₦airaland Forum

blowjohn:
The most interesting fact here is that he graduated from the international School, university of Ibadan.
My alma mater.

That's to me still the best secondary school in the history of this country. Quote me if u like, even this guy can't stand toe to toe with his former seniors like bosun adeoti and his colleagues.

Hasty generalisation. Besides, David just started his journey. No one knows where he will be in a decade's time.

For the records, I remember ISI was once ranked 3rd best secondary school in the country back then.

Students that year ehn.

Dem dey break records for SAT exams.

I remember bosun came out tops in the world in SAT 2

Impressive. Bosun studied at MIT for both his BSc and MSc. He has been working at Google for more than a decade. He must be exceptionally brilliant.

https://www.linkedin.com/in/bosun-adeoti-1757545/

Racoon:
What a guru. Congratulations son. They won't reward him good now to immortalise and promote the dignity of hard work and genuine success. If nah BBN wey person go promote nudity and sexual promiscuity, they will be splashing millions in the person.

Apples to oranges. Those who sponsor BBN do so for commercial purposes. David has been rewarded for his academic excellence by working for an elite company and garnering three scholarships.

Everyone cannot be academically exceptional.

willi926:
Gambling. It's a money consuming demon which puts an addict into depression and suicide

Womanising too. The ROI is extremely poor. It is sweet to the preek and testosterone to have sex with different women; shapes and sizes. It is biologically sweet, but it is prohibitively expensive. Only rich men should indugle in womanising.

OP, to clarify a bit: eating out might be cheaper if the person is single and works a mentally demanding job/runs a high demand business. Economics says when you are making money, you delegate or outsource some activities so you free more time to make more money.

I wrote something similar few years ago:

https://www.nairaland.com/6035550/nigerians-poverty-certain-acts-perpetuate

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You made great points, but missed out on the most important one: STOP HAVING FLENTY CHILDREN

Nigerians need to understand that having flenty children in today's economic climate is tantamount to being on the road to multidimensional penury and privation. The belief that children are blessings from God is entirely misplaced: children become blessings when taken care of properly and adequately.

Use condoms, postinor, the numerous contraceptives available to women and if, as a man, you don born like two, do vasectomy. Considering that many Nigerian men are polygamous by nature (they stated so, not me), it is important so as not to score in away games.

"Giving birth is cheap, raising them is expensive". Gerrard59, 2016

dangermouse:
Dude has poor choice of ladies obviously from the pics am seeing and the comments by the ladies.

What makes you think the dude is a high value man? He is just as irresponsible as the stoopid women. Nothing else. He can never get the elite women in his demography. A man who impregnates five women concurrently is an irresponsible man.

tensazangetsu20:
Gerrar.d59 mount o.

Nigerian elites have failed the country. That is why I don't rate them as intelligent. I see them as below monkeys. I really don't know, but nothing freaks me when I see an assembly of Nigerian elites. Nothing!

Maybe in other cities, but not Lagos. I see the tech bros as a major factor especially in the Yaba axis. Lagos is Nigeria's populous state yet smallest and has the biggest economy. So, why won't there be increment in house prices?

Techies, within the past two to three years, have contributed immensely as they mostly outearn the overall population, and sometimes earn in dollars. Anyone who earns in dollars has effectively outearn his naira counterpart.

Na why rents for San Francisco dey very high and even other inner cities as the rise in WFH shot up.

Another issue is general inflation. The cost of things generally have soared and your average landlord is also a victim. Cost of building materials have skyrocketed, so the charges cannot be the same. The building erected in 2022 cannot be the same as 2019. Are yahoo boys also the cause? Na them cause Russia-Ukraine war that affected the price of wheat? Another thing is demand as a result of insecurity. Imagine droves of people moving from violent regions to safer places, the demand for housing in those safe areas will increase. Meanwhile, the supply has stagnanted, thus leads to an increment in rent prices. Additionally, if there is a major redevelopment within the area, it's logical that the rents should be increased. Aka gentrification.

