The governor of Lagos state Babajide Sanwo-Olu, has revealed that the state government is determined, to address the crucial challenges impeding the growth of investment in the property business in the state.
According to the governor, availability and security of land, the issue of land grabbers and the time it takes to process and issue necessary papers and permits such as certificate of occupancy, building permit, amongst others are important issues that will be addressed.
Sanwo-Olu made this known at the ongoing West Africa Property Investment (WAPI) Summit in Lagos where he was represented by Moruf, Akinderu-Fatai, the state Commissioner for Housing.
While addressing the gathering, the governor said a major concern of the government was to create an enabling environment for investment to thrive in the real estate sector as a strategy to bridge the housing deficit and also fully harness the inherent potentials for job creation and wealth generation for the people.
A published report estimates the housing demand-supply gap in Lagos the state at 3 million, requiring about 200,000 housing units to be built yearly for the next 10 years to bridge.
The Lagos state governor assured both existing and potential investors in the real estate sector of government’s commitment to address all their concerns with the deployment of cutting-edge technology, especially in the land management and administration system.
He further highlighted a noticeable increase in investors’ interest in real estate sector and this interest, according to him, is driven by increased urbanization which has led to a significant rise in demand for properties for both residential and business purposes.
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