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Beauty entrepreneur, Laura Ikeji Kanu, has raised concerns over the alarming increase in rental costs across Lagos State.
In a video shared on Instagram, Laura lamented that many businesses are quietly shutting down due to exorbitant rent, despite performing well in sales. According to her, the rent being demanded for commercial spaces—especially in malls—now equals the cost of purchasing a house just a few years ago.
She noted that what used to buy a four-bedroom duplex in areas like Ajah is now being charged as annual rent, making it increasingly difficult for entrepreneurs to sustain physical businesses.
Laura also appealed to Lagos State Governor, Babajide Sanwo-Olu, asking for urgent intervention to address the situation and help save struggling businesses.
In her words:
“What is happening in Lagos State? Shops are closing quietly. Businesses are leaving their buildings quietly. Not because they are not doing well—they are selling—but the rent in Lagos is outrageous. The kind of money they charge as rent now is what we used to buy a four-bedroom duplex in Ajah. Buy o! And that’s what they are charging per year in Lagos, for mall shops.
“Governor Sanwo-Olu, what can we do? How can you save businesses in Lagos? A lot of shop owners cannot transition to online business—though I actually think they should. If you close your shop, please don’t shut down entirely. Transition online and sell online.
“But again, as the governor of the state, what can we do together—yourself, the average Lagos entrepreneur, and business owners—to salvage this problem?
