Sanwo-Olu Insists On Regulation Of Real Estate Sector

Lagos State Governor Babajide Sanwo-Olu has stressed the need to adhere strictly to regulations to curb sharp practices in the real estate sector, saying his government remains steadfast in its efforts to build a thriving real estate sector by prioritising human capital development to ensure it has skilled professionals capable of driving innovation.

Sanwo-Olu disclosed this during the Fifth Lagos Real Estate Marketplace Conference and Exhibition, held in Victoria Island, Lagos, and was themed “Reimagining Lagos Landscape and Ensuring Sustainable Real Estate Development Practices.”

The governor also noted that his administration is “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.”

The governor added that this year’s theme is a call to action: “It challenges us to rethink our approaches and innovate within the real estate sector’s value chain.”

He expressed optimism that the forum’s discussions would ignite ideas and inspire solutions that align with the state’s collective vision for a prosperous Lagos.

He also noted that the conference’s purpose was to evaluate the impact of the government’s contributions to the real estate sector, address its challenges, and explore opportunities for innovation and growth.

In his address,  the Lagos State Commissioner for Housing, Moruf Akinderu-Fatai, noted that the event was a unique annual platform for people to dissect, re-evaluate, disagree and agree on mutual policy and regulatory matters.

As the stakeholders and residents reimagine Lagos, Akinderu-Fatai urged them to commit to embracing and strengthening the regulatory frameworks that will guide everyone towards a resilient, inclusive, and vibrant city.

Earlier, the Special Adviser to the Lagos State Governor on Housing, Barakat Odunuga-Bakare, said that the conference was to assemble experts and stakeholders dedicated to shaping the future of Lagos’s urban landscape and validating the resilience, opportunity, and innovation of Africa’s most populous city.

Odunuga-Bakare said that this year’s conference theme was timely and vital, as it underscored the pressing need to align real estate development with sustainability principles while ensuring safety, innovation, and resilience in the built environment.

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

She said, “These efforts are a testament to our dedication to creating a future where the safety and well-being of residents are prioritised.”