Investment Opportunities for Private Participation in the Development of Lagos State Housing Projects

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1 Lagos State Government Investment Opportunities for Private Participation in the Development of Lagos State Housing Projects A Presentation To The UK TRADE & INVESTMENT Financial & Professional Services Mission to Nigeria By Mr. Bosun Jeje fnim Lagos State Honourable Commissioner For Housing At Radisson Blu Hotel, Victoria Island, Lagos. 18 th March

2 Lagos State 3,577km 2 space; smallest in Nigeria (0.4%); 20 LGAs & 37 LCDAs (only 2 are semi-urban). Maritime environment, 180km coastline, low lying along the coast (0-3m ASL). Population: 21million (2012); 27.4% of Nigeria s urban population (most populous); rapidly growing, 6%-8% Growth Rate/Nigeria s average is 2.9% per annum; projected 24.5 million by 2015, world s 3 rd largest mega city. Very high population density: Small space + high net immigration; proliferation of slums & environmental degradation. Highest concentration of economic activities; Destination for Nigeria s ethnic nationalities & ECOWAS citizens. Serious urban management challenges; housing is a component. 2

3 Housing Challenges 11 million housing deficit nationwide; 1 million in Lagos alone. Inadequate yearly addition both by government & private sectors. Inadequate easily developable land resulting in increased cost of delivery. Absence of a viable & sustainable construction & mortgage financing. High cost of building inputs. Non deployment of new technology in mass housing delivery. Private sector developers not attracted to providing affordable homes. 3

4 Lagos State Ministry of Housing Created in 1999 to address the housing deficit in the State through the creation of housing estates and direct provision of houses. Policy initiation and implementation Provision of affordable housing Provision of infrastructure in government housing estates Coordination of other MDAs involved in housing Management of Estates Collaboration with the private sector in the provision of housing 4

5 State Interventions Direct budgetary funding of housing construction family units of medium & low income in 17 housing estates state-wide btw 1999 and 2011; outright purchase/cash & carry. PPP (Unsolicited)- State provision of land as equity, payment backend; profit sharing; generally provision of medium/high income housing; not attracted to affordable housing. 352 family units btw 2006 and PPP (Solicited)- State provision of land as equity, payment for land converted into extension of electricity and water supply to adjacent estates; State share of profit converted into a discount on an agreed % of total housing units built. 440 family units btw 2011 and

6 Current Strategy Introduction of PATH in 2011 as a developmental focus (Power, Agriculture, Transportation, Housing); Housing is a critical component. Introduction of mortgaged based LagosHOMS project initiative of the BRF Administration. Direct budgetary funding of housing construction. Multi-agency participation for rapid delivery units currently on the block; additional 3156 units to be on the market about mid-year in 13 estates state-wide; Blocks of 1,2,3 & 2,2,3 bedroom units. New start of 4554 in 4 locations (Iponri, Ijora-Badia, Ilubirin, Ajara). 6

7 Proposed Strategy Continuation of direct budgetary funding of housing construction. Strengthening the mortgage initiative. PPP-LagosHOMS for affordable housing. Land allocation from government or purchased from private owners. Approved design and agreed cost per block/unit. Assured off-take of housing units. 7

8 Investment Attractions Large Population (1 Million Housing Deficit); Huge Potential For Investment in the Real Estate Development Sector Ready Market Reduced Cost and Time in Perfecting Land Title Granting of waivers/concessions on statutory fees Fast tracking applications for statutory application approvals Consistent and Sustainable Policy Due Process and Best Practices Availability of Land (New Areas, Brown Fields, Redevelopment) Investment Opportunities Development of Estates and other value chain advantages Project Financing Property/Facility Management Mortgage Financing 8

9 Thank you EKO O NI BAJE O 9

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