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The Lagos State Development and Property Corporation (LSDPC) says it has delivered over 120 housing schemes, lifting the Lagos housing stock with 27,000 units of affordable homes across the state in the last 50 years of its existence.
This was made known at a ceremony marking the corporation’s golden jubilee in Lagos with the theme ‘Unfolding arms to join hands: Moving the Lagos Property Market Forward’.
The Managing Director/CEO of LSDPC, Ayodeji Joseph, said that the corporation had achieved remarkable results in fulfilling its mandate. According to him, the agency had developed its housing program in line with the needs of low- and middle-class families.
He promised that the next decades would be rewarding for the corporation, as the agency is being repositioned to sustain and build on the legacy and ensure Lagos residents have access to decent, affordable homes regardless of their economic status.
Governor Babajide Sanwo-Olu, who led LSDPC as Chief Executive Officer between 2016 and 2018, said the milestone being celebrated by the corporation was the effort of whole generations of Lagosians who had worked in the agency since its inception.
He said that LSDPC has become a household name in Nigeria’s property sector, noting that the corporation’s success story stemmed from aligning itself with the vision for which it was set up.
He said the corporation was fortunate to be led by enterprising administrators who laboured to build the corporation into an efficient institution.
The governor said the provision of comfortable housing schemes remained a cardinal priority in his administration’s development agenda, stressing that LSDPC is a key agency being used to actualize his government’s housing promises and transform Lagos into a 21st-century city.
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Sanwo-Olu charged the corporation with charting a new path in its intervention and setting a new standard for making its next 50 years more impactful for Lagos residents.
The LSDPC was established by Edict No. 1 of 1972 as a government agency charged with the mandate to develop conducive, modern housing schemes to meet the needs of low and middle-income families while transforming urban residential communities into a planned and habitable neighbourhood.
In the mid-90s, LSDPC expanded its mandate as its operations were commercialized for improved services. The corporation stopped receiving government subventions. And by 2003, it had become fully commercialized under the administration of Asiwaju Bola Ahmed Tinubu.
The Sanwo-Olu administration’s housing policy repositioned the corporation’s operational guidelines, with LSDPC evolving to become an independently run entity and fully adopting the Public Private Partnership strategy in the provision of safe housing schemes for residents.
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