Laura Ikeji, a well-known entrepreneur and social media influencer in Lagos State, has called on Governor Babajide Sanwo-Olu to take immediate action to control the rising cost of house and shop rents. She warned that many businesses are struggling to survive under the pressure of escalating rents.
In a video currently circulating online, Ikeji spoke on behalf of businesswomen and small business owners across Lagos, highlighting the frustration caused by repeated rent increases.
“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 stated.
Ikeji revealed that she pays more than ₦30 million in rent for two shops, ₦30 million for one and ₦16 million for the other. She said both shops initially cost much less, with rents starting at ₦4 million and ₦3 million, respectively, before rising 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 explained. “The other one went from ₦3 million to ₦8 million, from ₦8 million to ₦16 million, and now I pay ₦30 million as rent.”
Even with income from her influencing work, Ikeji said the rent increases have become overwhelming.
“I can’t cope, and this is coming from somebody who actually makes money outside business,” she said. “Things are so bad.”
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She cautioned that without intervention, many businesses may be forced to close or relocate.
“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 the governor to either regulate rent prices or establish a government department to provide financial support for struggling entrepreneurs.
“Since you have refused to regulate the rent in Lagos, maybe you should start giving us money for business,” she added.
Ikeji concluded by noting that she might not be able to afford the ₦30 million rent next year, leaving her with the choice to either construct her own space or close the business.