A Lagos-based entrepreneur has raised alarm over skyrocketing commercial rents in Lagos State, warning that the surge could jeopardize small and medium-sized enterprises (SMEs) across the city.
Laura Ikeji, who owns two retail outlets, revealed that rent for her stores has jumped from N7 million to over N50 million, a nearly sevenfold increase. “I’m frustrated. The rent for my two stores was N7 million; now it’s over N50 million,” Ikeji said.
She explained that such steep increments are putting business owners under severe financial strain, forcing some to consider relocating, shutting down operations, or raising prices on goods and services to survive. Ikeji emphasized that unchecked property costs could discourage new investments and stifle economic growth in Lagos, Nigeria’s commercial hub.
The rising rents have sparked widespread discussion among entrepreneurs and residents. One social media user highlighted additional burdens, noting Lagos State taxes on properties are compounding operational costs, while another recounted having to close a small business due to unmanageable rent increases.
Experts warn that unless policies balance property owners’ interests with those of business operators, SMEs—considered the backbone of Nigeria’s economy—may face closures, layoffs, and reduced contributions to local economic development.
The Whistler reports that escalating commercial rents in key Lagos business districts are fueling calls for urgent regulatory intervention and incentives to protect SMEs from unsustainable overheads.
