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Cost Of Living: Lagosians Grapple As Rents Hit New Highs

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The ongoing economic crisis in Nigeria is severely affecting renters in Lagos as landlords transfer the burden of rising inflation to tenants — pushing residents farther out, disrupting children’s education, and worsening already lengthy commutes.

With a population exceeding 20 million, Lagos, the country’s expanding economic hub, has struggled for years to meet housing demands, with approximately 3,000 people added to its population daily.

However, recent economic reforms by the government, including the floating of the naira and the removal of a fuel subsidy, have caused economic shocks.

In a city where oil wealth, a thriving middle class, and millions of informal workers coexist, rents are rising both on Lagos’ upscale islands and the more affordable mainland.

“I might just have to find a way to plead with my landlord,” said Yemisi Odusanya, a 40-year-old cookbook author and food blogger.

After giving birth to twins last year, she’s uncertain about finding a better deal elsewhere for her family of seven, even after her landlord in Lekki increased the rent by 120 percent.

“I’m planning to pack out,” said Bartholomew Idowu, a transportation worker, though he remained unsure where he and his children would relocate.

His mainland landlord raised the rent by 28 percent, from 350,000 naira ($232) per year to 450,000 naira — a substantial amount in a country where the GDP per capita is $835.

Children changing schools

The government recently adjusted its inflation data, lowering the official year-on-year inflation rate in January to 24.48 percent from 34.80 percent in December.

“The way out at the moment is to look for a way to pay,” said Dennis Erezi, a journalist, explaining that his 31-percent rent increase was still cheaper than moving.

Jimoh Saheed, a personal trainer, was forced to leave his one-room flat in Ikoyi when his landlord more than doubled his rent to 2.5 million naira a year and a half ago.

Relocating to the mainland distanced him from his clients, and his two children had to change schools and now pay for transportation as they no longer live within walking distance.

Late last year, his new landlord increased his rent by 25 percent.

“This is affecting me emotionally, it’s affecting me mentally, and in fact, physically,” said the 39-year-old, who added that despite taking on more work, his income hasn’t kept pace with inflation.

Legal experts state that rent increases are supposed to be negotiated between tenants and landlords rather than imposed unilaterally.

However, without the threat of legal action, such laws are rarely enforced, said attorney Valerian Nwadike, noting a rise in tenant-landlord disputes over the past year.

Luxury Market

The government anticipates that its economic reforms will eventually yield benefits, but for nearly two years, Nigerians have endured one of the worst economic crises in decades.

Structural challenges, such as high interest rates making mortgages unaffordable and a bureaucratic regulatory system, are further exacerbating the situation, said housing analyst Babatunde Akinpelu.

Lagos attracts a disproportionate number of jobs in Nigeria, prompting a constant influx of new residents.

Despite numerous construction projects, many new developments cater to the luxury market — targeting foreigners, Nigerians in the diaspora, or oil sector workers who typically earn in dollars.

The result is a two-tiered housing market, where increased luxury housing supply doesn’t benefit the wider population, said economist Steve Onyeiwu.

“Most of (Lagos’s) landlords are exposed to dollar-denominated expenses,” such as loans or mortgages for properties abroad, even as the naira depreciates, said a director at Island Shoreline, a property management company. He added that his own landlord recently attempted to raise his rent by 100 percent.

Public transit improvements, such as the new rail line connecting Lagos and Ibadan, may ease pressure, but for now, a “snowball effect” of rising prices persists, he noted, requesting anonymity due to the sensitivity of rent hikes.

With leases typically paid upfront for one to three years, both landlords and tenants aim to secure favourable terms to protect against inflation.

However, the current surge in rents is “alarming,” said real estate agent Ismail Oriyomi Akinola, highlighting 200 percent increases on the affluent Victoria Island.

“Good shelter is very key to every individual,” he said. “Not only for the rich.”

 

Credit: AFP

BIG STORY

Speaker Obasa Celebrates Nigeria-China Strategic Partnership At China’s 76th Anniversary [PHOTOS]

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Speaker of the Lagos State House of Assembly, Rt. Hon. Dr. Mudashiru Ajayi Obasa, joined dignitaries across the Diplomatic Corps, Government, Corporate Nigeria, and Industries to celebrate the People’s Republic of China’s 76th anniversary at a colourful celebration held in the Grand Ballroom of the Oriental Hotel, Victoria Island, Lagos, on Monday, September 22.

In his keynote speech on the ‘Nigeria-China Comprehensive Strategic Partnership’, Speaker Obasa extended heartfelt congratulations to the government and people of China on the historic milestone and toasted to stronger ties between the two nations, which share October 1st as their Independence Day.

He traced Nigeria and China’s strong and enduring partnership to the establishment of diplomatic ties in 1971, and commended their treatment of each other as equals and with mutual respect. According to him, the relationship between the two countries has withstood the tumults of international changes, but mutual trust has been enhanced continuously while practical cooperation has yielded fruitful outcomes.

He cited a recent media report credited to the Consul General of China in Lagos, Yan Yuqing, who said that bilateral trade between China and Nigeria reached $15.48 billion between January and July 2025. The Speaker also referenced the renewal of a 15 billion Yuan ($2 billion) currency swap agreement, which is expected to strengthen cooperation and promote bilateral trade and investment between both countries, and streamline trade transactions by eliminating the need for US dollars as an intermediary currency.

Not forgetting also, the Speaker continued, the upgraded military partnership between the two countries, with China focusing on local arms production and military training as part of efforts to improve security in Nigeria and across Africa, which he said is already bearing fruit.

