‘Our involvement in housing construction is aimed to inspire investors’

For some states of Nigeria, their involvement in housing construction and infrastructure provision are generally for political reasons, but for other states, there are other reasons than political.

In Lagos State, for instance, government’s involvement in housing development is also for economic and social reasons and, according to officials of the state government, they get involved in housing construction with the aim of inspiring investors to invest in real estate as a viable investment asset class.

Bosun Jeje, the state’s Commissioner for Housing who disclosed this in his speech at the handing over of the Gbagada Housing Estate Phase 2, added however that they also build houses in order to bridge the housing gap in the state in particular and the nation at large.

“As we celebrate this modest achievement, it is also our intention at the Ministry of Housing to continue to partner with the organized private sector to provide lasting solution to the shortage of housing in Lagos State. Our involvement in the construction of houses is to help bridge the gap and to inspire investors that the real estate sector is viable and lucrative to invest in”, he said.

He explained that the state government’s mortgage scheme known as LagosHOMS is their response to the yearning of the low and medium income earners for home ownership.

“I am inviting real estate developers, investors and financiers to invest in large scale property development in partnership with the state government in our quest to provide decent accommodation for the residents”, he said.

 According to the commissioner, the handing over of the estate was a fulfillment of the promise they made on April 9, 2013 when they commissioned Emeka Anyaoku Housing Estate at GRA Ikeja that more housing projects would be handed over for occupation.

He noted that 22 percent of Lagos land mass was covered by water which is why the state makes optimal utilization of available land, adding that with the continuous influx of people into the metropolis the state government has been making efforts to provide livable housing units for residents.

Chuka Uroko