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- Entrepreneur Laura Ikeji Kanu has contacted Lagos State Governor Babajide Sanwo-Olu for assistance.
- She highlights the impact of rising commercial rents on her business operations.
- Laura spends over ₦50 million annually to run two stores.
Laura Ikeji Kanu, a well-known entrepreneur, has appealed to Lagos State Governor Babajide Sanwo-Olu for assistance as the escalating commercial rents are putting immense pressure on businesses like hers.
In a video that gained traction online, Laura Ikeji, sister to the affluent blogger Linda Ikeji, revealed that she currently spends over ₦50 million annually to keep two of her stores operational, both of which have seen substantial rent hikes over the years.
As a representative of the Business Women Association of Lagos State, she called on the government to create a specialized department that could offer affordable financing for businesses, aiming to avert store closures and protect employment.
She elaborated on the dramatic rise in her rental expenses. One of her stores, which initially had a rent of ₦4 million, increased to ₦8 million, then to ₦13 million, and now demands ₦16 million. The rent for her other store started at ₦3 million, soared to ₦8 million, then to ₦16 million, and has recently reached ₦30 million.
Laura Ikeji shared her concerns, pointing out that a large portion of her revenue now comes from her role as an influencer rather than her physical stores. She confessed that affording the ₦30 million rent next year might be unfeasible, leaving her with few choices: either build her own space if economically viable or relocate her business to her home.
Her appeal has struck a chord with many small and medium-sized business owners in Lagos, highlighting the pressing challenges caused by rising commercial rents. She warned that without intervention, numerous businesses could be forced to leave the city due to escalating rental costs.
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Read some comments below:
@wofaifada, “They’ve just increased my rent from 7m to 18m in Lagos. I’m currently confused.”
@lilianesoroo, “This topic right here. We really need to get serious, come together and take it up with and to the right authorities. Incase they are unaware of the impact it is causing on us all. 😩. We can’t continue like this gosh.”
@naydiz_couture, “must you own a shop on the island?Get a wharehouse and a website..or you can even get a shop on the mainland.”
@trendywearbygoldlight, “I saw one today for 57.5M naira and I was honestly shocked. Tell me this is not indirectly targeting money launderers, because what exactly is the person selling? If you talk you will hear “ you’re not our target audience.”
@ritaberry_desserts, “Its high time shop rent and house rent gets regulated by the government cause it’s draining us mentally and financially.”
@mutas_signature, “Rent needs to be regulated by the government, the rate at which rents are increased can also be regulated for eg. There should be % a landlord is allowed to increase their rent every year. That way people Landlords dont take advantage of people renting. This is how it is dont in organized countries 😢.”