Commissioner for Housing Moruf Akinderu-Fatai said the Lagos government had provided over 3,000 housing units in the last four to five years, with efforts underway to reach 7,000.
Mr Akinderu-Fatai disclosed this at a media parley on his ministry’s scorecard on Thursday in Lagos. He said building more units would help address the housing deficit.
He said the housing deficit was a major challenge, particularly for low-income earners.
To this effect, he said the government was working on policy changes to attract investment and build more housing units.
He noted that population growth was putting additional pressure on available houses, hence the need to meet the growing demand for affordable housing.
According to him, the attraction of people from other areas to Lagos has further increased the demand for housing.
The commissioner said that the state government was seriously working to amend two laws that would build investors’ confidence and make them bring their money.
He said, “The state government is seriously working on two laws – rent control laws and the mortgage laws. The rent laws are aimed at imposing limitations on rent increases, so amending them will make them more flexible and attractive to those looking to invest in rental properties.
“Also, the government is working on improving mortgage laws and attracting private sector investment in affordable housing. So, modifying construction standards or permitting processes can streamline the development process and reduce investment costs.’’
Mr Akinderu-Fatai noted that inflation and foreign exchange exposure had also made building affordable houses for these groups more challenging.
The commissioner advised the private sector to cooperate with the state to address the housing needs of low-income earners through corporate social responsibility initiatives.
He said that the government was open to flexible forms of involvement and would welcome even limited contributions to make a collective impact.
