Lagos Govt Plans Launch of Online Rental Platform for Monthly Payments, 98.5% of Lagos Population Live in Rented Accommodation and more…
Dangiwa vows to prosecute those responsible for building collapses in Nigeria.
In response to the increasing incidents of building collapses in Nigeria, the Minister of Housing and Urban Development, Arc. Ahmed Musa Dangiwa, has committed to prosecuting those responsible for such failures. During a critical meeting with the ministry's Building Collapse Committee on August 8, 2024, Dangiwa emphasized the need for a comprehensive and transparent approach to investigating and addressing building collapses. He directed the committee to develop a detailed checklist for inspections and assessments, aiming to document key factors like design quality, concrete testing, and professional roles to pinpoint accountability in cases of structural failure.
Dangiwa also called for contributions from regulatory bodies to refine this checklist, which will be reviewed by the National Council on Housing. Additionally, the committee presented twelve recommendations to prevent future collapses, including the reconstitution of the National Building Code Advisory Committee and a review of relevant regulatory acts. Emphasizing the importance of accountability and rigorous training for construction professionals, the meeting saw support from various regulatory bodies, signaling a collective effort to enhance building safety standards across Nigeria.
98.5% of Lagos Population Live in Rented Accommodation
A recent report by BuyLetLive reveals that approximately 98.5% of Lagos residents live in rented apartments, driven by economic pressures such as rising inflation, volatile exchange rates, and the high cost of property ownership. The report highlights that the demand for rental properties is particularly strong in affordable areas like Yaba, Surulere, and Gbagada, yet the supply remains insufficient, contributing to a housing deficit of over three million units in Lagos State.
The high cost of land, building materials, and mortgage rates make homeownership unattainable for many, forcing residents, especially migrants and lower-income individuals, to remain tenants. Renting offers flexibility, affordability, and proximity to workplaces, making it the preferred option for the majority of residents. Despite the increasing demand for rentals, the shortage of available housing has led to significant increases in rental costs, with even small apartments commanding high prices. Over the past five years, rents in Lagos have surged by 91.32%, exacerbating the challenge of finding affordable housing.
Lagos Govt Plans Launch of Online Rental Platform for Monthly Payments
The Lagos State government has announced plans to develop a digital platform for residents to make monthly rent payments, aiming to generate N2.5 billion annually from an estimated 100,000 subscriptions. This initiative, revealed during the EKO Revenue Plus Summit, is part of the state's strategy to unlock new revenue streams. The platform will be co-owned by the government through agencies like the Lagos State Ministry of Housing and will charge a 5% transaction fee on monthly payments.
The government plans to invest around N300 million in the next 4 to 6 months to build and promote the platform. This move aligns with earlier statements by the Lagos State Commissioner of Housing, Mr. Moruf Akindeli-Fatai, who highlighted the challenges of affordable housing due to Lagos's rapid population growth and limited land availability. He also warned of penalties for landlords charging exorbitant rents and emphasized the need for regulation to ensure fair rental practices.
The digital rental platform is part of broader efforts by the Lagos State government to address the significant housing challenges faced by residents, including the sharp rise in rent prices, which have increased by over 100% in the past four years. The state is also working to establish a new agency to regulate and monitor tenant-landlord relationships, ensuring fairness in the rental market.