A popular business owner in Lagos State has appealed to Governor Babajide Sanwo-Olu to urgently regulate the rising cost of house and shop rents, warning that many businesses are struggling to survive.
The call-out was made by social media influencer and entrepreneur, Laura Ikeji, who spoke in a video currently circulating online.
Speaking on behalf of businesswomen and small business owners in Lagos, Ikeji said many entrepreneurs are frustrated by constant rent increases, which she described as unbearable.
“To Governor Sanwo-Olu of Lagos State, we the Business Women Association of Lagos State, whether we are founders or owners of small businesses, we are frustrated,” she said.
Ikeji disclosed that she currently pays over ₦30 million in rent for two shops, with one costing ₦30 million and the other ₦16 million.
She explained that the same shops were initially rented for ₦4 million and ₦3 million, but the rent has increased sharply over the years.
“My store went from ₦4 million to ₦8 million, from ₦8 million to ₦13 million, from ₦13 million to ₦16 million,” she said. “The other one went from ₦3 million to ₦8 million, from ₦8 million to ₦16 million, and now I pay ₦30 million as rent.”
According to her, even with income from influencing, the rising rent has become too much to handle.
“I can’t cope, and this is coming from somebody who actually makes money outside business,” she said. “Things are so bad.”
She warned that if nothing is done, many businesses may be forced to shut down or leave Lagos.
“You will not have any business in Lagos soon because a lot of people would have to move out of Lagos,” Ikeji said.
She urged Babajide Sanwo-Olu to either regulate rent prices or set up a government department to support struggling businesses with funding.
“Since you have refused to regulate the rent in Lagos, maybe you should start giving us money for business,” she added.
Ikeji concluded by saying she may not be able to afford the ₦30 million rent next year, noting that her options would be to build her own space or shut down the business.
“So do something,” she said.
Eze Chidiebere Paul
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