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Nigeria’s rent crisis deepens as two-bedroom flats hit N2.5m

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Nigeria’s rental market is spiralling, with two-bedroom apartments averaging N2.5m annually, far above rates of just a few years ago. From N250,000 flats in Benin to N20m luxury units in Lagos, tenants nationwide face surging rents that are deepening an affordability crisis and squeezing millions of households.

The Nigerian housing market is facing one of its toughest periods in recent history, as the median rent for a two-bedroom apartment in many parts of the country has climbed to about N2.5m annually.

This figure represents a sharp rise compared to what was obtainable a few years ago and highlights the deepening affordability crisis confronting millions of Nigerians. From Lagos to Kano and Ibadan to Port Harcourt, tenants are feeling the squeeze of rapidly escalating rents.

While N2.5m serves as a national benchmark, the reality is that rents vary wildly across cities and neighbourhoods  ranging from as low as N250,000 in some inner parts of Benin City to as high as N20m in Lagos’s luxury districts, according to data gathered from industry players in these various locations.

Why two-bedroom flats

The focus on two-bedroom apartments is deliberate. Across Nigeria, this category of housing is often considered the “middle ground” for families, young professionals, and middle-income earners. A single-bedroom apartment is typically viewed as temporary or transitional housing, while three- and four-bedroom units are often priced far beyond the reach of average tenants.

For many Nigerians, a two-bedroom flat represents a balance between affordability and comfort. Yet, with prices surging, even this once-modest option is increasingly out of reach.

A resident of Jos, Plateau State, Gloria Oyogho, explained how rent is shaped by finishing and infrastructure. “In standard areas with good finishing, water supply, and stable electricity, rents range between N1.5m and N2.5m. But in less standard areas, prices are much lower, around N500,000 to N800,000,” she told The PUNCH.

She added that hidden costs further inflate expenditure: agency fees, legal charges, and sometimes compulsory renovation levies. “I once saw a flat for N500,000, but it lacked running water, and residents depended on a well,” she said, underlining how amenities directly impact value.

In Abuja, the country’s capital, rent disparities are glaring. Legal practitioner Adedapo Adewuyi described the property market as a spectrum, from relatively affordable outskirts to premium neighbourhoods catering to the wealthy and political elite.

In Karu, Maraba, and Kubwa, rents for two-bedroom flats range between N1.5m and N2.5m. In Wuse 2, Jahi, and Jabi, the cost climbs to around N3m. In Maitama and Asokoro, two-bedroom units cost up to N10m annually, reflecting prestige and exclusivity.

“These high-end districts are magnets for executives, diplomats, and top government officials,” Adewuyi explained. “Location remains the single most important factor in Abuja’s property market.”

The imbalance has led to rising tenant frustrations. One lawyer in a social forum questioned whether it was legal for a landlord to raise a tenant’s rent from N1.5m to N2.8m just months before renewal. Such abrupt hikes are increasingly common.

Ibadan, traditionally considered an affordable city, is fast losing that reputation. Data analyst Oladayo Isaac recounted how his rent journey reflected the city’s transformation.

“In 2022, two-bedroom flats cost between N300,000 and N500,000. I rented mine for N350,000. Today, average rents are N800,000 to N1.5m. Landlords are even introducing service charges, something unheard of in Ibadan until now,” he said.

He also narrated how inspections have turned into bidding wars. “We were about 50 people at one viewing. The landlord raised the price on the spot because of demand. Another apartment I considered rose from N1m to N1.1m in a week.” Isaac lamented that Ibadan landlords are “copying Lagos models”, with arbitrary rent hikes and extra service charges.

In Ogun State, proximity to Lagos is a key driver. Architect Seyi Amusan explained that in Opic, two-bedroom flats cost between N2m and N2.5m annually. “The demand comes from workers who cannot afford Lagos rents but still want to be close to the city,” he said. Yet prices are far from uniform. Rural districts in Ogun remain relatively affordable, though infrastructure gaps often make them less desirable.

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Enugu also mirrors the nationwide pattern of disparities. Agent John Kalu said two-bedroom flats in Emene and Abakpa go for N800,000–N4m, while prime areas like New Haven and Independence Layout cost N2.5m and above. “Tenants must also add legal and agent fees, which can increase total costs by 10 – 15 per cent,” Kalu noted.

