attributed the strong performance to strategic initiatives, including a core banking system upgrade, e-tax integration, and enhanced digital banking platforms. These measures have strengthened its capacity to expand access to housing finance and reinforce its role as a key player in Nigeria’s mortgage sector.

Established in 1980, LBIC has financed over 20,000 affordable housing units in Lagos State and continues to focus on delivering sustainable and accessible home financing solutions.

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