WorldStage– Gov. Babajide Sanwo-Olu of Lagos State has reaffirmed his administration’s commitment to expanding access to affordable housing finance.
In a statement issued by Mr Ganiu Lawal, Deputy Director, Public Affairs, Ministry of Housing, on Thursday, Sanwo-Olu described housing as a key driver of economic growth and social stability.
He made this known at the 21st Annual General Meeting (AGM) of the Lagos Building Investment Company (LBIC) Plc. in Ikeja.
The governor, who was represented by the state Commissioner for Housing, Mr Moruf Akinderu-Fatai, commended the board, management and shareholders of LBIC for continued dedication to the institution’s founding mandate.
He said that in spite of prevailing economic challenges and changing market realities, LBIC had remained resilient in promoting inclusive housing development through mortgage financing.
“Housing is not just a social need; it is an economic driver that creates jobs and supports small businesses across the value chain,” he said.
Sanwo-Olu stressed that government alone could not address housing deficits.
He called for stronger collaboration with credible financial institutions to improve access to sustainable housing finance.
He urged LBIC to embrace technology and innovative products to reach underserved segments of the market.
According to him, this aligns with LBIC’s 2026 priorities of strengthening digital capabilities and expanding retail lending.
The governor expressed confidence that resolutions reached at the AGM would position the institution for greater impact and sustained growth.
LBIC, a leading primary mortgage bank in Nigeria, was established to provide mortgage facilities for low-cost housing schemes in Lagos State.
The institution has continued to play a strategic role in the state’s housing value chain through innovative financial solutions aimed at promoting home ownership.
