The continuous influx of people from all parts of Nigeria into Lagos has become the greatest challenge in the drive to fix housing deficit in the state. Financing housing development and empowering people for accessibility are the twin issues hampering the impact of governmental intervention in the housing sector.
The Commissioner for Housing, Moruf Akinderu-Fatai at an engagement meeting with representatives of various development partners in Lagos recently pointed out that the housing challenge in Lagos is complex because of the uncontrollable influx of people from all over the nation.
Akinderu-Fatai noted that given the rate at which the population of the state is increasing, there should be proactive measures to ensure that governmental interventions result in substantial positive impacts on the lives of the people.
He reiterated that the Lagos State government is working hard to map out Housing financing products that are domesticated to solve the peculiar housing challenges of the State. He said while global financing models are attractive, they may not address the unusual problems of Lagos State. He pointed out that provision of mass and social housing is a key agenda of the State government but the impact can only be felt when there is a structured financing mechanism that is based on predictable population growth.
Apart from the Rent to Own scheme which gives opportunity of repayment over a period of 10 years, the State government is also looking at more workable financing options that will help the informal sector. “We have to formalise the informal sector so that majority of our people can take advantage of a financing product that supports installment payments”, he said.
The Honourable Commissioner also said that more vertical construction of homesv will take place both by government and private investors to optimize the land space available in the state. He then concluded that a viable housing development fund is one that will address the issue of financing both the supply and demand angles of Housing development. Akinderu Fatai siezed the opportunity to restate the commitment of the state government to continue to work relentlessly until more Lagosians are brought on the home ownership ladder”, he added.