Lagos To Partner Multinationals, MDAs In Vertical Building Financing, Development

The Lagos State Government has moved to collaborate with multinationals and Ministries, Departments and Agencies (MDAs) in the financing and building of vertical buildings in the state.

This is as the state government has emphasized on its commitment to the provision of more houses in the state in response to the increasing gap in housing demand in relation to the available accommodation.

The Publisher Nigeria gathered that it was disclosure is contained in a statement signed by the Lagos State Commissioner for Housing, Mr. Moruf Akinderu-Fatai, who said that the present administration is pursuing the agenda of housing provision with increased vigour to ensure that more homes are available to the people of the State before the end of the year.

Akinderu-Fatai said that the construction of vertical buildings is the viable option given the fact that land is a limited resource in the state.

What the Lagos State Commissioner for Housing is saying

Akinderu-Fatai in his statement said, “We are engaging multinationals along with other MDAs to build and support the financing of vertical buildings in the State. This is the viable option given the fact that land is a limited resource in Lagos”.

“With the rate of population explosion in the State, the meaningful impact can only be achieved through maximisation of our scarce land by the construction of high rise buildings and we are making progress in our discussions with some international organisations.’’

He also disclosed that State Housing Schemes located in Odo-Onosa Ayandelu, Agbowa, Sangotedo Phase I, Gbagada and Omole Phase I will be delivered to the people very soon adding that the cited projects, which are being financed through direct budgetary allocation, are specifically for the benefit of low and middle-income earners.

He said, “The State government is working tirelessly to deliver the ongoing housing schemes so that the low and middle-class Lagosians can also come on the homeownership ladder”.

The commissioner said that these low and middle-class Lagosians can achieve homeownership through a convenient mortgage system since a larger percentage of the homes shall be allocated on the Rent-to-Home Scheme.

This is a situation whereby the tenure of payment will be spread over 120 months after the initial payment of 5% of the value of the homes by the allottees.

Akinderu-Fatai said, “In line with the T.H.E.M.E.S Agenda, housing provision is pivotal to the transformation of the lives of the people. Provision of decent homes is actually the bedrock of making Lagos a 21st Century economy.’’

In case you missed

Nairametrics had a few days ago reported that the Lagos State Government had announced plans to reduce the barrier to home ownership in the state as it upscales its housing delivery performance and subsidises the cost of the homes.

This is despite the increased cost of building materials occasioned by the current inflationary trend in the country.

The government had expressed its commitment to the provision of affordable mass housing units in spite of the increasing cost of building materials occasioned by the current inflationary trend,

The Governor of the State, Mr Babajide Sanwo-Olu had insisted that the cost of homes built by the State should be lower than the market price so as to make homeownership easier for the people.