Economy
Why President Tinubu Must Address Rising Cost Of Rent, Properties In Nigeria
Why President Tinubu Must Address Rising Cost Of Rent, Properties In Nigeria
Why President Tinubu must address rising cost of rent, properties in Nigeria. With the highest respect for your person and office, and in recognition of your commitment to building a fair and prosperous Nigeria, I write as a concerned professional citizen to express my deep concern over the persistent and unregulated rise in the cost of rent and property sales across our country.
Every day, millions of hardworking Nigerians — civil servants, traders, artisans, young graduates, and families — struggle to secure or maintain decent shelter. The dream of home ownership has become increasingly distant, while many tenants face sudden rent hikes that far exceed their means. This situation has placed countless households under emotional and financial strain.
This is not merely an economic challenge; it is a humanitarian one. Shelter is a fundamental necessity of life and a key measure of social welfare. When people cannot afford a roof over their heads, it erodes family stability, productivity, and hope — the very fabric of our nation.
While the relative stability of the foreign exchange market under your administration has helped to steady the cost of building materials, the continuous increase in rent and property prices suggests that deeper issues are at play.
It has become necessary for the government to investigate the true causes of these persistent hikes — whether they stem from speculative pricing, market manipulation, weak regulatory enforcement, or limited housing supply — and to take decisive action to address them.
Lagos: A Stark Example of the Housing Crisis
Your Excellency, nowhere is this crisis more visible than in Lagos, our nation’s economic capital and commercial nerve centre.
In just a few years, rent in several parts of Lagos has risen by over 400 percent. A three-bedroom apartment that once cost N2.5 million now goes for between N8 million and N12 million, while serviced apartments in high-demand areas such as Ikoyi, Victoria Island, and Lekki have jumped from N6 million to as high as N30–N35 million per annum.
Even middle-income neighbourhoods like Yaba, Surulere, and Gbagada have not been spared, where modest two-bedroom flats that once rented for N600,000 now exceed N2 million.
This unprecedented increase is forcing residents to relocate farther from their workplaces, pushing workers into lengthy commutes and overburdening public infrastructure. It is also widening inequality — creating a city that caters to the wealthy but squeezes out the middle and working class.
If Lagos — the model city of commerce and progress — is becoming unaffordable to the people who drive its economy, then it is a warning sign for the rest of the country.
The Broader Impact
Beyond the hardship faced by individuals and families, this situation is also having serious economic consequences. Many small and medium-sized businesses can no longer afford the unreasonable rent increases on commercial spaces.
As a result, numerous shops, offices, and workshops are closing down — leading to loss of livelihoods, increased unemployment, and reduced productivity. This knock-on effect is shrinking the middle class, discouraging entrepreneurship, and slowing down local economic growth.
If left unchecked, the housing and rent crisis could undermine your administration’s efforts to create jobs, stabilise prices, and promote inclusive economic recovery.
Recommendations for Urgent Action
In light of this, I humbly appeal that your administration kindly consider the following measures:
Why President Tinubu Must Address Rising Cost Of Rent
Initiate a National Housing and Rent Control Framework — in collaboration with state governments, to ensure fair and stable rent practices across urban centres.
Strengthen the Federal Ministry of Housing and Urban Development to effectively regulate property development and pricing nationwide.
Expand affordable housing schemes for low- and middle-income earners through public-private partnerships and cooperative models.
Support mortgage reforms to make home loans more accessible, especially to civil servants and young Nigerians.
Introduce tax incentives for landlords and developers who provide affordable housing options.
Investigate the root causes of high rent and property prices and establish transparent guidelines that protect both landlords and tenants from exploitation.
Encourage state governments to implement rent regulation mechanisms tailored to their local realities.
Support small and medium-sized businesses through rent relief or subsidy schemes where unreasonable rent hikes threaten employment and stability.
A Call for Compassionate Leadership
Your Excellency, I write this letter in the spirit of faith and hope — faith in your Renewed Hope Agenda, and hope that every Nigerian will one day have the dignity of living and working in a stable and affordable environment.
A nation’s greatness is not measured by the wealth of a few, but by the well-being and productivity of the many. Lagos stands as both a warning and an opportunity — to reform the housing system, restore affordability, and rekindle the belief that Nigeria can truly work for everyone.
May Almighty God grant you continued wisdom, health, and strength as you lead our country through these transformative times.
With my highest regard and sincere respect.
Anirejuoritse Ojuyah is an urban policy analyst
Eid-el-Fitr: NRC Sets To Run Three Lagos–Ibadan Train Trips Monday
Eid-el-Fitr: NRC sets to run three Lagos–Ibadan train trips Monday. He assured passengers of NRC’s continued commitment to safe, reliable, and efficient rail services.
This was contained in a statement issued on Friday in Lagos by NRC chief public relations officer, Callistus Unyimadu.
He said the additional trip was in response to high passenger turnout during the Eid-el-Fitr travel period.
“The extra trip is aimed at easing passenger movement and providing more travel options for commuters returning after the Eid-el-Fitr celebrations.
“Under the schedule, departures from Lagos (Mobolaji Johnson Station, Ebute Metta) will be at 7.45 a.m., 1.40 p.m., and 4.00 p.m.
“From Ibadan (Obafemi Awolowo Station, Moniya), trains will depart at 8.00 a.m., 10.50 a.m., and 4.30 p.m.,” he said.
Mr Unyimadu assured passengers of NRC’s continued commitment to safe, reliable, and efficient rail services.
NRC Sets To Run Three Lagos–Ibadan Train Trips Monday
He advised travellers to arrive early, comply with ticketing and security procedures, and plan their journeys.
“The corporation appreciates the continued patronage of its services and wishes all passengers a safe and pleasant journey,” he added.
