Lagos Rent Crisis Forcing Quiet Business Closures, Says Laura Ikeji

Entrepreneur and media personality, Laura Ikeji has expressed concern over the rising cost of commercial rent in Lagos, warning that many small businesses are being forced to close despite recording steady sales.

In a video posted on her Instagram page, Ikeji said shop owners across the city are struggling to meet rent obligations, noting that the sharp increase in property costs has made it difficult for businesses to remain operational.

She questioned the current trend in rental pricing, stating that amounts now demanded annually for small retail spaces were comparable to what previously secured luxury residential properties in parts of Lagos. Ikeji, who operates her businesses in Lekki Phase One, described the situation as unsustainable for many entrepreneurs.

Calling for government intervention, she asked Lagos State Governor Babajide Sanwo-Olu to consider measures that would protect business owners from excessive rental demands.

While advising affected traders to explore online sales as a temporary solution, she maintained that lasting relief would require policy action.

The concerns come amid ongoing efforts by the Lagos State Government to reform tenancy regulations.

The existing Tenancy Law, introduced in 2011, governs landlord-tenant relationships, including rent payments and dispute resolution. In July 2025, the Lagos State House of Assembly introduced a Tenancy and Recovery of Premises Bill aimed at curbing excessive rent charges, regulating estate agents and strengthening tenant protections. The bill is yet to be passed into law.

Ikeji has previously spoken out on socio-economic issues affecting Nigerians. In December, she criticised excessive pricing by service providers during the festive season and cautioned against exploiting Nigerians in the diaspora returning home for holidays.

A prominent figure in Nigeria’s digital media space, Ikeji built her brand as a lifestyle and fashion content creator before expanding into entrepreneurship. She also gained wider public recognition through her appearance on the reality television show Real Housewives of Lagos.