Sanwo-Olu Calls For Innovation And Rethinking Approaches In Lagos’ Real Estate Sector
“Real estate is not just about structures; it is a cornerstone of our economy, a driver of social equity, and a critical element in sustainable urban planning.”
These were the words of Governor Babajide Sanwo-Olu to stakeholders and participants of the 5th Edition of Lagos’ Real Estate Market Place.
“As we navigate an era marked by rapid technological advancements, shifting economic realities, and urgent environmental challenges, the need to prepare ourselves and the next generation for evolving real estate demands cannot be overstated,” he added
Stakeholders at the conference included investors, real estate developers, built environment experts, finance providers, tech experts, policymakers, kings, community leaders and government agencies in charge of land administration, development permit and building controls.
The governor described the year’s theme: ”Re-imaging Lagos Landscape: Ensuring Sustainable Real Estate Development Practices”, as “a call to action”, challenging everyone to rethink their approaches and innovate within the value chain of the real estate sector.
He said the conference was an avenue to evaluate the impact of his government’s contributions to the real estate sector, address the challenges still faced, and explore opportunities for innovation and growth.
According to him, sustainability is no longer limited to environmental conservation, “it is about creating an ecosystem that supports economic growth, ensures social inclusivity, and achieves ecological balance.”
He assured investors, practitioners and finance providers that his government remained steadfast in the efforts to build a thriving real estate sector by prioritising human capital development to ensure that the state has skilled professionals capable of driving innovation.
He said that his administration is committed to establishing sustainable regulations that protect practitioners and consumers alike while fostering an integrated ecosystem that would link housing development with transportation, technology, agriculture, health, and youth development.
He said, “We consistently draw inspiration from global trends and best practices to inform our policies and programs.
“We understand that the pace of change is accelerating, and partnerships with private sector players are essential. This forum is an opportunity to co-create pathways for upskilling and reskilling the workforce while ensuring the sector’s accessibility and sustainability.”
“Our commitment to collaboration and progress has yielded significant outcomes. At the 4th marketplace in 2023, stakeholders proposed several impactful ideas, including the establishment of a comprehensive developer database to enhance transparency, the implementation of measures to improve safety and consumer protection, and the reduction of bureaucracy in development permits to streamline processes.
“We have made considerable strides in addressing these recommendations. Additionally, our ongoing initiatives reflect our determination to integrate sustainability into every facet of real estate development. From investing in renewable energy to advancing intermodal transportation systems, promoting technology-driven urban planning, and delivering sustainable housing solutions, we are laying the groundwork for a Lagos that balances economic growth with environmental responsibility and social equity,” the governor said.
Achieving a sustainable future, he said, was not a task for the government alone, pointing out that it also required collective action.
“Public-private collaboration is critical for driving innovation, financing sustainable projects, and creating inclusive regulations. It also ensures that opportunities for growth and contribution are accessible to all, including women, youth, and marginalized communities.
“Together, we must embrace this responsibility. The choices we make today will shape the legacy we leave behind for future generations.”
“We are your partners in this journey, your strongest enablers, and your allies in creating a thriving business environment. Let us seize this moment to drive meaningful change and lay the foundation for a brighter future,” the governor said.
Commissioner for Housing, Moruf Akinderu-Fatai, described Lagos as “a city of boundless energy and opportunities, a melting pot of cultures, and a hub for innovation and commerce.”
“However, it is also a city grappling with the challenges of rapid urbanisation, housing deficits, and environmental vulnerabilities. As we strive to reimagine the Lagos landscape, regulations must take center stage in guiding sustainable real estate development,” he said.
Justifying the need for regulations in Lagos’ real estate sector, he defined regulations as the “foundation of a well-ordered society”, noting that they played more critical roles in the real estate sector.
According to him, regulations set standards for development and ensure that projects meet safety, quality, and sustainability benchmarks as well as protect lives and investments.
The need to promote environmental responsibility by insisting on eco-friendly practices, the commissioner said remained a prerequisite for minimizing the negative environmental footprint of development projects.
“Regulations also ensure fairness and inclusivity; address affordability and equitable access to housing, bridging the gap between socio-economic groups.
With clearly outlined regulations, we can foster investor confidence. This is achievable through clear and enforceable regulations. It will also create a predictable environment that will encourage both local and foreign investments,” he said.
He explained that the state has made significant strides in strengthening its regulatory frameworks to ensure sustainable urban development, mentioning key initiatives to include:
Lagos State Urban and Regional Planning Law; Building Control and Permits; Environmental Regulations; and Tenancy Laws.
To reimagine the Lagos landscape effectively, he said there was a need to recalibrate the regulatory systems through continuous policy review; capacity building; simplified processes; stakeholders ‘ engagement, transparency and accountability.
He said, “Regulations are not barriers – they are enablers of orderly growth, protectors of our shared environment, and guarantors of a sustainable future. As we reimagine Lagos, let us commit to embracing and strengthening the regulatory frameworks that will guide us toward a resilient, inclusive, and vibrant city.
“Every architect, developer, financier, policymaker, and citizen has a role to play in this journey. Together, we can create a Lagos where progress meets purpose and development respects the delicate balance of nature and community,” the commissioner said.
In her welcome address, Special Adviser to the Governor on Housing, Barr Barakat Odunuga-Bakare, said that sustainable real estate practice is not negotiable and optional, emphasizing that the collective future depends on creating urban landscapes that balance environmental stewardship, social equity and economic growth.
“Therefore, this requires forward-thinking practitioners, innovative designs, sustainable financing models, and regulatory frameworks that encourage green building practices while addressing the housing needs of Lagos’ diverse population,” she said.
She added that LASRERA’s aimed to vigorously promote an ecosystem that stimulate trust, encourage investment while also promoting the ease of doing business.
