By Maryam Adejoke Bamiro
* Permanent Secretary identifies affordable housing, ethical financing and public-private partnerships as pathways to addressing housing challenges
The Permanent Secretary of the Lagos State Ministry of Housing, Engr. Abdulhafis Gbolahan Toriola, has identified the state’s housing deficit as an opportunity for real estate investment, urging stakeholders to explore affordable housing, rental properties, ethical financing and public-private partnerships to expand access to decent homes.
Toriola made the call while delivering a lecture titled “Unlocking Real Estate Opportunities Amid Lagos State’s Housing Deficit” at the 37th Annual General Meeting (AGM) and Elective Congress of the University of Lagos Muslim Alumni (UMA) on Sunday, October 18, 2026.
Muslim News gathered that veteran sports journalist Dr Mumini Alao was re-elected president of the association at the well-attended hybrid event, which brought together members both physically and virtually from across the world.
Housing is more than a roof
Toriola stressed that housing goes beyond providing shelter, describing a home as a place where families grow, children learn values and people find security, belonging and peace.
“Allah has made for you from your homes a place of rest,” he quoted from Surah An-Nahl of the Qur’an, highlighting the importance of homes to human wellbeing.
Housing deficit presents investment opportunities
Addressing Lagos State’s housing challenges, Toriola cited an estimated deficit of more than 3.3 million housing units, alongside a population exceeding 20 million and an estimated annual growth rate of 3.8 per cent.
He explained that rapid population growth, limited land, rising construction costs, infrastructure requirements and inadequate long-term financing had contributed to the housing shortfall.
Housing investment can create jobs and wealth
Toriola noted that the benefits of housing investment extend beyond construction to several interconnected sectors, including architecture, engineering, surveying, building materials, skilled trades, mortgage services, insurance, legal practice, property technology and facility management.
He also highlighted opportunities in energy, water supply, maintenance and digital property transactions, noting that housing development could stimulate economic activity across the value chain.
“When families acquire assets, we begin to build intergenerational wealth,” he said.
Seven areas of real estate investment
Toriola identified seven areas where investors could explore opportunities amid Lagos State’s housing deficit: affordable and mid-market housing, rental housing, urban regeneration, vertical development, property technology, green housing and ethical housing finance.
He also pointed to property technology as a means of improving transactions, monitoring construction and managing properties, while green housing could promote energy efficiency, water conservation and climate resilience.
Ethical housing finance, he said, could widen access to homeownership through financing arrangements structured around shared ownership, leasing and other compliant models.
Ethical finance can widen access to homeownership
Toriola highlighted Shariah-compliant financing as another avenue for expanding access to housing, identifying Murabaha, Ijarah, Musharakah, diminishing Musharakah and Sukuk as potential instruments.
The Permanent Secretary also urged investors to focus on productive investment rather than merely holding properties for speculative gains.
“Housing should produce communities, and investment should produce economic activity,” Toriola said.
He argued that the success of real estate investment should be assessed not only by financial returns but also by the homes delivered, jobs created and communities served.
Government and private sector must work together
On the Lagos State Government’s housing interventions, Toriola cited figures indicating that the state had completed 10,623 housing units across 24 estates in its five IBILE divisions since 2019.
He also referenced ongoing government-funded housing projects and approved joint ventures at Abraham Adesanya and Orange Island, which were expected to deliver an additional 3,791 units upon completion.
According to him, public-private partnerships could combine government’s responsibility for policy, infrastructure and regulation with private investors’ capital, technical expertise and technology.
He also highlighted housing delivery initiatives involving the Lagos State Development and Property Corporation and the Lagos State Mortgage Board, including mortgage and Rent-to-Own schemes designed to help residents access homeownership.
Affordable housing is not inferior housing
Toriola challenged the perception that affordable housing must be of inferior quality, arguing that affordability should be achieved through intelligent design, efficient construction and appropriate financing rather than compromised standards.
“Affordable housing is not inferior housing. It is intelligently designed housing,” he said.
He identified the use of locally available materials, standardised building components, faster construction methods, shared infrastructure and longer-term financing as ways to reduce costs while maintaining quality.
He also advocated housing models that reflect the actual incomes of residents, including rent-to-own arrangements, cooperatives, shared equity and smaller, efficiently designed homes.
Trust and regulation are essential to the property market
The Permanent Secretary stressed that public confidence was crucial to a functional real estate market, urging developers, estate agents, buyers and public officials to uphold transparency and accountability.
He cited government efforts to address property fraud, resolve complaints and recover funds for residents affected by illegal transactions.
He also referenced measures to enforce the regulation of estate agency practice and improve access to housing-related services.
“A building may stand for fifty years, but reputation can outlive the building,” he said, underscoring the importance of due diligence, professional standards and the fulfilment of contractual obligations.
UMA housing and real estate initiative proposed
Turning to the UMA community, Toriola proposed exploring a UMA Housing and Real Estate Investment Initiative to help members make informed property decisions and identify credible investment opportunities.
He outlined five proposed areas of focus: investment education, property due diligence, cooperative housing, ethical financing partnerships and engagement with credible developers.
Build communities, not just housing units
In his concluding remarks, Toriola urged stakeholders to look beyond the number of housing units delivered and pay greater attention to the quality and liveability of the communities being developed.
He stressed the need to connect residential estates with employment opportunities, transportation, schools, healthcare and other essential services.
“Lagos will be judged not by its skyscrapers alone, but by whether ordinary people can find decent places to live,” he said.
He called on investors to balance profitability with social responsibility, stressing the importance of creating lasting value through housing that meets genuine needs.
“Let us build, therefore, not merely for profit, but for posterity,” Toriola said, concluding with a prayer for homes to become places of peace and investments to benefit humanity.
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