Lagos stands out as the most expensive and unpredictable rental market in Nigeria. The spread is dramatic: Ikorodu, N1.5m N2m; Ketu and Alapere, N2.5m upwards; Gbagada and Shomolu, N2.5m – N3.4m; Ikeja, N4.5m – N6m; Magodo, N4m; and Ikoyi and Victoria Island, N8m – N20m.

One tenant along the Alapere/Ogudu Expressway said his rent jumped from N400,000 to N1.2m in a single review. Such steep hikes, often without justification, reflect the cutthroat competition for housing in Lagos.

In Uyo, estate agent Mint Ebuk reported average rents of N650,000 – N5m. In Benin-City, agent David Asobur noted extremes: N250,000 for poorly serviced inner neighbourhoods and up to N2.5m for well-serviced areas. In Calabar, resident Impress Nkechi said prime districts like Parliamentary Extension rarely go below N1.5m, while the outskirts still offer flats for N700,000.

Kano’s housing reflects its socio-economic diversity. Agent Amin Ya Rabbi explained that in Nasarawa GRA, the cost of rent is from N5m and above; Zoo Road, Otoro, N2m N2.5m; and Badawa, Sabangari, N800,000 N1.5m. “These differences reflect not just income levels but also cultural preferences and accessibility,” he said.

In Port Harcourt, two-bedroom flats cost between N600,000 and N4m depending on location. GRA stands at the top, with apartments rarely below N3.5m. The city’s average N2.5m mirrors the national median.

Institutions react

The Assistant National Publicity Secretary of the Nigerian Institution of Estate Surveyors and Valuers, Ayodele Olamoju, noted that rents in Nigeria have skyrocketed in a way that feels almost unbearable for many, especially those living in big cities.

He said, “What we’re facing is not just a random occurrence; it’s really the outcome of demand and supply struggling against each other, shaped by economic, social, and political forces. The housing market is under immense pressure, and without enough affordable options being delivered, the sharp rent increases keep hitting ordinary people hard. Take, for example, the average two-bedroom apartment that now goes for around N2.5m in major cities in the country. That figure alone tells the story of how far things have escalated. The surge is not because landlords simply want to exploit tenants; it’s because costs across the board have risen drastically. Inflation has eaten deep into every part of the housing value chain. From cement to steel, tiles, fittings, and even labour, prices have doubled or tripled within a short time, and naturally, developers and landlords are passing on these costs to tenants.

“Another major factor is our currency instability. The depreciation of the naira and the persistent foreign exchange shortages mean that anything imported for construction immediately becomes more expensive. Whether it’s finishing materials, fixtures, or even machinery, the exchange rate problem makes it harder to build at a reasonable cost. This has worsened construction inflation, and by extension, made rents climb faster than wages can catch up.

“All these issues combined show that the rent crisis is not a simple problem; it is structural. It exposes gaps in housing policy, weak supply systems, and the economic realities that every Nigerian is grappling with. Until there’s a deliberate effort to address both the economic pressures and the policy failures that feed into the demand-supply imbalance, rents will keep rising, and tenants will continue to struggle.”

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An estate surveyor, Olorunyomi Alatise, noted that rental prices in Nigeria, particularly in Lagos where the pressure is most acute, have spiralled uncontrollably in recent years, driven by both structural deficiencies and economic realities.

He said, “The chronic housing deficit in Kano, for instance, has created a persistent imbalance between supply and demand. On the other hand, inflation, currency volatility, and escalating construction costs have left landlords with little choice but to push rents upward, often indiscriminately. This dual force of scarcity and cost-push inflation has made shelter an increasingly elusive basic need for many.

“The troubling irony, however, is that these rent reviews rarely align with tenants’ earning capacity. Salaries are either stagnant or, where increased, fail to match the pace of inflation, leaving households vulnerable. The gap between rent obligations and income growth has widened so sharply that affordability has become a pressing crisis. For a significant portion of the population, rent now consumes a disproportionate share of monthly earnings, leaving little for other essentials and pushing many towards overcrowded, inadequate housing or outright displacement.

Addressing this pervasive challenge requires a deliberate, multi-pronged response.

