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Lagos Rent Crisis: Inflation Forces Residents Out, Strains Workers, Families
The economic crisis in Nigeria is hitting renters in Lagos hard, as landlords pass down the costs of spiraling inflation, pushing residents further from the city, disrupting children’s education, and worsening the already grueling commutes of workers.
With a population of over 20 million and an influx of 3,000 people daily, Lagos has long struggled with housing demand. However, recent government-led economic reforms—including the floating of the naira and the removal of fuel subsidies—have sent shockwaves through the economy, causing rents to skyrocket across both the affluent islands and the relatively 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. She welcomed twins last year and now faces a staggering 120 percent rent increase on her Lekki apartment, making it nearly impossible to find an alternative for her family of seven.
For Bartholomew Idowu, a transportation worker, the decision is more straightforward.
“I’m planning to pack out,” he said after his landlord hiked his rent by 28 percent—from ₦350,000 ($232) to ₦450,000. However, he remains uncertain about where to move next, as housing prices continue to surge.
Despite the government’s recent revision of inflation data—bringing the official year-on-year rate to 24.48 percent in January from December’s 34.80 percent—many Nigerians find little relief.
“The way out at the moment is to look for a way to pay,” lamented Dennis Erezi, a journalist who chose to stay put despite a 31 percent rent increase, fearing the costs of relocating.
For others, relocation has already had significant consequences. Jimoh Saheed, a personal trainer, was forced out of his one-room flat in Ikoyi when his landlord more than doubled his rent to ₦2.5 million. Moving to the mainland put him further from his clients, forced his children to change schools, and added transportation costs to their already stretched budget.
“This is affecting me emotionally, mentally, and physically,” said the 39-year-old, who now works longer hours but still struggles to keep up with inflation.
Legal Protection Weak, Structural Problems Persist
While Nigerian laws require that rent increases be negotiated between landlords and tenants, attorney Valerian Nwadike noted that enforcement is rare without legal action. He reported a surge in tenant-landlord disputes over the past year.
The government argues that its economic reforms will eventually yield positive results, but for now, the crisis is deepening. High interest rates have made homeownership nearly impossible for most Nigerians, and bureaucratic hurdles continue to stifle developers.
Even as construction cranes dot the Lagos skyline, new housing developments primarily cater to high-end buyers—foreign investors, Nigerians in the diaspora, and oil sector workers who earn in dollars. Economist Steve Onyeiwu explained that this creates a distorted market where luxury housing flourishes while middle- and lower-income residents struggle.
“Most Lagos landlords have dollar-based expenses—such as mortgage payments on overseas properties—so they’re increasing rents to cover losses from the naira’s collapse,” noted a director at Island Shoreline, a property management firm. He revealed that his own landlord recently attempted to double his rent.
A City in Housing Turmoil
While initiatives like the Lagos-Ibadan rail line may eventually ease transportation burdens, the rising cost of living has created a snowball effect that continues to push rents higher.
With lease payments typically required upfront for one to three years, both tenants and landlords scramble to hedge against inflation. However, the scale of rent hikes is unprecedented.
“The current spike is alarming,” said Ismail Oriyomi Akinola, a real estate agent, highlighting cases where Victoria Island rents have jumped by 200 percent.
“Good shelter is essential for everyone, not just the rich,” he added.
China has announced a sharp increase in tariffs on US imports, raising the rate from 34 percent to 84 percent, in response to new American trade measures that came into effect on Wednesday.
The decision, confirmed by China’s finance ministry, will take effect from 12:01 p.m. on Thursday. It follows the imposition of sweeping new US tariffs under President Donald Trump, including a hefty 104 percent duty on certain Chinese goods.
“The tariff escalation against China by the United States simply piles mistakes on top of mistakes and severely infringes on China’s legitimate rights and interests,” the ministry said in a strongly worded statement, warning of “firm and forceful” countermeasures.
Beijing has long opposed the increasing use of tariffs as a tool in trade disputes, and accused Washington of undermining the multilateral rules-based global trading system.
In a related move, China’s commerce ministry also announced it would blacklist six American artificial intelligence companies, including Shield AI Inc. and Sierra Nevada Corporation. The companies were accused of either supplying arms to Taiwan or collaborating with the island on military technology.
Chairman of the House of Representatives Committee on Federal Roads Maintenance Agency (FERMA), Engr. Aderemi Oseni has expressed deep sorrow over the passing of former Oyo State Governor, Dr. Omololu Olunloyo, describing his death as a monumental loss to the people of Oyo State and Nigeria at large.
In a condolence message made available to the press on Sunday, in Ibadan by his media aide, Idowu Ayodele, the lawmaker eulogised the late elder statesman as a distinguished scholar, consummate public administrator, and one of Nigeria’s most intellectually gifted leaders whose legacy would continue to inspire generations.
Dr. Olunloyo, who served as governor of Oyo State during the Second Republic, was reported dead at the age of 89. He was widely respected for his brilliance, administrative acumen, and unmatched depth in mathematics and public discourse.
Oseni noted that the late governor’s contributions to the development of Oyo State, particularly in the areas of education, governance, and intellectual engagement, are indelible footprints in the sands of time.
“We have lost a gem. Dr. Olunloyo was not just a leader, he was a father figure and a repository of wisdom. His demise is a personal loss to me and all lovers of progress and excellence in our society,” he stated.
While commiserating with the Olunloyo family, the people of Ibadan, and the entire Oyo State, he prayed for the peaceful repose of the departed soul and urged all to take solace in the rich and impactful life he lived.
Member representing Ibarapa East/Ido Federal Constituency in the House of Representatives and Chairman, House Committee on Federal Roads Maintenance Agency (FERMA), Engr. Aderemi Oseni has extended his heartfelt congratulations to Chief Sulaimon Ajeniyi Ajewole and other members of the Central Council of Ibadan Indigenes (CCII) executives on their re-election.
Chief Ajewole was returned as the President-General of the apex Ibadan socio-cultural association, alongside other members of the executive council, who were all given the mandate to continue piloting the affairs of the association for another two-year term.
In a congratulatory message issued through his media aide, Idowu Ayodele, Oseni described the re-election of the Ajewole-led team as a reflection of the trust and confidence reposed in their leadership by the Ibadan indigenes at home and in the diaspora.
He commended the CCII leadership for its unwavering commitment to the progress, unity, and cultural advancement of Ibadanland while expressing optimism that the renewed mandate would further propel the association to greater heights.
“The re-election of Chief Ajewole and his team is not only a testament to their sterling performance over the last term but also an affirmation of their capacity to continue serving the interest of Ibadan indigenes. I extend my warmest congratulations and best wishes for a more impactful tenure,” he said.
The lawmaker further assured the CCII of his continued support for any initiative geared towards the development of Ibadanland and the preservation of its rich heritage.
The CCII is renowned for its pivotal role in mobilising Ibadan sons and daughters towards the socio-economic development of the65 ancient city and beyond.
