By Seyi Odewale
Governor Babajide Sanwo-Olu has reaffirmed the Lagos State Government’s commitment to expanding access to mortgage financing, saying stronger housing finance systems are critical to improving home ownership among residents.
Sanwo-Olu stated this during the 21st Annual General Meeting of the Lagos Building Investment Company held in Ikeja, where he commended the institution’s resilience and continued contribution to housing development in the state.
Represented by the Commissioner for Housing, Moruf Akinderu-Fatai, the governor said housing remained a major driver of economic growth, job creation and business opportunities across the construction value chain.
This was contained in a statement issued on Thursday by Ganiu Lawal, Deputy Director of Public Affairs.
Sanwo-Olu said despite prevailing economic challenges and changing market realities, LBIC had continued to play a significant role in promoting inclusive housing development through mortgage financing.
“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,” he said.
He added, “Housing is not just a social need; it is an economic driver that creates jobs and supports small businesses across the value chain.”
The governor stressed that government alone could not address the housing deficit, urging stronger collaboration between the public and private sectors to improve access to sustainable housing finance.
He also encouraged LBIC to leverage technology and innovative lending products to reach more underserved residents, in line with the company’s 2026 priorities of strengthening digital operations and expanding retail lending.
Founded to provide mortgage support for low-cost housing schemes in Lagos, LBIC remains one of the key institutions in the state’s housing finance sector.
