In a city where over 70% of us are still renting, and landlords seem to increase rent every other month, any talk of new homes hits differently. Governor Babajide Sanwo-Olu says his government has actually managed to put keys in doors — 10,623 of them.

Speaking at the 7th edition of the Real Estate Discussions and Awards (REDA 2026) at the Radisson Blu Hotel, Ikeja GRA, Governor Sanwo-Olu delivered the keynote on the theme “Economic Development and Real Estate Linkages: The Practicable Framework.”

His headline number? 10,623 housing units delivered across 23 estates in Lagos’ five administrative divisions since 2019.

Here is the breakdown:

* 4,414 units were funded directly from the state budget.

* 6,209 units came through Public-Private Partnerships (PPPs).

And he says that is not the finish line. Ongoing schemes and joint venture projects are expected to push the total to 14,022 homes delivered or projected for completion.

This is where it gets personal.

Sanwo-Olu said more than 20,000 residents have been supported in the last 12 years through the Lagos State Mortgage Board’s mortgage and rent-to-own schemes. That is 20,000 families who moved from “Oga landlord please” to “welcome to my own house.”

For civil servants — often the forgotten middle — 944 workers got a 40% housing rebate to help them become homeowners.

And jobs? The governor said housing development created 4,793 direct and indirect jobs in the past year alone — bricklayers, tilers, electricians, suppliers, the aboki who sells materials at the estate gate.

On the protection side, he disclosed that the Lagos State Real Estate Regulatory Authority (LASRERA) has recovered over N270 million from fraudulent estate agents. If you have ever been duped by a fake agent in Ajah or Epe, you will understand why that matters.

He also said the government is working with the House of Assembly on a new tenancy law to tackle abnormal rent hikes and illegal charges.

Why 10,623 is Both Big and Small

Let us put this in perspective.

Lagos is not dealing with a small shortage. The state’s housing deficit rose from 2.95 million units in 2016 to 3.4 million units in 2025 — a 15% increase in nine years. Other reports put the deficit at over 2.7 million units even with 34,800 units currently in the development pipeline.

Over 70% of Lagos residents remain renters, and the state would need about N6 trillion annually to bridge the gap — far more than the state’s yearly budget.

Historically, Lagos has struggled with this since the Jakande low-cost housing era of the early 1980s. Every administration since has tried budget allocations plus private money, but supply has never caught up with the 500,000+ people who arrive in Lagos every year. The fact that only about 31% of residents own homes shows how deep the problem is.

So yes, 10,623 homes across 23 estates are records for any recent administration, but against a 3.4 million deficit, it is about 0.3% of what is needed. That is the honest maths.

How Lagos is Trying to Fix it:

Sanwo-Olu outlined what he called the practicable framework. In plain English:

1. Effective land administration: If you cannot get land title quickly, you cannot build quickly.

2. Accessible housing finance: Mortgages in Nigeria are still at double-digit interest. The rent-to-own model is Lagos’ workaround.

3. Strategic partnerships: Government alone cannot do it. Hence, the PPPs are delivering more than half the units.

4. Credible regulation: LASRERA recovery and a new tenancy law to sanitise the market.

5. Infrastructure, not just houses: Drainage, roads, utilities, waste management and transport — without those, an estate is just an isolated building.

Why it Matters to you?

If you are a young professional in Yaba, a family of five in Alimosho, or a civil servant in Ikeja, this is about three things: whether you can ever stop paying rent that swallows 60% of your salary, whether you can buy without being scammed, and whether the house you buy will have water and a road.

Housing is also economic. When estates are built, jobs are created, cement sellers make money, and artisans are employed. When housing finance works, banks lend more, and the economy moves.

What’s Next?

1. Completion push: Sanwo-Olu said his priority before leaving office is to complete all ongoing projects to hit that 14,022 target. That figure was first hinted at in June 2025, when he said the state aimed to complete over 14,000 units by 2026 for low- and middle-income residents.

2. New tenancy law: Watch the Lagos Assembly. If a law that caps arbitrary rent increases and outlaws illegal agency fees passes, it will affect every tenant in Lagos.

3. More private money: The governor admitted the government cannot do it alone. Expect more JV projects with developers, especially in Ibeju-Lekki, Epe, and Badagry.

4. Institutional frameworks: The real test will be whether LASRERA, the Mortgage Board, and the new regulations survive beyond this administration.

For now, 10,623 families have a story to tell. For the other 3.4 million households still searching, the question remains: will the next 10,000 come faster?

Source: cbinewstv.com

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