The sixth Lagos Real Estate Marketplace Conference highlighted the transformative vision of the State to evolve to a thriving mega city and the inherent challenges. The event, which attracted over 2,000 physical participants including real estate investors from America, Middle East and Asia, was held at Eko Hotels and Suites, Victoria Island, with the theme: “Shaping the Future of Lagos Megacity: Infrastructure, Innovation and Affordable Housing”.
It was organised by the Lagos State Real Estate Regulatory Authority (LASRERA) under the Office of the Special Adviser to the Governor on Housing.
Governor Babajide Sanwo-Olu said Lagos had evolved into one of the world’s most dynamic urban economies, but stressed that the State Government’s current efforts were to sustain the inclusive growth of Lagos, making the State liveable for generations yet unborn. Lagos, Sanwo-Olu said, had moved beyond a city of potential, noting that the accelerated growth witnessed by the State had turned it to a city of performance.
Despite its impressive skylines, the Governor said the State’s nature of growth had brought about new challenges that must be confronted by the Government.
Sanwo-Olu said provision of dignified and affordable housing for the State’s growing population remained a major concern for the Government, pointing out the need to tap into more private capital with public purpose.
He said: “How do we build a mega city that works not just for the few, but for the many? Provision of housing in the 21st century is not just about buildings; it is about human dignity, economic productivity, social stability and about the kind of city we choose to become.”
“In Lagos, we understand that one cannot build a 21st-century mega city on 20th-century planning assumptions. That is why housing sits firmly at the heart of our development agenda; it is interwoven with transportation, infrastructure, energy, climate resilience, and economic opportunity.”
“We are investing in enabling infrastructure that includes roads, rail, power, water, and drainage, because housing cannot thrive in isolation. Developments must connect to jobs, to markets, and to mobility. That is why our transport investments, from rail to road corridors, are intentionally aligned with housing growth zones.”
Sanwo-Olu said housing affordability in Lagos translated to building homes which people could live in, pay for, and easily access, adding that the developments must be close to where they work and raise families.
The Governor opined that leveraging Public-Private Partnerships, structured finance, land optimisation, and demand-led planning would help bridging the gap. He also argued the Government needed to play its rightful role as enabler, regulator, and partner; not sole provider in the real estate sector.
Sanwo-Olu, who wooed investors at the forum, assured them of transparency and improved security that would protect their investment.
He said: “To our local developers, Lagos believes in you. To our international partners, Lagos is open, ready and serious. This State remains one of the safest, most stable, and best-governed investment destinations in Africa. We govern with integrity.”
“We have continued to strengthen our security architecture through technology, improved intelligence, enhanced manpower, and coordinated multi-agency collaboration. Safety, stability, and the rule of law remain non-negotiable pillars of our investment environment.”
The Governor commended LASRERA for sustaining the platform, which he described as the “marketplace where ideas meet policy, capital meets opportunity”, and vision meets implementation.
Special Adviser to the Governor on Housing, Barr. Barakat Odunuga-Bakare, said the Lagos Real Estate Marketplace served as an intellectual theatre of ideas for practitioners, noting that the previous conference had brought about regulatory interventions and policy shifts in the sector.
She said the New Tenancy Bill currently being reviewed by the House of Assembly was part of the positive outcomes of the conference, pointing out that the bill aimed to balance the rights of landlords and tenants, streamline the role of practitioners, and provide clearer guidelines for real estate transactions.
In his lecture, the keynote speaker and former Lagos Commissioner for Environment, Dr. Muiz Banire, SAN, listed measures that would bolster the Government’s efforts to accelerate housing development. Banire said Government’s vision must outlive policies, while noting that obedience and fidelity to the unified master plan must be maintained. He added that there must be strict protection of highway setbacks, stressing that the State must strengthen its environmental protection laws to make the city habitable.