Affordable “housing delivery must be prioritised through mass housing schemes supported by government and private developers. Policy innovations such as incentivising longer, stable leases, regulating the spread of short-term rentals, and publishing a transparent rent index for both rents and property sales would bring sanity and predictability to the market. Additionally, construction costs can be reduced by encouraging the use of local building materials and granting tariff relief on essential inputs. Without such systemic interventions, the housing affordability gap will continue to widen, deepening social and economic inequalities.”

Meanwhile, the president of the Association of Housing Corporations of Nigeria, Eno Obongha, noted that the reasons for the rent hike were not far-fetched.

He said, “When demand is higher than supply, prices must go up. The supply end is limited because building material prices are very high. Most of the imported materials are also affected by the dollar value. The processes for obtaining housing loans from development finance institutions are equally cumbersome.

“There must be a deliberate effort by federal, state and local governments in Nigeria to increase the housing stock for the benefit of medium- and low-income earners. The housing deficit affects the medium- and low-income earners, and these days, because of the economic hardship, many high-income earners are leaving big properties to compete for two- and three-bedroom units. Finally, there are no rent control laws to regulate rents charged by landlords.”

A builder, Awolusi Femi, noted that the steady rise in rental prices across the country is driven by a complex mix of economic and structural factors.

He said, “One of the most pressing issues is the increasing cost of land. As urban centres expand and demand for prime locations intensifies, the value of land continues to soar. Land scarcity in major cities has further heightened competition, making property acquisition an expensive venture. This, in turn, pushes landlords and developers to pass on these costs to tenants in the form of higher rent, making housing less affordable for the average citizen.

“Beyond land costs, the relentless surge in building material prices plays a significant role. Materials such as cement, steel, roofing sheets, and finishing products are experiencing constant price hikes, largely influenced by inflation, import dependence, and supply chain disruptions. These rising costs not only impact new construction projects but also existing buildings. Landlords are compelled to adjust rents upward to cover maintenance expenses, since even routine repairs now require expensive materials. Consequently, tenants are bearing the brunt of these inflationary pressures.

“Another key factor is the rising cost of labour, both skilled and unskilled. Masons, carpenters, plumbers, electricians, and general labourers have steadily increased their charges due to the high cost of living and limited availability of trained professionals. For property developers, this translates to higher project costs, while for landlords, it means greater expenses in maintaining or upgrading their properties. Inevitably, these additional costs are transferred to tenants through higher rental fees. Altogether, the combination of expensive land, soaring material prices, and costly labour has created a rental market that is becoming increasingly unsustainable for many households.”

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Historical context

Nigeria’s rent crisis didn’t happen overnight. Analysts trace the surge to several long-standing issues. Urban migration is one of them, as Nigeria’s cities have swelled dramatically since the 1990s. Lagos alone receives an estimated 600,000 new residents annually.

Inadequate housing supply is also another issue. Government housing schemes have consistently fallen short of targets. The national housing deficit is estimated at 28 million units. High construction costs are considered too, as the prices of cement, iron rods, and finishing materials have soared due to inflation and foreign exchange challenges.

Speculative real estate is an issue, as developers and landlords often price properties far above market reality, targeting elites and expatriates rather than average citizens.

Behind the numbers are real struggles. Families are increasingly forced to relocate to the outskirts, endure longer commutes, or downgrade to smaller apartments. Many middle-income earners now spend over 40 per cent of their salary on rent, far above the 25–30 per cent recommended globally.

Some households face eviction after failing to meet sudden rent hikes. Others are pushed into overcrowded flats, worsening urban slum conditions. For younger Nigerians, the dream of independent living is increasingly delayed, with many staying longer in family homes.

Experts speak

Acting Dean of the Faculty of Management and Social Sciences at West Midlands Open University, Lagos, Dr Timilehin Olubiyi, described the situation as alarming. “Rent now consumes a disproportionate share of income. Families are forced to choose between paying rent and meeting basic needs like healthcare and education,” he said.

Olubiyi proposed three urgent steps, including affordable housing policies. He said the government should partner with private developers to build low- and middle-income homes and called for rent control measures by limiting annual increases to prevent arbitrary hikes.

On stricter urban planning, he said there should be infrastructure expansion to new districts to ease pressure on city centres. He emphasised that Nigeria’s housing crisis is not insurmountable, stating that “with the right policies, investment, and community involvement, affordable housing can become a reality.”

