Rising Housing Cost may hamper Economic Growth, Inclusion - NESG Chief Warns
…As LASG unveils LEDU 2026, reaffirms commitment to sustainable development
The Lagos State government has been urged to weigh in on the current high rise housing cost particularly for low-income residents in the state to ensure inclusiveness and a sustainable economic growth.
The Chief
Executive Officer of the Nigerian Economic Summit Group, NESG, Dr Tayo Aduloju
made the call at the official launch of the third edition of Lagos Economic
Development Update (LEDU 2026) with theme: “Consolidating Resilience, Advancing
Competitiveness, Delivering Shared Prosperity,” held at the Marriott Hotel in
Lagos.
The launch
was organized by the Lagos State Ministry of Economic Planning and Budget with
convergence of policymakers, private sector leaders, development partners, and
key stakeholders to assess the State’s economic trajectory and outline
forward-looking strategies.
In his
lecture titled “Optimizing Reforms, Resilience and Renewal: Repositioning Lagos
for Shared Prosperity and the Next Phase of Growth,” Dr Aduloju highlighted key
drivers of shared prosperity in successful city-states to include housing
affordability, efficient transport systems, continuous skills development,
productivity-led growth anchored in tradable sectors, strong policy
credibility, and effective wage systems.
The NESG
Chairman stressed that housing and transport play a central role in inclusive
growth, warning that high housing costs and poor mobility could limit
opportunities for lower-income residents.
“Growth must
translate into improved living standards. If housing absorbs most household
income, prosperity becomes concentrated,” he said.
Describing
LEDU as a strategic instrument for transparency, investor confidence and
evidence-based policymaking, Dr Adeloju stated that Lagos has demonstrated
resilience in macroeconomic management; infrastructure expansion and
institutional reforms; real income pressures and structural cost challenges
remain significant.
He said
government must focus on the next phase of growth on execution discipline and
productivity optimisation rather than mere expansion. He added that Lagos must
institutionalise reforms that improve service delivery, strengthen fiscal
discipline and expand economic opportunities.
“The decisive question is no longer whether Lagos can grow, but whether it can make growth durable, productive, fiscally prudent and socially inclusive,” he said.
Reassuring
on the Lagos State government’s thoughtful actions, the Commissioner for Economic
Planning and Budget, Mr Ope George, said that through deliberate policies,
disciplined fiscal management, and strategic investments, the state has
strengthened its economic foundation and reinforced its position as a leading
subnational economy in Africa.
“From
post-pandemic recovery pressures to inflationary challenges and structural
adjustments, Lagos has remained steady and forward-looking. Lagos is not just
responding to economic shocks—we are building systems that make us stronger
because of them,” George said.
The
Permanent Secretary, Ministry of Economic Planning and Budget, Mrs. Olayinka
Ojo, in her welcome address reaffirmed that Lagos remains committed to promoting
transparency, accountability, and inclusive growth that delivers tangible
benefits for all residents. She underscored the importance of evidence-based
policymaking in achieving sustainable development outcomes.
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