Lagos State: Strategic Growth Amid Economic Challenges
● Ambitious GDP Contribution Goals
Governor Babajide Sanwo-Olu has announced plans to increase the real estate sector’s contribution to Lagos State’s GDP from the current 5–6% to 15–20%. This initiative aims to stimulate economic growth and attract more investment into the sector.
● Inflation Impacting Housing Affordability
The real estate market in Lagos is experiencing significant challenges due to rising construction costs and inflation. Inflation has surged from 11.25% in 2019 to over 28% in 2024, with construction inflation exceeding 300%. This has made home ownership increasingly unattainable for many residents.
● Neglected Communities Amid Urban Expansion
Despite rapid development in areas like the Lekki Peninsula, communities such as Refuge Island remain underserved. Residents lack basic amenities like electricity, clean water, and healthcare facilities, highlighting disparities in urban development. Ogun State: Expanding Housing Initiatives
Ogun State: Expanding Housing Initiatives
● Second Phase of Aviation Village Housing Project
The Ogun State Government is set to launch the second phase of the Aviation Village housing project in Iperu-Remo, adding 200 more housing units. This development supports economic activities around the Gateway International Airport corridor.
● Allocation of Homes in Prince Court Estate
Fifty additional subscribers have been allocated two- and three-bedroom bungalows in the Prince Court Estate, Kobape Phase 3. The government plans to unveil Phase 4 due to high demand for affordable housing in the area.
● Plans to Construct 10,000 Affordable Homes
Governor Dapo Abiodun has pledged to deliver an additional 10,000 affordable houses over the next four years. This initiative is part of a broader strategy to enhance housing availability and
infrastructure across the state.
● Diaspora Investment in Property Development
Diaspora investors associated with other firms have announced plans to commence property development projects in Ogun State in 2025. These projects aim to transform the state’s economic landscape and provide modern housing solutions.