Possible solutions

Experts noted that public-private partnerships that entail joint projects between the government and private developers can increase housing stock. Rent-to-own schemes that are already tested in parts of Lagos and Abuja could be expanded nationally.

Also, offering tax breaks to landlords who maintain affordable rents could encourage moderation. Cooperative housing models where communities pool resources to build shared housing can provide alternatives for low-income families. Digital transparency, where online rent portals are concerned, could standardise pricing and reduce exploitation by agents.

Conclusion

Nigeria’s rent crisis is worsening by the year. With two-bedroom flats averaging ₦2.5m, millions of households now struggle to secure decent shelter. The disparities, ₦250,000 in some Benin-City neighbourhoods versus ₦20m in Ikoyi, highlight a deeply fragmented housing market.

Unless urgent steps are taken, the affordability gap will widen, social tensions will increase, and urban poverty will deepen. The question now is whether government and private stakeholders can act quickly enough to prevent the dream of decent housing from slipping further away for millions of Nigerians.

For many tenants across the country, the next rent cycle could determine not just where they live, but whether they can continue to live with dignity at all.

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Counterfeit empire: Lagos electronics market where fake products sustain luxury

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Beneath the bustling chaos of Alaba International Market lies a hidden economy built on counterfeit goods. Refurbished televisions masquerade as brand-new, logos deceive the eye, and receipts vanish without a trace. For traders, it is a lifeline, a way to support families and even sustain luxury lifestyles; for unsuspecting buyers, it often means disappointment and significant financial loss. In this investigation, CHIJIOKE IREMEKA not only exposes the underdogs behind this imitation business but also draws parallels with similar trade hubs worldwide, offering potential solutions to curb this thriving culture

“I  didn’t know a television could be refurbished and painted the way a vehicle could be panel-beaten and sprayed,” said 31-year-old Dumebi Asika, recalling how he was shortchanged at Alaba International Market, Lagos, while trying to buy a 65-inch smart TV for his home.

The newlywed had recently rented a two-bedroom flat in Okota, Amuwo-Odofin, in the heart of Ojo Local Government Area, Lagos State, for N1.8m. After furnishing his living room with sofas, he set out to buy a fashionable smart television as a gift for his wife.

However, with the prices of new televisions rising across brands, the 65-inch TV he wanted was beyond his budget.

A new model was going for N620,000, while a tokunbo (used) television sold for N242,000. Reluctantly, he opted for a used set, but that decision would later lead to disappointment.

“Everything went wrong when I settled for tokunbo instead of my original choice. I went for a fairly used TV, but I was given a refurbished one instead,” he said.

How it began

What the smooth-talking seller, known only as Joe, actually handed Asika was an old TV set cleverly passed off as tokunbo.

“The TV worked perfectly for a couple of weeks, but after a month, it started overheating and randomly shutting down. Within a week, lines appeared across the screen. I was shocked,” he recalled.

Attempts to reach Joe through the contact on the receipt proved futile. Frustrated, Asika took the television to a local electrician, who delivered the unwelcome news: the set was not a genuine Samsung.

While the casing bore Samsung branding, the internal components: panel, motherboard, and power unit, were cheap, mismatched parts from unknown manufacturers.

Essentially, it was an assembled TV masquerading as a branded product.

“It was a screen problem, but repairing it would cost almost as much as the TV itself, with no guarantee it would last. I was advised to return it to the seller,” Asika explained.

Finding the seller, Joe, was complicated by ongoing demolition and rebuilding projects in the market, which had displaced many traders. When they finally met, Joe argued the television had been in perfect condition when it was sold, claiming Asika damaged it and should bear the responsibility.

“It was a heated argument. People gathered to intervene, but Joe insisted he had done nothing wrong, saying he sold the product two months earlier and couldn’t accommodate returns beyond that period.

“Eventually, I had to drop the faulty set, pay an additional N49,500, and accept a 55-inch LG TV instead of the 65-inch I wanted. I wish I had gone for my initial choice, a brand-new TV. But it was an experience that changed my perception of tokunbo items,” Asika lamented.

