Lagos State Deputy Governor and All Progressives Congress (APC) governorship candidate, Obafemi Hamzat, has pledged to expand affordable housing and improve access to mortgage financing for young people and low-income earners if elected governor in 2027.
Hamzat presented the proposals under his “Promise Agenda” at an engagement organised by the Lagos Chamber of Commerce and Industry (LCCI) in Victoria Island, Lagos, on Tuesday, October 13, 2026.
He said a proposed administration would partner with private property developers to increase the supply of affordable homes and explore mortgage arrangements that would enable more residents to own houses without paying the full purchase price upfront.
According to reports of the event published on October 13 and 14, Hamzat said the housing plan would form part of a wider development agenda covering transportation, security, infrastructure and business support.
However, the housing proposals did not specify the number of homes to be delivered, the implementation timetable or the budget required to achieve the target.
Hamzat has previously advocated mortgage financing as a more practical route to home ownership, particularly for residents who cannot afford to purchase properties outright.
Using a ₦7 million property as an example, he said a buyer could make a 10% initial payment of ₦700,000 and spread the outstanding balance over 10 years, with monthly payments ranging from ₦25,000 to ₦35,000 depending on the buyer’s income.
He also identified the Lagos State Residents Registration Agency (LASRRA) registration number as a tool for establishing residents’ identities, addresses and employment details during the assessment of their ability to repay housing loans.
The state already has a mortgage institution intended to facilitate access to housing finance. However, the proposed approach would require clear details on eligibility, financing costs, repayment conditions and the availability of properties before prospective buyers could assess its affordability.
The challenge is particularly important for young workers and low-income households, whose ability to save for deposits and sustain monthly repayments depends on their earnings and other living expenses.
Hamzat acknowledged that mortgage financing alone would not resolve Lagos’ housing challenges, stressing the need for a stronger economy and improved incomes.
His proposals place housing affordability among the issues that voters and business stakeholders can assess as candidates outline their plans ahead of the 2027 governorship election.
The extent to which the proposed measures would improve access to home ownership will depend on their eventual design, funding, delivery targets and implementation if Hamzat is elected.
