Why Tinubu must address rising cost of rent, properties in Nigeria

BY ANIREJUORITSE OJUYAH

Your Excellency,

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:

• 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