Beauty entrepreneur Laura Ikeji Kanu has raised concerns about the soaring cost of renting business spaces in Lagos State, warning it is forcing small and medium businesses to close. She urged the government to regulate rents or provide financial support for struggling business owners.

In a recent Instagram video, Ikeji Kanu revealed she currently pays N50 million annually for two shops, up from an initial N3 million and N4 million each. She highlighted that many business owners face similar rent hikes, making it difficult to sustain operations in Lagos.

Followers of the entrepreneur echoed her concerns, sharing experiences of rent increases that threaten their businesses. Many lamented that the situation is worsening, particularly for SMEs that lack financial buffers to cope with rising costs.

Ikeji Kanu suggested that government intervention, either through rent regulation or grants, is necessary to protect businesses and prevent widespread closures. She stressed that without action, the high rental costs could significantly harm Lagos’ entrepreneurial ecosystem.