To solve the housing shortage problem anywhere is relatively simple:

- Increase the supply of land and ease the process of building houses/apartments. The government should also go into public housing provision. That is what the Singapore government does. After COVID, property prices ballooned because of WFH policies, returning Singaporeans from abroad, people who emigrated from Hong Kong because of kini kon CCP laws, rising costs of labour as most workers moved back to their home countries, rising costs of building materials because of supply chain backlog from COVID etc. Expectedly, citizens complained and the government rose to action by easing border rules for construction workers and investing massively into newer PUBLIC housing developments. On the other hand, she released new lands to private developers while also increasing the taxes on those who purchased more than one property. The government also increased the tax rates on foreigners who purchased properties and closed loopholes. As I write, house rents have declined considerably compared to 2022 levels. It is not magic, but specific government policies.

- In Hong Kong, prices plummeted as many foreigners emigrated for various reasons. The government still had to invest in PUBLIC housing developments to satisfy the demands of younger Hong Kongers, especially as housing is tied to marriage, which is tied to fertility rates. But because the HK City Council generates hooge revenues from land sales, the government has not reduced the prices, unlike its counterpart in Singapore. However, compared to pre-COVID, house prices have declined significantly. To prop up demand, the government has eased immigration rules.

P.S. None of those governments DICTATED or stipulated to private developers the prices they should peg to lease their properties like our resident Karl Marxes argue, foolishly as expected anyway. Dictating to private developers how to price their rented properties has not worked anywhere in the world.

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To solve Lagos housing issues, again, it is simple:

- Lagos MUST build UP. It is Nigeria's smallest state with the biggest economy and the most populous. That is more than enough to warrant consistent and increasing demand for apartments.

- High-speed railways to Ogun, Oyo and even Osun states. Everyone must not live in Lagos itself. Well-tarred roads leading to train/metro hubs so that commuters can easily and quickly move from Point A to Point B. Make driving, especially personal cars/vehicles, expensive within Lagos itself. Upgrade and privatise the water ferry transport systems. Insist on safety, cleanliness, punctuality and efficiency.

- Other states should be opened up economically so that the majority of young Nigerians don't have to move to Lagos to begin their nascent careers. States like Delta, Edo, Ogun, Oyo, Ebonyi, Bayesla, Cross River, Benue, Nasarawa, Niger, Kaduna, Plateau, and even the unfortunate Kogi should and can be developed as commuter hubs for residents. That is how it is easy in Japan, where most commuters live in Chiba and Saitama but work in Tokyo. How is this possible? Trains!

Are we so unintelligent in that part of the world that we cannot copy good things from others who have mastered them?!

For those aforementioned states to become commuter zones, invest in infrastructure, especially roads and railways, and most importantly, in security. Again, these are simple policies. Nothing is hard here, as it is not rocket science.

achimendy:
Cost of building materials is not really the cause

Because fewer people are not building newer homes for tenants to rent. People rather build and offer as Airbnbs. The Airbnb phenomenon also affects house prices elsewhere in the world. Since private investors own those properties, the government cannot regulate them, so the government should invest in public housing. The Singapore government banned Airbnb in public housing.

most of this landlord build their houses 10 to 8 years ago and are still increasing rent to the current rate landlords with new houses are charging, which is very bad.

How is that bad? Is the landlord unaffected by the increase in goods and services in 2024? Is the value of 50K in 2013 the same as 50K in 2024? The very reason why landlords with older homes can increase their prices to compete with newer ones is supply and demand. I already covered supply above. If the demand for residential properties remains consistently high, basic and elementary economics says there would be a corresponding increase in the prices of properties regardless of their ages.

And most of the times the house is not in good shape.

And if the shape is renovated to 2024 standards, should the landlord lease them on 2013 prices because the property was built in 2013? Is the price of cement in 2013 the same as that in 2024? What about the wages of construction workers?

Am a real estate agent, sometimes I do quarrel with this landlords because of this issue. To me it's pure wickedness.

It is not wickedness but basic economic principles and concepts. Nigerians have this attitude of using words anyhow. Wickedness is when the landlord outrightly refuses to lease the property even after offered millions. Looking at it again, that is not wickedness because the landlord has the right to choose whether or not his property should be rented out.

If you want to be kind with your properties, it is very simple. Go out there to build houses and rent them out however you like. That is the beauty of capitalism: you choose what to do. Hopefully, you and many others get to practice what you people have mendaciously preached in this thread.

kilode100:
When you can rent houses at Akute for self con 400k, mini flat 600k and two bedrooms for 800k. Well tiled and pop

How many non-banking or non-government parastatal jobs pay entry level graduates at least 100K per month in the whole of Akure?