‘I paid for a 55-inch TV but 45-inch was given’

In a similar case, 48-year-old civil servant, Sunday Chinwike, fell victim to brand counterfeiters at Alaba Market. After saving for months to upgrade his living room TV, he was led to believe he could get a high-quality 55-inch LG smart television at a lower price.

Guided by local hustlers known as Osoafia boys, who posed as market insiders, Chinwike was led into a shop lined with neatly stacked LG-branded television cartons.

The shop assistants, later discovered to be impostors, showcased the television’s features, displayed an LG-branded remote control, and produced a seemingly convincing warranty card.

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“The price was N320,000, lower than elsewhere, but not suspiciously cheap. I trusted them. I didn’t understand the meaning of being careful until I was shortchanged,” Chinwike recalled.

Trader packing a counterfeited LG television into a carton after manually stamping LG logo on it

He said he was drawn in by claims of a promotional price and LG’s excess stock.

“After a brief test in the shop, the television came on, showed bright colours and looked genuine. Unfortunately, I did not pay attention to the software or the size,” the man said.

It was only after returning home that his son, Marcel, began navigating the settings and noticed anomalies.

“Some of the apps and software in the menu weren’t customised. After a series of checks, we discovered it wasn’t an LG product at all; it was a clone. We also realised it wasn’t as large as my neighbour’s television. Yet, surprisingly, most features worked, including Bluetooth and Wi-Fi,” Chinwike explained.

Shocked by the discovery, father and son returned to the shop seeking a replacement, only to encounter the real shop owner, who delivered an unexpected revelation.

“By the time we arrived, the seller had disappeared. The shop owner examined the television and said it was not his product. He said he did not even stock 55-inch LG televisions. The receipt I had did not come from his store. Apparently, Osoafia hustlers had sourced the set from another vendor and sold it as genuine,” Chinwike said.

The owner advised him to exercise more caution, clarifying that the product itself was not faulty, just that it was simply not authentic.

“The original model sells for about N750,000 and is roughly 10 inches larger than the one I bought. I had to return home with the fake television, wasting my transport fare. Still, it wasn’t entirely useless, and I learnt my lesson,” he added.

Chinwike’s experience, like that of many others, highlights a fractured system in which counterfeit global brands sustain livelihoods while ordinary Nigerians bear the brunt.

The menace of counterfeiting

Across Alaba International Market, counterfeit products, including telephones, cables, electronics, and televisions, are sold daily.

LG, Samsung, and Hisense are among the global brands most commonly imitated. Investigations by Sunday PUNCH revealed that traders import generic or substandard TV panels, assemble them locally, and brand them with popular logos. To the untrained eye, the products appear authentic, with carefully fabricated cartons, substandard remote controls, start-up screens, and serial numbers.

Experts warn that until regulatory agencies, brand owners, and policymakers enforce stricter measures, Alaba’s counterfeit economy will continue to thrive, ensnaring unsuspecting buyers behind familiar logos.

Regulatory agencies, including the Standards Organisation of Nigeria, have occasionally carried out raids in the market, seizing counterfeit goods and shutting down shops engaged in illegal activities.

However, enforcement has remained inconsistent. The market’s vast size, dense population, and political sensitivity mean that business often resumes almost immediately after raids. Brand owners have also faced criticism for weak local oversight and limited consumer education.

Millions lost to counterfeiting

The World Bank estimates that Nigeria loses around 15 per cent of potential GDP growth annually due to counterfeit products and related illegal trade.

Experts note that the Information and Communications Technology and electronics sectors are particularly vulnerable, with counterfeit devices contributing to poor service quality and financial losses for both consumers and original manufacturers.

Even international watchdogs have taken notice. In 2014, the Trademark Working Group, an informal collaboration of US companies facing challenges protecting their trademarks abroad, listed Alaba as one of Nigeria’s most notorious markets for counterfeit goods.

In 2018, SON revealed that Nigeria lost N15bn annually to counterfeiters.

A former SON director, John Achukwu, made this known at a stakeholders’ workshop on “Reduction of Substandard Products in Nigeria” for the South-East zone.

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Today, counterfeit goods are noted to make up 40 per cent of products in the Nigerian market, causing annual economic losses exceeding $20bn.

Many of these products, particularly electronics, are imported, and according to SON, the body had previously destroyed counterfeit items worth up to N500m in single operations.

