- The Lagos State Government has revealed plans to implement a monthly rental digital platform for residents in the state.
- In collaboration with the Lagos State Ministry of Housing and other state agencies, the state government plans to invest over ₦300 million in developing a digitised platform.
- This investment will cover the platform’s construction, marketing, promotion, and operations over the next 4-6 months.
This initiative was outlined in a document titled "Eko Revenue Plus Summit," themed “Unlocking New Revenue Streams for Lagos State.” The document projects an annual revenue of ₦2.5 billion from an estimated 100,000 subscriptions, based on a 5% transaction fee.
This disclosure follows the statement by Moruf Akindeli-Fatai, the state commissioner for housing, as regards the growing concern for affordable housing thanks to its rapidly increasing population.
In January 2024, the Lagos State Governor, Babajide Sanwo-Olu, launched an electronic geographic information system (e-GIS), allowing users to access all data on state lands before purchasing.
Amid a 3.34% annual population growth, adding 90 new residents per hour, Lagos State's new housing initiative aims to enhance flexibility and affordability.
Akindeli-Fatai has called on homeowners and landlords to avoid unjustified rent increases, warning that the state government will take strict action against such practices to ensure fair and transparent rental payments.
Affordable housing has emerged as a global challenge due to skyrocketing prices and rents. In a bustling city like Lagos, where the cost of living is exceptionally high, this initiative offers a solution for affordable financing for low-income households.
For working-class residents, it presents an alternative to managing annual rental obligations, significantly reducing the financial burden and relieving those living on monthly paychecks.
The development is part of the state government’s broader strategy to raise ₦5 trillion internally generated revenue (IGR) from four sub-sectors — the digital economy, property industry, informal sector, and circular economy.
In June 2024, the Governor of Lagos state Babajide Sanwo-Olu partnered with eClat to launch a smart health information platform. The Lagos state government is putting all in place to ensure it meets its project plans for 2024.
Let the best of tech news come to you
Give it a try, you can unsubscribe anytime. Privacy Policy.
