A unit head at Stanbic IBTC Capital stated this in Lagos.
The Head, Real Estate Finance at Stanbic IBTC Capital, Adeniyi Adeleye, has urged the Lagos State Government to provide better transportation system to link the hinterland and boost home ownership.
Mr. Adeleye said in Lagos on Monday that this step would help to reduce the high rents in the city.
“Home ownership is one of the major needs and desires of the citizens and huge proportion of income goes into rents.
“Also, Lagos is getting over populated due to migration.
“This has given room to pollution, anti-social behaviours and insecurity, especially in the slums.
“If the state government can improve its transportation system, more people will migrate to the suburbs and build affordable homes there,” he said.
Mr. Adeleye said that the over-population was also responsible for the heavy traffic situation and a major setback to housing development and businesses in the state. He also advised the Federal Government to make the National Housing Fund (NHF) more easily accessible as many workers had not been able to access it.
The finance official said that government should work in partnership with the private sector operators to provide affordable housing in the country.