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What Lagos 30-year Development Aims To Achieve In Real Estate

At the just concluded economic summit called Ehingbeti organized by Lagos State government, Babajide Sanwo-Olu, the governor of the state, unveiled the state’s 30-year development plan that will span 2022-2052.

Among other things, the development plan aims to establish Lagos as the base for high quality, cutting edge and sustainable real estate market in West Africa.

The state believes that real estate presents numerous opportunities for growth and revenue for Lagos and so is determined to become known for sustainable, resilient and affordable real estate to truly become a model megacity.

At the moment, real estate accounts for about 20 percent of Lagos GDP. Investment in the sector is stimulated by the construction of new residential and commercial properties, but it is relatively fragmented with multiple brokers while the revenues are driven by high property value and retail income.

The 30-year development plan is closely aligned with the Sustainable Development Goals (SDGs) which are 17 multi-sectoral goals developed by the UN to provide a blueprint for a more sustainable future for all.

The governor explained that the development plan was also aimed to strengthen the state’s efforts at becoming Africa’s model mega city, noting that their goal to improve real estate services supports some of the SDGs, especially 7 and 11 which are for affordable and clean energy, and sustainable cities and communities respectively.

“The Development Plan is a 30-year plan that lays out the overall direction for the state from 2022-2052. It provides an overall strategic framework and direction for the state’s development efforts. By 2052, Lagos will deliver the vision of becoming Africa’s Model Mega City and global, economic and financial hub that is safe, secure, functional and productive,” he said.

Ahmed

Mukaila Sanusi, a senior official of the state government, speaking on the urban development aspect of the plan, explained that it was part of efforts to address the dynamic nature of the state’s urban centres, which are fast growing with ever-increasing population due to the daily influx of people from other states and neighbouring West Africa countries.

Sanusi explained further that growing economic activities and requirements for infrastructure, housing and transportation gaps, make development policy inevitable, adding that it would improve the tourism sector, and maintain a balance between customs/ traditional sectors and modern sectors in housing, as well as planning.

“There are national and international standards by the UN-Habitat, National Urban Policy and other states’ standard policies. For instance, there are land use policies, and environmental and work policies relevant to urban planning. However, most of these policies cannot address current realities in Lagos, they require a review.

Moreover, we need to codify policies, specifically for managing the urban space and have what we can refer to as urban policy that will govern the whole gamut of the urban space, addressing the present and the future.

“The vision of the new policy is to build a sound legal foundation, capable institutions, and financial instruments to design and build sustainable, resilient, participatory, as well as inclusive Lagos,” he said.

Sanusi said the policy would address all spatial and sectoral issues, including recreation, protection of historical edifices, orderly land uses, climate resilience and mitigation, functional and effective urban agriculture, integrated waste management, low-cost and affordable housing, urban regeneration, security and location of facilities, infrastructure inclusive of designs.

He disclosed that there were government expectations from the initiative, including sustainable and harmonious development, an adequate guide for spatial and sectoral allocation of resources, an adequate guide for land use planning, well-defined inter-agency relationships in relation to urban planning and stakeholder management.

Author: Chuka Uroko

Source: BusinessDay

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