Beauty Entrepreneur Sounds Alarm Over Lagos Rental Crisis
Prominent beauty entrepreneur Laura Ikeji Kanu has issued a stark warning about the escalating rental property costs in Lagos, describing the situation as alarming for local businesses. In a heartfelt video shared on her Instagram platform, Kanu revealed that numerous enterprises are quietly shutting down across the state due to unsustainable rent demands.
The Staggering Cost of Commercial Space
Kanu emphasized that the amounts currently being charged for annual rent in Lagos are equivalent to what was previously used to purchase entire properties just a few years ago. "The kind of rent they charge in Lagos are the kind of money we use to buy four-bedroom duplex in Ajah," she stated, highlighting the dramatic inflation in commercial property costs.
She specifically pointed to mall shops where landlords are demanding what she described as purchase-level prices for yearly rentals, creating an impossible financial burden for many business owners.
Direct Appeal to Governor Sanwo-Olu
In her video message, Kanu made a direct appeal to Lagos State Governor Babajide Sanwo-Olu, posing critical questions about potential solutions. "Governor Sanwo-Olu, what can we do? How can you save businesses in Lagos?" she asked, calling for urgent government intervention.
The entrepreneur expressed concern that many affected business owners lack the resources or knowledge to transition to online operations, though she acknowledged this as a potential alternative for some. "A lot of these shop owners cannot transition to online business," she noted, while still encouraging those who can to consider digital alternatives rather than complete closure.
Call for Collaborative Solutions
Kanu framed the rental crisis as a collective challenge requiring cooperation between government officials and the business community. She specifically asked: "You and the average Lagos entrepreneur and the Lagos business owner, what can we do to salvage this problem?"
Her appeal underscores growing concerns among Lagos entrepreneurs about the sustainability of physical retail spaces amid rapidly increasing overhead costs. The video has sparked conversations about commercial property regulations and support mechanisms for small and medium enterprises facing similar challenges across Nigeria's economic capital.
