Lagos constructs 3,000 homes to check population explosion
In line with checkmating the soaring population in Lagos State, government has confirmed that over 3,000 housing units have been supplied and plans are underway to reach 7,000, soonest.
The Lagos State Commissioner for Housing, Moruf Akinderu-Fatai revealed this during a press conference noting his ministry’s scorecard which was held in Lagos recently.
He affirmed that the Sanwo-Olu’s administration was drafting new policies to draw in capital and increase the number of dwelling units in the state. He pointed out that as the population increased, there was more demand for inexpensive housing, which was driving up the supply of available homes.
He claims that the demand for housing has increased even more as a result of individuals from other locations being drawn to Lagos.
According to the commissioner, the state administration is putting a lot of effort into changing two laws in order to reassure investors and encourage them to contribute capital.
“The rent laws are intended to impose limitations on rent increases, so amending them will make it more flexible and appealing to those looking to invest in rental properties,” he stated. “The state government is seriously working on two laws – the mortgage laws and the rent control laws.”
Modifying construction standards or approval procedures can expedite the development process and lower investment costs because the government is also attempting to improve mortgage regulations and draw private sector investment in affordable housing.
Akinderu-Fatai pointed out that it has become more difficult to develop inexpensive homes for these populations due to inflation and vulnerability to foreign currencies.
The commissioner suggested that the business community work with the government to use Corporate Social Responsibility (CSR) programs to help low-income earners with their housing needs.
He said that the administration was amenable to adaptable modes of participation and would appreciate even modest donations in order to have a combined effect.
