Efficacy Development PLC, a Lagos-based real estate developer, has secured a N50 billion commercial paper agreement to expand its housing portfolio. The deal, signed with a Lagos-based investment firm, aims to finance new residential projects across the city. The company plans to use the funds to increase its housing stock and improve affordability for residents.
The commercial paper issuance marks a significant step in the firm’s strategy to address the growing demand for housing in Lagos. With the city’s population continuing to rise, the need for affordable and quality housing has become more urgent. Efficacy Development has emphasized its commitment to sustainable urban development through this initiative.
The agreement reflects the confidence of investors in the real estate sector in Lagos. It also highlights the ongoing efforts by local firms to adapt to market needs and contribute to the city’s infrastructure growth. The firm has not yet disclosed the exact number of new housing units planned as part of the expansion.