Jeboy:
So tell me the type of house someone with minimum wage earnings can rent in Nigeria.

Students in Canada with 20 hours a week can comfortably rent 550 to 700 CAD shared flat apartment.

Please tell me...I want to see your logic.

Nigerians rarely share apartments with strangers. So, that point does not hold.

P.S. No one lives comfortably sharing an apartment. People do so because their incomes cannot afford them places to live alone. When the desirable is unavailable, the available becomes the desirable. Sharing an apartment is not comfortability.

You people should stop comparing the rent situation abroad to Nigeria. It makes no economic sense.

ajiwo1:
Come to suleja and enjoy life

Enjoy life with Sharia advocates.

Please define "enjoy"?

Procashtips:
₦10k difference?

Speak reality.

There's no difference in most part of Lagos.

This is a lie! Ikeja, Surulere, Yaba and environs are some of the choicest places on the mainland because they are close to economic hubs within the state and a short distance to VI and environs where most corporate jobs are situated. The likes of Ikorodu and Epe will witness the same if the 4th Mainland Bridge is completed and/or ferry services are abundant and safe.

For crying out loud, Lagos is Nigeria's most populous state with the biggest economy while also the SMALLEST state. Is 1 + 1 = 11 in your village? Can't you see why prices are high?!

Price of whatever you buy got nothing to do with you charging same amount charged by a 3 star apartment when you're a 1 star apartment.

Sorry, but this is a stoopid point. So, the landlord who goes to the same market as a wealthy landlord is not affected by the increment in prices of goods and services?

It's like a room at a 2 star hotel trying to charge same amount with a 4 star hotel. It's simply logic which shouldn't be hard to decipher.

Will you pay ₦100k a night in a substandard hotel just because both hotels buy same foodstuffs in the market?

Then don't lodge in any of the hotels. Go to where your money can afford. That is the beauty of capitalism: it offers you the right and ample opportunity to choose. However, you don't have the right to dictate.

pacespot:
This is a really serious issue that government needs to look into. Rent is a major factor driving the inflation in this country. Not that the condition of the housing is better than before, landlord will just wake up overnight and increase the rent. Housing is a capital project which needs to be under the government control, just like you have regulatory framework for real estate in advanced countries.

Where is the "commodity board" Tinubu promised during campaign to regulate the prices of good and services in this country so as to protect consumers from exploitation?

Typical communist-loving Nigerian, only when it comes to another man's investment. Why should the government dictate to me how to spend MY MONEY?! Is it your money? Did I work for the government to take my money away from me?!

Interestingly, you did not advise the government to construct public housing, which is where the govt will have the power to do whatever it likes. Rather, you want the government to dictate to private citizens what to use and how to use their money. Who the fvck are you to dictate to a private citizens how much s/he should rent a house?

P.S. There is no place ANYWHERE in the world where the government dictates to landlords how to price their houses/apartments. None whatsoever! The last time it was tried in Berlin by the foolish city council, real estate investors stopped investing, and landlords stopped letting out their apartments. What was the end result? Prices shot up more before the stoopid policy was enshrined. So be careful about what you wish for. If you want to practice your low-budget socialism and communism, do so with your investments and assets. Share it with everyone around you. You get to choose, not to dictate.

P.S. Tinubu cancelled the proposed commodity pricing boards for agricultural products. As a crony capitalist that he is, I am glad he knows better than you who believes the govt has the right to dictate to private citizens how to spend their money.

Imagine the effrontery!

Procashtips:
And is the inflation affecting houses built 20yrs ago?

A house with olden days amenities trying to collect same rent with those with recent/modem amenities.

Greed is going to make you guys have tenants who won't pay you a year after.

Imagine 2 bedroom on the mainland averaging ₦1m-₦1.5m annually.

Then, you increase your income or lower your standards. That is how it is all over the world. You want to eat big fish, but decline to pay the price. Most immigrants do that the first time they get into a country - move to less expensive areas and commute. As their incomes increase, they move to desirable areas. On the other hand, you improve your skill set so you can command high wages from employers. That is what my friend and a Kenyan did. They live in a place populated by upper middle-class Japanese far away from the city centre. The rents are high, but they live comfortably because their salaries are equally high because of their superior computer programming skills.