UBA, BII Sign Letter Of Intent To Explore Trade Finance Collaboration Across Africa
United Bank for Africa (UK) Limited (“UBA UK”) and British International Investment plc (“BII”), the UK’s development finance institution and impact investor, announced that they have signed a letter of intent to develop trade finance collaboration opportunities.
The proposed initiative aims to expand access to trade and working capital facilities for businesses operating across Africa.
Access to trade finance remains one of the most significant structural constraints on African trade. Businesses, particularly small and medium-sized enterprises, are frequently unable to secure letters of credit, guarantees, and supply chain finance on commercially viable terms, limiting their capacity to export and import competitively. This trade finance gap is estimated by the African Development Bank to be over USD 80 billion annually.
To help close this gap, UBA UK, the London subsidiary of UBA Group, Africa’s Global Bank, will leverage its deep relationships across the Group’s 20-country African network to originate and structure trade finance transactions. While BII, with a mandate to support productive, sustainable, and inclusive growth across Africa, can support transactions that might otherwise fall outside conventional commercial appetite.
“The signing of this letter with BII represents a landmark moment for UBA UK and for the UBA Group’s global ambitions. As the Group’s hub for Trade Operations, UBA UK is uniquely positioned to connect African businesses with the international financial system. Working alongside BII, we can extend that capability further — mobilising capital where it matters most and helping to close the trade finance gap that holds back so much African potential,” said Lok Mishra, Chief Executive Officer, UBA UK
“British International Investment is committed to catalysing private sector growth across Africa, and trade finance is a critical enabler of that growth. We welcome the opportunity to collaborate with UBA Group, whose pan-African network and deep institutional relationships can help advance our ambition to expand access to trade and working capital finance, particularly in frontier markets,” Chris Chijiuitomi, Managing Director and Head of Africa
The announcement builds on growing momentum around intra-African trade facilitated by the African Continental Free Trade Area (AfCFTA), which entered into force in 2021 and represents one of the world’s most significant trade integration initiatives. Both institutions have identified the operationalisation of AfCFTA as a priority catalyst for a trade finance facility, with UBA UK’s network across major AfCFTA economies offering a basis for supporting businesses navigating the emerging continental market.
This also complements the UK Government’s broader engagement with African economic development, including commitments made at the UK-Africa Investment Summit, and reinforces the City of London’s role as a leading international finance centre for Africa-focused capital mobilisation.
Future cooperation remains subject to further assessment, due diligence and the completion of internal approvals by both parties.
ABOUT UNITED BANK FOR AFRICA (UK) LIMITED
UBA UK is the London-based subsidiary of United Bank for Africa Plc, one of Africa’s leading financial institutions with operations across 20 African countries, the United Kingdom, the United States of America, France, and the United Arab Emirates. UBA UK serves as the Group’s hub for Trade Operations, providing a comprehensive suite of trade finance, treasury, and correspondent banking services to institutional and corporate clients worldwide.
UBA
ABOUT UNITED BANK FOR AFRICA GROUP
United Bank for Africa is one of the largest employers in the financial sector on the African continent, with 25,000 employees group-wide and serving over 45 million customers globally. Operating in twenty African countries, the United Kingdom, the United States of America, France and the United Arab Emirates, UBA provides retail, commercial and institutional banking services, leading financial inclusion and implementing cutting-edge technology.
ABOUT BRITISH INTERNATIONAL INVESTMENT
British International Investment is the UK’s development finance institution and impact investor. The organisation invests in businesses in developing countries to improve people’s lives and help protect the planet. BII’s work targets the underlying causes of poverty and the climate crisis, helping countries break free from aid dependency for good.
Between 2022-2026, at least 30 per cent of BII’s total new commitments by value will be in climate finance. BII is also a founding member of the 2X Challenge which has raised over $33.6 billion to empower women’s economic development.
The company has investments in over 1,600 businesses across 66 countries and total net assets of £9.87 billion. For more information, visit: www.bii.co.uk | watch here. Follow British International Investment on LinkedIn, Bluesky and X.
Eid-el-Fitr: President Tinubu Felicitates Muslims, Urges Renewed Unity, Patriotism
Eid-el-Fitr: President Tinubu felicitates Muslims, urges renewed unity, patriotism. Mr Tinubu called on Muslims to reflect on the spiritual lessons of Ramadan.
The president urged them to renew commitment to national unity, peaceful coexistence, and service to humanity as they celebrate the festival across the country on Friday.
This is contained in a statement issued by presidential spokesperson, Bayo Onanuga, on Thursday in Abuja.
Mr Tinubu called on Muslims to reflect on the spiritual lessons of Ramadan, noting that the holy month teaches discipline, sacrifice, compassion, and devotion to God and humanity.
He said: “We have a lot to draw from the noble lessons of Ramadan, especially at a time like this.
“We must continue to abide by the virtues of piety, selflessness, perseverance, kindness and compassion beyond this period.”
The president emphasised the need for Nigerians to remain united across religious and ethnic lines, stressing that national cohesion remains vital for sustainable peace and development.
He urged Muslims to extend acts of kindness and charity to the less privileged, irrespective of religious or ethnic background, in line with the enduring values of Islam.
Mr Tinubu noted that such gestures would strengthen social bonds, promote inclusiveness, and reinforce the spirit of brotherhood that defines the Nigerian society.
The president also called on religious leaders to use the occasion to offer prayers for peace, stability, and economic prosperity across the country.
Tinubu
He expressed optimism that with collective efforts, Nigeria would overcome its challenges and achieve lasting progress for the benefit of all citizens.
Mr Tinubu wished Muslims a joyous celebration, praying that the blessings of Ramadan would bring renewed hope, strength, and guidance to individuals, families, and the nation.
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