Recent accounts from buyers highlight the persistence and severity of these scams.

A banker, Wilson Ebo, for instance, said he went to Alaba to buy a second-hand Samsung home theatre, only to realise it was counterfeit.

“After testing the sets and negotiating a price of N25,000, I paid and signed the receipt without scrutiny. Later, a shop assistant told me the DVD engine worked only on a generator and suggested a swap. When I asked for a refund, the seller refused. An elderly man posing as a mediator later revealed that the receipt excluded the subwoofer and speakers. It became clear that the mediator was part of the scam. I had no choice but to pay an extra N6,000, and even then, the so-called Samsung was fake, as the logo was simply glued on it,” he said.

Fake products, cheap alternatives

Sunday PUNCH’s investigation revealed a system sustained by economic hardship and weak regulation, even as some traders defended the sale of low-quality goods as affordable alternatives for the masses.

“The goods you call fake are actually cheap alternatives for the masses. If we sold only originals, what would the poor do? How many people can afford them? Customers want affordable products because of the country’s economic situation. Everyone is just trying to survive, and you cannot blame anyone for that. Those who cannot afford the original will go for an alternative and still enjoy their lives,” argued a trader, Joshua Chidozie.

He acknowledged that alternatives are not necessarily bad but warned that some hustlers do not provide buyers with true, full details.

Osoafia boys at Alaba

“If you are not careful, they will sell that same alternative to you as the original. In the market, there are always two products: original and copy. You can get the one you want, but if you don’t know and seek a cheaper product, they will sell you a copy in place of the original,” he added.

In contrast, an electronics engineer, Kenneth Ikwo, warned that the normalisation of counterfeiting has created a dangerous marketplace where deception has become routine. He noted that while consumers are often blamed for being ‘careless,’ the sophistication of counterfeit products makes it nearly impossible for the average buyer to identify a fake.

“You can’t be more careful than the criminals. Some counterfeit TVs pass basic on-the-spot tests but fail weeks or months later, long after the seller has disappeared. Beyond financial loss, the risks are serious. Substandard electronics can cause electrical faults, fires, and health hazards. Many fake TVs lack proper insulation and voltage regulation, which can burn sockets and damage entire apartments,” Ikwo warned.

He alleged that traders often source low-quality television sets from foreign manufacturers, particularly in China, without brand logos. Once in Nigeria, he noted, local printing shops produce counterfeit brand cartons to package the products as originals—a practice recently highlighted in a viral video circulating online.

Fake LG logo syndicate exposed

Recently, a suspected syndicate was exposed inside Alaba International Market for printing LG logos on cartons for 45-inch and 55-inch televisions. A viral video obtained by Sunday PUNCH showed the suspects stamping LG logos on cartons as they prepared the televisions for sale to unsuspecting customers.

Stack_of fake television inside of fake LG cartorns at Alaba Internationa Market, Ojo. Lagos

A voiceover in the video said, “Yesterday, I was in Alaba… and I came across this guy printing the LG logo on these new TVs.”

According to the narrator, over 3,000 cartons of counterfeit televisions were discovered inside the shop, raising fresh concerns about the scale of fake electronics flooding Lagos.

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Prospective buyers were urged to exercise caution, as branded packaging alone does not guarantee authenticity.

Why the menace persists

An electronics dealer in Festac town, Osita Udegbunam,  attributed the persistence of counterfeiting to poverty and the struggle for survival.

“As a first-time visitor to the market, you’ll encounter Osofia hustlers who direct you to shops or claim they have exactly what you are looking for. These are mostly unemployed young men with no capital to start trading, but with extensive knowledge of the market.

“They guide buyers to sellers, earning small tokens from both parties to survive. Even married men rely on these crumbs to support their families. This system exists in major markets – electronics, foodstuffs, and more,” he said.

Udegbunam noted that similar practices are common in Alaba Rago, the livestock market, where local boys guide buyers, as well as in cattle markets.

“However, due to hunger and desperation, some have turned to crime as a faster way to survive. No authority can solve this without addressing the root causes. Create jobs, reduce hunger, and make life meaningful for the masses, and these problems will diminish. Even graduates are involved. The hungrier the population, the more people drift into scams and crime,” Udegbunam added.