Life is not fair. Don't expect it to be. Life is hardddddd

Also, I am sure that N1-1.5M is not for Central Ikeja. Maybe Ogudu and dem Ogba axis.

Pinkybush:
To secure a good house in Nigeria, go to Akwa Ibom. The problem there is no jobs. Otherwise I wouldn't be here in Lagos. Face me I slap you in Oyingbo here is 300k including agent and commission. The worst is the person will be paying #100 everyday to toilet and bath. Whereas, in Akwa Ibom, a tenant will only pay 10% of the actual house rent with no commission whatever, plus good toilet and bathroom. Like this ehn...I dey find house, but houses are too expensive or let me say agent and commission are way too much. Even bigger than the house rent itself.

I dare say a good apartment in an OK area in Uyo and Eket has higher rates on a per capita basis than Lagos considering that Lagos has more economic opportunities than Akwa Ibom. Unless a young graduate runs his/her business or lives in his/her parent's house, it makes sense to leave the state to economically viable states to find work. Like the 25-year-old lady I was told making a killing selling s£x toys and lives in Ewet Housing. Nothing would concern her with moving to Lagos. To go and do what?

MasterTeeUSA:
Room and Parlor is about N350k to N500k in some parts of Ibadan. Be playing....

Materials are up and up...everyone blames forex, but it is all good. Landlords need to maintain, recoup the investment, and also pay for the same high prices of goods, foodstuff, PMS, and so on...so it makes sense to increase. Supply is down because fewer people are building houses to rent...most new builders now are either selling, doing AirBnB, or for personal use. Bad tenants are not helping matters as well.

I am glad to have good tenants, and so I won't be increasing rents till next year.

Room and Parlor - N200k becomes N250k, N250K becomes N300k plus service fees.
2 Bedroom Flats - N500k/N550k becomes N550k/N600k plus service fees

My advice to tenants...you do not have to rent alone...You can rent Two Bedroom for N550k and share with someone...you can do the same for 3 bedrooms..rent for N700k and split the rent 3 ways...that is how it is done in sane countries...where 6 people live in the same house and share kitchen and restroom...you won't even share restrooms in Nigeria. This is the reality we are headed to. The days of renting and bringing in everyone from the village is almost over... maybe people will have less children now given this reality. My take

Nigerians are largely dishonest, change the goalpost in the middle of the game and don't stick to agreement. They are also diabolical and fetish. There is no rule of law to fall back on so people do things anyhow. Before sharing with someone, one needs to be very discerning and investigative till the very end.

Hopefully, they learn to understand the bold because they like to have flenty children because children are blessings from God🙄

ceejay80s:
House wey person build since 2001 wetin concern the landlord with increase in materials, na every day he dey build the same house on same spot?

He buys the same items as you do in the same market. Should his income not increase?

Kenzboi1:
Surulere landlords left the chat

Surulere is a nice area in Lagos. It is logical for rents to be high there, especially for corporate workers in VI, Ikoyi and Lekki.

wunmi590:
There is 250-300k 2bedroom flat in Abeokuta...

I just recently moved from my 250k 3bedroom flat in abeokuta Elega to be precise just because the light in that area is not constant to a 500k 3bedroom flat in a estate where there is constant electricity...

Not all landlord or landlady are greedy...

I'm from Lagos Island, and I stay in one of my family house, self contain is 200k...

So there are still some places in Nigeria you will still get value for your money...

You have stated why one area has its rents at 250K, while the other at 500K. As you can see, there are nuances to these things. That Lagos Island area with 200K has high insecurity, is not fit for a family to raise properly behaved children, is noisy, dirty, untarred roads etc. I am willing to bet one or more of those reasons I listed make that place has a self-contain for 200K.

That is not "value for your money".

Walkat9t:
In Benin city, 2bedroom flat with water and fenced compound is 180k- 220k.
3bedroom flat at Iriri Airport road in Benin is 1million naira. ...
On Ekenwan road 2bedroom self contain is 350k..water dey the house o no fence

What is the economic scene in Benin to warrant these prices? I am curious. I understand the place of inflation, but that Airport Road area, are the roads there tarred? Security nko? Electricity supply?

