The Lagos State government and Access Bank have signed an MoU to build 704 two-bedroom apartments in Odo-Nla, Ikorodu, as part of the Lagos State Access Bank Housing Scheme. Situated on nearly 10 hectares of land, the project aims to address the state’s significant housing deficit, which reflects Nigeria’s national shortage of 14 million units. The development, consisting of 44 blocks, is designed to provide affordable housing to low-income residents, featuring accessible mortgage terms with single-digit interest rates and flexible repayment plans of up to 20 years.
Governor Babajide Sanwo-Olu highlighted the initiative’s role in resolving Lagos’s housing challenges, commending Access Bank for its dedication. He emphasized that public-private partnerships are vital to tackling the state’s infrastructure needs and uplifting living standards. Commissioner for Housing Moruf Akinderu-Fatai praised the innovation behind this collaboration and stressed its potential to create jobs and stimulate economic growth in Ikorodu.
Access Bank’s Managing Director, Roosevelt Ogbonna, reiterated the bank’s commitment to improving Lagos’s urban landscape. Drawing on past attempts to support federal housing initiatives, he credited Lagos State’s collaborative approach for the project’s success. Set to be completed in 24 months, the scheme is expected to decongest Lagos’s urban areas, enhance quality of life, and promote sustainable development in Ikorodu.