Lagos reaffirms support for housing finance

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The Lagos State Government has reaffirmed its commitment to expanding access to affordable housing finance, describing housing as a critical driver of economic growth and social stability.

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Governor Babajide Sanwo-Olu made the declaration at the 21st Annual General Meeting of Lagos Building Investment Company Plc held in Ikeja on May 5, 2026.

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Represented by the Commissioner for Housing, Moruf Akinderu-Fatai, the governor commended the board, management and shareholders of the mortgage institution for sustaining its operations despite prevailing economic challenges.

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“Despite a challenging economic climate marked by shifting market realities, LBIC has shown resilience in its role in fostering an inclusive and irrepressible Lagos through mortgage financing,” the governor said.

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He described housing as more than a social necessity, stressing its wider economic value.

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“Housing is not just a social need; it is an economic driver that creates jobs and supports small businesses across the value chain,” he said.

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Sanwo-Olu noted that the government alone could not address the state’s housing deficit, calling for stronger collaboration with financial institutions and private sector stakeholders to deepen access to home ownership.

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“The public sector cannot tackle the housing challenge alone. We must continue to build strong partnerships with credible institutions like LBIC to expand sustainable housing finance,” he said.

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The governor also urged the company to embrace technology and innovation to improve access to mortgage services, particularly for underserved residents.

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According to him, the state government supports initiatives aimed at strengthening digital capabilities and expanding retail lending within the housing sector.

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He expressed confidence that decisions reached at the AGM would position the institution for greater impact in the coming years.

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“I am confident that the resolutions from this meeting will further position LBIC for continued growth and success,” he said.

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Established to provide mortgage facilities for low-cost housing schemes in Lagos State, LBIC has evolved into one of Nigeria’s leading primary mortgage banks, focusing on expanding access to homeownership through housing finance solutions.

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