The Lagos State Government has announced plans to tackle its housing and infrastructure deficits through structured Public-Private Partnerships (PPP), describing the challenge as both a major social concern and a significant investment opportunity.
The Commissioner for Commerce, Cooperatives, Trade and Investment, Mrs. Folashade Bada Ambrose-Medebem, disclosed this on Wednesday while delivering the keynote address at the Julius Berger Luminary Soirée 2026 in Lagos, themed “The Lagos Proposition | Unlocking Value in a City in Transformation.”
Ambrose-Medebem said Lagos, with a Gross Domestic Product (GDP) of $259.75 billion on a purchasing power parity basis in 2023, accounts for more than 30 per cent of Nigeria’s economic output, making effective planning and infrastructure investment essential.
She highlighted the Lagos State Development Plan 2052, which focuses on a thriving economy, human-centric city, modern infrastructure and effective governance, supported by 447 initiatives across 21 strategic sectors.
The Commissioner disclosed that Lagos currently faces a housing deficit of about 3.4 million units, requiring an estimated 227,576 new units annually and significant capital investment. She stressed that PPP would be critical to mobilising the resources and expertise needed to close the gap.
She also highlighted the State’s investment drive, noting that the Ministry attracted more than ₦50 billion in investments within a year, while the 2026 budget provides ₦2.338 trillion for capital expenditure, including ₦1.467 trillion for infrastructure.
Ambrose-Medebem further cited the Lagos State Employment Trust Fund’s support for over 20,000 enterprises since 2016, which has contributed to the creation and preservation of hundreds of thousands of jobs.
Earlier, the Managing Director of Julius Berger Nigeria Plc, Engr. Dr. Peer Lubasch, said sustainable urban growth depends on effective execution, noting that Lagos’ economic centre of gravity is increasingly shifting towards the Lekki-Epe axis, Lagos-Ibadan corridor and other emerging growth areas.
He reaffirmed Julius Berger’s commitment to Nigeria, highlighting the company’s six decades of operations and its integrated engineering, construction and facility-management capabilities.
