Lagos State Seeks Cooperative Real Estate Investment

Lagos state has called on cooperative societies to consider real estate investment as a means to tackle housing shortages and promote economic growth. The initiative was highlighted by Omotayo Kazeem, deputy director of cooperative services, who emphasized the potential of such investments to meet housing demands and foster development.

Adeyemi Adeyinka, director of cooperatives for Lagos state, made the suggestion during a visit to the Eko Atlantic City site, where Louisville, a mixed-use development by TotalEnergies Staff Housing Cooperative Multipurpose Society Ltd (TEHC), is being developed. Adeyinka praised the project as a laudable example of cooperative real estate efforts.

The director noted that large-scale projects like Louisville could enhance members' welfare and create sustainable income opportunities. Additionally, such ventures can stimulate economic activity beyond the cooperative's immediate membership.