Lagos, like many other urban cities in developing countries, is experiencing rapid population growth, which has led to a high demand for housing. However, the supply of housing has not been able to keep up with the demand, leading to a housing deficit. The Lagos State Government, under the leadership of Governor Babajide Sanwo-Olu, has made affordable housing one of its top priorities. The government has recognized that the private sector has a crucial role to play in bridging the housing gap and has created an enabling environment for private sector participation in affordable housing delivery.
One of the key ways in which the Lagos State Government is partnering with the private sector is through the PPP model. The PPP model allows for the collaboration of the government and private sector in the provision of public infrastructure and services. Under this model, the government provides the necessary enabling environment, while the private sector provides the expertise and funding required for the development of affordable housing units. This partnership creates a win-win situation for both parties and ultimately benefits the citizens of Lagos by increasing the supply of affordable housing.
To facilitate this partnership, the Lagos State Government has created the Lagos State Development and Property Corporation (LSDPC), which is responsible for implementing the state’s housing policies and programs. The LSDPC collaborates with private sector developers, investors, and other stakeholders to deliver affordable housing projects across the state.
The government has also introduced several policies and incentives aimed at encouraging private sector participation in affordable housing delivery. One of these policies is the Lagos State Rent-to-Own scheme, which enables individuals and families to own their homes by paying a monthly rent over a period of 10 years. The scheme is targeted at low and middle-income earners and has been successful in providing affordable housing units to citizens of Lagos.
In addition, the Lagos State Government has created the Lagos Mortgage Board, which is responsible for providing mortgage finance to eligible residents of Lagos state. The board partners with financial institutions and other stakeholders to provide affordable mortgage finance to citizens of Lagos, which has helped to increase the number of people who can access affordable housing.
In conclusion, the housing deficit in Lagos is a significant challenge, but the government is taking steps to address the issue through partnerships with the private sector. Through the PPP model and other policies and incentives, the government is creating an enabling environment for the private sector to invest in affordable housing delivery. As the government continues to implement these measures, there is hope that the housing deficit in Lagos will be significantly reduced, and more citizens will have access to affordable housing.