Lagos reaffirms support for housing finance

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.

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.

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.

“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.

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

“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.

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.

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.

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

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

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

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

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.