Sanwo-Olu backs affordable housing expansion in Lagos, urging stronger partnerships to improve mortgage access and home ownership

Lagos State Governor Babajide Sanwo-Olu has reaffirmed the state government’s commitment to affordable housing expansion, describing access to housing finance as a vital tool for economic growth and social stability.

Also read: Sanwo-Olu praises Tinubu over landmark green line approval

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

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

“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,” Sanwo-Olu said.

The governor described housing as more than a social necessity, stressing that it remains a powerful economic driver capable of creating jobs and supporting businesses across multiple sectors.

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

Sanwo-Olu noted that government alone could not resolve Lagos State’s housing deficit and called for deeper collaboration between public institutions, financial organisations and private sector investors to strengthen home ownership opportunities.

“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 added.

The governor also urged the company to embrace innovation and digital transformation to improve access to mortgage services, especially for underserved residents across the state.

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

Sanwo-Olu expressed confidence that resolutions reached during the annual meeting would position the institution for greater impact and long-term growth.

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

Also read: BREAKING: 2027 — Sanwo-Olu backs Hamzat as preferred successor for governorship race

Established to provide mortgage facilities for low-cost housing schemes in Lagos, the Lagos Building Investment Company has grown into one of Nigeria’s leading primary mortgage institutions focused on expanding home ownership through innovative housing finance solutions.