Supporting this, a trader in Oshodi, Jonathan Isibor, explained that while some hustlers are genuinely trying to make a living, others deliberately prey on unsuspecting buyers.

“The bad ones usually exploit greed. They may offer an LG 42-inch LED TV for N100,000 or quote other unrealistic prices. If you fall for it, you return the next day claiming you were scammed at Alaba. These scammers operate in organised rings, and once you fall into one, escaping their trap is difficult. The best protection is to remain alert and wary of their tricks,” he advised.

Isibor added that these hustlers cut across ethnic lines, Yoruba, Igbo, and Hausa, but are united by a single motive: defrauding unsuspecting buyers.

“Hunger knows no tribe, and crime has no colour. A Yoruba hustler may discourage you from buying from an Igbo trader, and vice versa, but they often belong to the same ring. Their sole aim is to defraud you,” he explained.

The trader also noted that task forces oversee different sections of the market. “Once you identify where you made a transaction, report it immediately to the task force, and it will be addressed. Alaba has many genuine, hardworking traders, but in a market of this size, bad actors will always exist. Buyers must stay observant, avoid shady deals, and carefully read receipts before signing or making payment,” he added.

 ‘We are hustlers, not criminals’

One of the Osoafia hustlers, Peter Balogun, rejected the criminal label often attached to them, insisting that most are simply trying to survive.

“We are not criminals,” he insisted. “We hustle to feed our homes. What we do is guide customers to traders who sell the products they are looking for. When a customer buys, we get a small commission from the trader or a token from the customer.”

Balogun acknowledged that some individuals exploit the system to commit scams, but emphasised that they do not represent the majority. “Bad people are spoiling the work for us, but many of us are genuine. Unemployment and hardship have pushed many young men into Osoafia hustling. There are no jobs. This market is how we survive,” he added.

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PHOTOS: FAAN Launches Nigeria’s First Fully Electric Airport Shuttle

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The Federal Airports Authority of Nigeria FAAN has launched electric shuttle buses at the Nnamdi Azikiwe International Airport Abuja in a major step toward modernising airport operations improving service delivery and advancing environmental sustainability.

The project was executed in collaboration with Possible EVS and NEV Electric.

Speaking at the launch, the chairman of the FAAN Board, Dr. Abdullahi Umar Ganduje described the initiative as a milestone in FAAN’s drive to modernise airport operations and align Nigeria’s aviation sector with global best practices.

“These vehicles will support airside and landside logistics staff movement and services strengthening passenger coordination and efficiency across the airport,” he said.

Ganduje noted that electric vehicles offer strong environmental and operational advantages as they are cleaner quieter and more energy efficient significantly reducing carbon emissions and FAAN’s ecological footprint.

He added that the initiative supports global sustainability targets including the International Civil Aviation Organisation’s goal of achieving net zero carbon emissions by 2050.

“By embracing electric mobility FAAN is positioning Nigerian airports to remain competitive responsible and future ready,” he stated.

The former Kano state governor further explained that the predictable performance and lower maintenance requirements of electric vehicles will enhance monitoring coordination compliance accountability and overall service reliability.

According to him this will translate into more transparent efficient and passenger friendly airport services.

For her part, FAAN Managing Director, Olubunmi Kuku said the initiative demonstrates the authority’s commitment to a sustainable climate future by reducing carbon footprint and addressing the effects of climate change.

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She noted that the electric vehicles will reduce dependence on fossil fuels lower operating and maintenance costs cut harmful emissions and enhance passenger travel experience.

“They represent more than just transport; they symbolise cleaner air quieter terminals and a commitment to pioneering sustainable infrastructure in Nigerian aviation.”

She described the collaboration with private sector partners as a model for innovation and progress.

“This partnership is a testament to what is possible when the public and private sectors align with a shared vision,”she said.

“FAAN has always prioritised passenger comfort safety and a seamless airport experience and today’s official launch of our electric shuttle buses and cabs is a further powerful demonstration of that commitment to service towards a sustainable future,” she added.

Kuku disclosed that FAAN has secured the approval to deploy 100 Electric Vehicles (EVs) to operate as airport shuttles at both the Murtala Mohammed International Airport, Lagos, and Nnamdi Azikiwe International Airport, Abuja.

