LASRERA: LASG Committed To Creating Ecosystem That Fosters Economic Growth, Says Sanwo-Olu

...As FG, Ooni, stakeholders commend Lagos on real estate development 

(M) Lagos State Governor, Mr. Babajide Olusola Sanwo-Olu, (L) Deputy Governor, Dr. Kadiri Hazmat and SA to Governor on Housing, Barr. Barakat Odunuga-Bakare at the LASRERA 5th Real Estate MarketPlace Conference and Exhibition 

Lagos State Governor, Mr. Babajide Sanwo-Olu, on Tuesday said his administration is committed to creating an ecosystem that supports the economic growth of the State through real estate, which plays a critical role in the development and growth of Lagos.

Governor Sanwo-Olu, disclosed that the State is set to introduce an integrated, effective and efficient waste management system in collaboration with international partners. 

The Governor and other stakeholders spoke on Tuesday at the 5th Lagos Real Estate Marketplace Conference and Exhibitions held at Eko Hotel and Suites, Victoria Island, Lagos. 

The conference is an avenue created by the Lagos State Real Estate Regulatory Authority (LASRERA) to provide an enabling environment and transparent platform for stakeholders in the real estate sector. 

Speaking during the conference, Governor Sanwo-Olu said his administration is committed to building a thriving real estate sector.

He said, "As a government, we remain steadfast in our efforts to building a thriving real estate sector by prioritising human capital development, to ensure we have skilled professionals capable of driving innovation. We are equally committed to establishing sustainable regulations that protect practitioners and consumers alike while fostering an integrated ecosystem that links housing development with transportation, technology, agriculture, health, and youth development.

"We consistently draw inspiration from global trends and best practices to inform our policies and programs. Today’s distinguished speakers, moderators, and panellists bring invaluable insights, and we are confident that their contributions will enrich our collective vision for the real estate sector.

"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."

Governor Sanwo-Olu also disclosed his administration's commitment to collaboration and progress in the real estate sector is yielding positive results. 

He said his administration, based on the recommendations from the 4th Marketplace held in 2023, has made considerable strides in establishing a comprehensive developer database to enhance transparency, reducing bureaucracy in development permits to streamline processes, and implementing various measures to improve safety and consumer protection.

"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. 

"Achieving a sustainable future is not a task for the government alone—it requires 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 marginalised communities.

"As we deliberate on the future of real estate in Lagos, let us commit to equipping ourselves and our successors with the knowledge, tools, and resources to build a state that is equitable, prosperous, and sustainable."

Speaking earlier, the Commissioner for Housing, Hon. Moruf Akinderu-Fatai, said the Babajide Sanwo-Olu administration has strengthened its framework to ensure sustainable urban development and will ensure continuous policies and upgrades of existing laws while also increasing enforcement and capacity building. 

"As we re-imagine 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," he said. 

Also speaking, the Special Adviser to the Governor on Housing, Barr. Barakat Odunuga-Bakare, described the event as an assembly of experts to drive sustainable growth, innovation, inclusivity, and sustainable development practices. She called for collaboration between the public and private sectors towards ensuring resilient physical landscapes for Lagos State.

Odunuga-Bakare said the real estate sector remains a significant pillar of Lagos State’s socio-economic development, providing employment opportunities, enhancing urban infrastructure, and driving economic growth. 

She said the Lagos State Government has strengthened its regulatory frameworks through enhanced building codes, disaster-resilient urban planning, and initiatives to promote the use of sustainable building materials and technologies.

The Minister of Housing and Urban Development, Architect Ahmed Musa Dangiwa; Chairman of the House of Representatives Committee on Housing and Habitat, Hon Abdulmumin Jibrin; and the Ooni of Ife, Oba Adeyeye Ogunwusi, among others, during their remarks commended the Babajide Sanwo-Olu administration for its commitment to the housing and real estate sectors.

During the event there were different panel sessions on Integrating Green Building Standards in Lagos Real Estate, Flooding and Ecosystem Preservation in Urban Landscapes, Protecting Lagos Physical and Natural Resources, among others.

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Toke-Benson Awoyinka

As part of the submissions reached at the just concluded First Real Estate Market Place Conference and Exhibitions in Lagos, the Special Adviser to the State Governor on Housing, Mrs. Toke Benson-Awoyinka has revealed that the Housing sector can serve as an important contributor to the nation's GDP, support job creation and provide social benefits to Nigerians as a whole. 

The 2-day event was organised by Lagos State Real Estate Regulatory Authority- LASRERA as a meeting point for Real Estate Practitioners / Property Developers and their potential clients with relevant State  Government  Agencies  in the  Built  Sector to serves as a one-stop-shop for the Real Estate Market. 

The Special Adviser submitted that addressing the housing deficit will have a game - changing impact on our society and communities when compared with other less important sectors that are presently being given greater attention at the detriment of the housing sector. 

While saying that most African countries do not see and treat the housing sector as an engine of economic growth, Benson-Awoyinka identified the Real Estate Market as a sector that has tremendous multiplier effect on the broader economy through two channels: Private investment and housing services.

Benson-Awoyinka stated that the real estate/ housing sector remains a critical component of the economy that represents one of the fundamental needs for livelihood considering its influence on the health, social behavior, efficiency, contentment and overall welfare on the citizenry and society.

 In the same vein, the State Commissioner for Energy and Mineral Resources, Mr. Olalere Odusote expressed the desire of the State Government to have sustainable, reliable power and greener energy, towards the realization of its vision of a 21st century economy which is one of the priority areas of the present administration in the State.

While quoting the United Nations statistics which revealed that the real estate accounts for about 40 per cent of the world's energy consumption and a third of all carbon emissions, Odusote submitted that there is the need to ensure the availability of clean solutions and innovations to make buildings future-proof, adding that in line with SDG 7, efforts must be increased on energy efficiency. 

He said, “In line with its THEMES agenda to make Lagos State a 21st century economy, Lagos State is desirous of having sustainable, reliable and greener energy across all sectors; the real estate sector particularly provides a unique opportunity to meet this objective. 

“Lagos, reported to have the highest immigration rate in the world, is expected to be the largest city in the world by population in the next 100 years. This population growth will require significant sustainable housing and energy needs and thus makes it imperative to ensure that new buildings are built green to avoid higher carbon emissions for decades that stem from inefficient energy use.”

The Commissioner, who acknowledged the fact that real estate developers and owners have started recognizing the importance of clean energy, maintained that the practitioners must ensure access to secure, affordable and sustainable energy by exploring the option of clean energy and energy efficient solutions available.

As part of the State Government’s efforts to promote greener and environmental sustainability, the Commissioner reported that it has embarked on the conversion of all streetlights in Lagos from hpS to the brighter and significantly more efficient LED lighting, assuring that all 39,000 streetlights in Lagos will be retrofitted over the next 6 months and will lead to a 65% operational cost savings to the state government.  

He stated that the State Government will further expand street lighting to ensure that before the end of this administration, all class A & B roads as well as designated public spaces achieve full lighting coverage, saying that these kinds of clean energy and energy efficient solutions are equally crucial and beneficial to the real estate sector as they guarantee significant energy costs savings for such buildings.