He linked these significant outcomes to the resolutions reached during President Bola Ahmed Tinubu’s State Visit in September 2024, to China and to attend the Beijing Summit of the Forum on China-Africa Cooperation (FOCAC), principal of which is a Comprehensive Strategic Partnership which primary focus is to build a high-level China-Nigeria Community with a shared future, underpinned by strategic mutual trust and support for core interests, including sovereignty and territorial integrity.

“During the visit, President Xi Jinping and President Tinubu had a cordial and in-depth exchange on China-Nigeria relations as well as international and regional issues of mutual interest, Obasa recalled, adding, “The two Presidents agreed that both countries stood at a new historical starting point as significant representatives of major developing countries and emerging economies. And they resolved that their strengthened strategic cooperation will propel a new dynamic for China-Africa relations in the new era.”

Particularly, Speaker Obasa praised China’s support for the Renewed Hope Agenda of President Tinubu, which promotes economic development and improves people’s welfare, while maintaining national unity, social stability, security, and peace.

He also highlighted China’s contributions to infrastructure projects in Lagos, saying, “Lagos has witnessed remarkable growth through significant Chinese investments in the development of critical infrastructure such as roads, bridges, and rail systems, which have enhanced our economic landscape and enriched our societies.”

Obasa called for continued collaboration to address global challenges like climate change and economic inequality and expressed confidence in a shared prosperous future.

In her welcome address, Yuqing, the Chinese Consul General, said that the increase in trade volume reflected the growing strength of China-Nigeria relations, describing Nigeria as China’s second-largest trading partner in Africa. Yuqing corroborated Obasa’s declaration that the elevation of relations between both countries to a comprehensive strategic partnership at the 2024 Forum on China-Africa Cooperation (FOCAC) summit had created broader prospects for cooperation.

According to her, collaborations in infrastructure, energy resources, trade, culture, and education continue to deepen while bringing tangible benefits to the citizens of both nations. “Nigeria and China, guided by the principles of mutual respect and mutual benefit, and all-round cooperation, have yielded remarkable results,” she said.

Yuqing also commended the Chinese community in Nigeria for contributing to cultural exchanges, local development, and charity initiatives, urging them to remain bridge-builders in strengthening China-Nigeria friendship.

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BIG STORY

National Assembly Unseals Natasha’s Office

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The office of Senator Natasha Akpoti-Uduaghan, representing Kogi Central, has been reopened by the National Assembly after being sealed for over six months. The unlocking occurred on Tuesday morning, with the Sergeant-at-Arms of the National Assembly, supported by security operatives, officially removing the seal from her office located in Suite 2.05 of the Senate Wing. Sealed Since March Over Suspension The office had been sealed since March 6, 2025, following the senator’s suspension from the Red Chamber. A video shared on Tuesday captured the moment the Deputy Director of the Sergeant-at-Arms, Alabi Adedeji, removed the red tape from the door. “I, Alabi Adedeji, Deputy Director, Sergeant-at-Arms, hereby unseal the office. The office is hereby unsealed. Thank you,” he announced during the process. Senator Faced Senate Suspension Over Protest Senator Akpoti-Uduaghan had been suspended for six months in March after staging a protest against the reassignment of her seat by Senate President Godswill Akpabio during a plenary session on February 20. The Senate cited misconduct as grounds for the disciplinary action, barring her from all legislative activities Court Deems Suspension Unconstitutional Although the senator’s suspension officially lapsed in September 2025, she had yet to resume her legislative duties due to resistance from the Senate leadership and pending legal matters. On July 4, the Federal High Court in Abuja ruled the suspension as excessive and unconstitutional, providing a legal boost to her efforts to return to the chamber. Return to Office Still Uncertain Despite writing to the Senate to inform them of her readiness to resume, her request was reportedly turned down by the National Assembly. While the unsealing of her office suggests progress, it remains unclear whether she will be granted full access to the facility or allowed to participate in Senate proceedings. Plenary Resumption on October 7 May Bring Clarity As the Senate prepares to reconvene on October 7, it is still uncertain whether Senator Akpoti-Uduaghan will be able to return to her seat alongside her colleagues. A formal Senate resolution on her status is still pending.

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BIG STORY

K1 De Ultimate Inspires Wasiu Haruna Ishola L1’s Upcoming Album Masterpiece

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Fuji and Apala fans are in for a treat as contemporary Apala-Fuji star, Wasiu Haruna Ishola L1, prepares to release his highly anticipated double album, Masterpiece, in Lagos this November. Supported by Big Bodeyy Promotions, the launch is scheduled for the second week of the month.

The album offers two distinct listening experiences — one side rooted in Fuji rhythms and the other in pure, original Apala music — giving audiences a fresh yet authentic take on indigenous Nigerian sounds.

Popularly known as Lagunja 1, Wasiu Haruna Ishola is the son of late Apala legend Haruna Ishola Bello and brother to renowned musician Musiliu Babatunde Haruna Ishola. With Masterpiece, he both honours his lineage and recognises the influence of his mentor, Alhaji Wasiu Ayinde K1 De Ultimate, whose artistry helped shape his approach to music.

“This album is both a tribute to tradition and a bold step into the future,” Lagunja 1 said. “It is dedicated to my late father and to my mentor, Alhaji Wasiu Ayinde K1 De Ultimate, while embracing digital innovation.”

He stressed that Nigerian musicians must embrace global advancements to rejuvenate audience tastes:

“We have to explore more, acquire new knowledge and take advantage of the ever-evolving digital world,” he added.

With its seamless blend of heritage and modern artistry — and inspired by K1 De Ultimate’s groundbreaking style — Masterpiece is positioned to be one of the standout Nigerian music releases of the year.

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