Abimbola Gyer, the Head of Fleet Operations at Possible Energy disclosed that the electric shuttle service will operate daily from 7 a.m. to 7 p.m. with a fare of ₦10,000 per passenger from the airport to the city centre.

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Asian stocks hit by fresh tech fears as gold retreats from peak

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Asian stocks took a hit on Friday amid fresh worries over vast investments in artificial intelligence, gold and silver tumbled after hitting multiple record highs, and oil retreated on hopes for an easing of US-Iran tensions.

Markets have endured a rollercoaster ride this week as traders weathered a weaker dollar, Donald Trump’s threats against Tehran, a resumption of tariff warnings and a possible US government shutdown.

Fresh optimism in the tech sector about the future of AI has provided support, however, with healthy earnings from companies including Meta, Samsung and SK hynix providing much cheer.

However, the positivity took a hit on Thursday after Microsoft announced a surge in spending on AI infrastructure and revived concerns that companies could take some time before seeing a return on their investments.

There are also fears that firms’ valuations may be a little too stretched and markets could be in a bubble, having soared in recent years to record highs on the back of a tech-fuelled rally.

“Microsoft suffered its worst session since the COVID‑era crash, falling 12 percent and accounting for over two‑thirds of the S&P 500’s decline,” wrote National Australia Bank’s Rodrigo Catril.

“Concerns centred on rising investment spending, slower Azure (cloud service) growth, and a longer runway to monetising AI.”

– Trump Fed pick –

Wall Street ended mostly in the red, with Dow the only advancer.

Asia also struggled amid speculation Trump will pick Kevin Warsh, a former Fed governor and a man considered more hawkish on interest rates, as the next boss of the central bank. The president has said he will name a successor to Jerome Powell on Friday morning US time.

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Hong Kong, Shanghai, Tokyo, Sydney, Singapore, Taipei and Bangkok were all down. Seoul, Manila and Wellington rose.

Paris was flat as data showed France’s economy grew slower last year than 2024. London opened lower but Frankfurt rose.

Jakarta rose after a two-day rout sparked by index compiler MSCI calling on regulators to look into ownership concerns.

The compiler said: “If insufficient progress is made towards achieving necessary transparency enhancements by May 2026, MSCI will reassess Indonesia’s market accessibility status.”

It warned this could result in “a weighting reduction in MSCI Emerging Markets Indexes for all Indonesian securities and a potential reclassification of Indonesia from Emerging Market to Frontier Market status”.

Gold was also in retreat, sitting around $5,150 an ounce, a day after topping out above $5,595. Silver was at $106 from a peak of more than $121.

The precious metals were also weighed by a slight uptick in the dollar, having tumbled on Trump appearing to be happy to see the world’s reserve currency weaken despite the potential risk of pushing up US inflation.

Investors are keeping tabs on developments in the Middle East after the US president sent an “armada” to the region and warned Iran of possible strikes if it did not reach a fresh nuclear deal.

Both main contracts were down more than one percent, having spiked as much as five percent Thursday.

Still, concerns remain about a conflict in the crude-rich region, which would send prices soaring, also putting upward pressure on inflation.

In Washington, the US Senate edged closer to a vote on a funding deal to avert a government shutdown following a bitter standoff over Trump’s sweeping immigration crackdown.

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Current government funding lapses at midnight on Friday.

– Key figures –

Tokyo – Nikkei 225: DOWN 0.1 percent at 53,322.85 (close)

Hong Kong – Hang Seng Index: DOWN 2.1 percent at 27,387.11 (close)

Shanghai – Composite: DOWN 1.0 percent at 4,117.95 (close)

London – FTSE 100: DOWN 0.2 percent at 10,150.97

West Texas Intermediate: DOWN 1.7 percent at $64.32 per barrel

Brent North Sea Crude: DOWN 1.6 percent at $68.50 per barrel

Euro/dollar: DOWN at $1.1940 from $1.1962 on Thursday

Pound/dollar: DOWN at $1.3781 from $1.3800

Dollar/yen: UP at 153.74 yen from 153.04 yen

Euro/pound: DOWN at 86.63 pence from 86.67 pence

New York – Dow: UP 0.1 percent at 49,071.56 (close)

AFP

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