The Lagos State Government on Wednesday, signed a Memorandum of Understanding with a real estate developer, Echostone Limited, to build 20,000 housing units in the state within four years.
Speaking while signing the partnership agreement, Mr Gbolahan Lawal, the state Commissioner for Housing, said Lagos State would provide the land as its equity contribution, while Echostone would finance the project.
“This partnership is in line with the state governments Lagos Affordable Public Housing (LAPH) initiative, and it is aimed at constructing 20,000 housing units over a period of four years, towards reducing the housing deficit.
“To this end, the state has identified land in various locations across the state; the land is the state government’s equity while the private investor will contribute funding and technical expertise,” he said.
He said that Echostone will commence with the provision of 2000 housing units in three locations.
“The company is expected to start with 2000 housing units in three locations within the state, namely, Idale in Badagry, Ayobo in Alimosho and Imota in Ikorodu.
“An initial total of 2000 housing units are expected to be delivered in these three locations ” he said.
Mr Anthony Rachia, representing Echostone, said that the objective of the company was to construct houses on a large scale, and to create jobs.
“Our objective is to help bridge the housing deficit in Nigeria and also help generate employment by building houses in large scale and also creating jobs.
” We have the technology to construct quality houses faster, and by the time we commence construction in February, 2018, we would create 6000 jobs,” he said.
The Lagos State had earlier partnered with two mortgage financing companies in its efforts to boost the housing sector in the state.
The companies are Brains and Hammers Nigeria Limited and Multipurpose Infrastructure Development Company Limited.