The Lagos State Government says it plans to address the state’s housing and infrastructure deficits through structured Public-Private Partnerships (PPP), describing the gaps as both a major social challenge and a significant commercial opportunity.
The Commissioner for Commerce, Cooperatives, Trade and Investment, Folashade Bada Ambrose-Medebem, disclosed this on Wednesday at the 2026 Julius Berger Luminary Soirée in Lagos, themed “The Lagos Proposition: Unlocking Value in a City in Transformation.”
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Ambrose-Medebem said Lagos currently has an estimated 3.4 million-unit housing deficit, requiring about 227,576 new housing units annually and approximately ₦6 trillion in annual capital investment.
She added that the state’s property price-to-income ratio stands at 19.2 times, significantly above the five-times benchmark for severe housing unaffordability.
The commissioner said the state’s ₦4.444 trillion 2026 budget includes ₦2.338 trillion for capital expenditure, with ₦1.467 trillion allocated specifically to infrastructure.
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She said Lagos’ development strategy is guided by the Lagos State Development Plan 2052, which focuses on a thriving economy, a human-centric city, modern infrastructure and effective governance.
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According to her, the plan contains 447 initiatives across 21 strategic sectors, tracked through a digital delivery platform.
Ambrose-Medebem also disclosed that the state attracted more than ₦50 billion in investments within one year, including a ₦38 billion commitment by Twinings Ovaltine Nigeria Limited to establish its first production site in Africa in Lagos.
She said the investment is expected to create 112 direct jobs, support a distribution network of more than 200 businesses and generate export opportunities worth over $8 million in West African markets.
The commissioner further said the Lagos State Employment Trust Fund has disbursed more than ₦15 billion to 20,000 businesses since 2016, creating over 320,000 direct and indirect jobs while preserving another 173,000 jobs.
Earlier, the Managing Director of Julius Berger Nigeria Plc, Peer Lubasch, said Lagos’ growth was shifting along the Lekki-Epe axis, the Lagos-Ibadan corridor and towards the west as connectivity improves.
He said the key question was no longer whether Lagos would grow, but where sustainable economic growth would be concentrated.
