Sanwo-Olu reaffirms Lagos’ commitment to affordable housing, transparent real estate practice at REDA 2025
Lagos State Governor, Mr. Babajide Sanwo-Olu, has urged developers, investors, and other professionals in the built environment to embrace sustainability, inclusiveness, and transparency in driving Lagos’ real estate growth.
The governor made the call on Wednesday at the 2025 edition of the Real Estate Discussions and Awards (REDA), organised by Thinkmint Nigeria at the Radisson Blu Hotel, Ikeja GRA. The event brought together key stakeholders across Nigeria’s property and construction value chain, including policymakers, financiers, developers, and innovators.
With the theme “Back to the Basics: The Future of Real Estate,” the conference focused on fostering collaboration, innovative solutions, and long-term strategies for a more resilient and people-centred property market.
Represented by his Special Adviser on Housing, Dr. Barakat Odunuga-Bakare, Governor Sanwo-Olu said his administration is committed to promoting a “people-centred housing ecosystem” where quality, affordability, and environmental responsibility remain core priorities.
He underscored the need for stakeholders to return to the fundamental principles of integrity, transparency, and sustainability in real estate practice, describing the sector as one that “ultimately serves people — families seeking homes, young Nigerians aspiring to ownership, and investors who believe in the state’s vision.”
The governor also reaffirmed his administration’s efforts to improve housing delivery through initiatives by the Lagos State Real Estate Regulatory Authority (LASRERA) and through the deployment of digital tools to enhance land documentation and property management.
In his keynote address, Dr. Armstrong Ume Takang, Managing Director and CEO of the Ministry of Finance Incorporated (MOFI), revealed that Nigeria’s housing deficit currently stands at 28 million units, requiring over ₦21 trillion in investment to close.
He announced the launch of the MOFI Real Estate Investment Fund (MREIF), aimed at bridging the housing gap through blended finance, single-digit mortgages, and inclusive funding models. According to him, “mortgages at 9.75% interest with 20-year tenors are now available,” urging developers to join in “building not just houses, but hope, markets, and communities.”
Also speaking, the Lagos State Commissioner for Physical Planning and Urban Development, Engr. Dr. Olayinka Abiodun Olumide, highlighted the importance of urban planning and technology in achieving sustainable growth. He disclosed that the state is advancing its Enterprise Geographic Information System (E-GIS) to promote transparency and efficiency in land administration.
Dr. Olumide also encouraged developers to adopt green building designs, climate-smart architecture, and ethical practices to ensure the sustainability of Lagos’ urban future.
In her welcome address, Mrs. Imelda Usoro-Olaoye, Founder and CEO of Thinkmint Nigeria/Europe, described the 2025 edition of REDA as a platform for “unlearning, learning, and relearning” the fundamentals of real estate development. She said the conference serves as a bridge between government policy, private-sector innovation, and consumer needs.
According to her, “Sustainability and inclusivity are no longer optional. They form the foundation of modern real estate development. Our collective goal should be to create an ecosystem where integrity, innovation, and impact guide every decision.”
Delivering a goodwill message on behalf of the Lagos State Development and Property Corporation (LSDPC), the Executive Director of Enterprise Services, Prince Adeniyi Aromolaran, who represented the Managing Director, Hon. Ayodeji Joseph, commended Thinkmint Nigeria for its consistency in promoting industry dialogue.
Hon. Joseph reaffirmed LSDPC’s long-standing commitment to affordable housing and urban renewal, noting that “the future of real estate will not be built on ambition alone, but on integrity, accessibility, and resilience.”
Similarly, the Executive Chairman of Onigbongbo LCDA, Hon. Moyosore Adebanjo, called for a shift from merely constructing buildings to creating functional, thriving communities. He announced plans to establish the Onigbongbo Property Investment Company, a special-purpose vehicle to drive local investment, promote affordable housing, and enhance revenue generation at the grassroots.
The event also featured panel discussions on critical industry topics such as “Retail & Commercial Real Estate: Road to Growth” and “The Role of PropTech and Innovation in Modern Real Estate.” Thought leaders explored how technology, collaboration, and creative financing models can drive sustainable transformation across Nigeria’s real estate landscape.
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