Princewill1:
There is a mistake young people keep making in Nigeria.

If you're not making your income in a metropolitan city like Lagos, Abuja, PH, you don't have any business living there and paying upto 1-3m yearly rent to keep up.

You will see someone working remotely and earning in different ways online yet paying heavily to live in a city that doesn't generate income for him instead of moving to less expensive city where he can save more in a year.

While this makes sense, there are certain industries/fields that require you as a freelancer to reside where the movers and shakers/likeminds stay. For that reason, many choose to remain where the opportunities are except you are extremely good at what you do, prefer solitude as an individual and don't intend to go entrepreneurial.

A smart software engineer can decide to live in Ibadan or Ogun to access the Lagos scene. This is where Nigerian policymakers should invest in infrastructure so people can live in Jericho and work in Jerusalem without feeling the brunt. The same applies to living in Aba or Yenegoa while accessing the Port-harcourt scene. But anywhere more than a 2 hour drive is pointless. However, should these people decide to go entrepreneurial, they would have to mingle with people in the industry in the major cities.

aspabay:
Lame excuse. Do they get to rebuild their houses again every year?

When the houses are renovated, do they get renovated with 2001 prices or 2024 prices?

jmoore:
I hope those lamenting about house rent are not same people mocking those still living in their father's house.

You dey mind them.

Unless the person works far from the parent's house, it makes no sense to leave there to rent elsewhere (provided parent-child relationships are amiable). One lady on TwitterNG narrated how a friend of hers stayed with his parents for ten years while working. During this period, he saved, invested, and diversified. In his 30s, he was able to afford a $1M property in a high-brow area of Los Angeles.

For those who even run their own businesses, leaving home and renting elsewhere does not make sense. I saw a post on Facebook asking ladies to choose between a man who earns N150K per month vs another who runs his family's business and stays in the parent's house. The majority chose the former. That is how men begin to spend more than they earn. As it is, I am quite fortunate that nothing concerns me with constructing a house, as my parents already did that.

So imagine I go set up a business for Nigeria; I would be cajoled to rent elsewhere meanwhile, I could be rent-free for 5 years +.

Akinpresident:
You can rent 2 bedroom flat with dining and visitors toilet at Trade More estate in Umuahia Abia state for 175k annually. Unless maybe the landlord added a little extra benefit, it could reach 180 or maybe 200k.
And yes, there's water there, there's security as well. The estate is also close to the main market, it's actually 5mins drive.

Salaries are terribly low in the east, and corporate jobs are largely nonexistent.

Higher salaries = higher house rents. How Nigerians don't know is astonishing. The way economics is taught in schools is very bad.

Shikena:
Greed-driven.

You can mention all the basic laws of economics influencing this but the main fuel is the greed of a typical myopic Nigerian who doesn't care how his/her actions affect everybody.

We are practicing capitalism.

A groundnut seller will double the price because dollar rate increased, you import am?

The groundnut seller has to buy items in the market which is patronised by other well-to-do folks. The groundnut seller has to buy fuel to power his devices. The groundnut seller also buys food items in the market, which has seen their prices soared as a result of Fulani herdsmen activities.

A vehicle importer will ship a car to Nigeria & some idiots will add all sorts of ridiculous costs making it impossible to sell at affordable price.

Please check up on the price to clear a car in Nigeria. Buying a second hand car abroad is relatively cheap, and even cheaper with car loans, shipping and CLEARING are expensive. Also, the naira has devalued significantly against the dollar. Should car importers not recoup their investments?

Someone will build rental properties with his sweat & many are lining up for their share each time a lease is done, all the cost is transferred to the renter.

Nothing stops you from building yours and dealing directly with the tenants. It is a free world. You have the right to choose, not the right to dictate.

We are our own worst enemies. Greedy fools.

No one is your enemy. Also, please know that humans are naturally greedy. It is a human trait. Even hens get greedy, especially as resources get scarcer.

Taal17:
Japan nko?

Hong Kong has the highest concentration of skyscrapers globally.

But in terms of construction superiority, the Japanese surpass all because of the frequency of earthquakes. In the first question by smart, Japan is highly populated (over 100million people). So buildings, especially skyscrapers, are built to withstand earthquakes. Nothing concerns Hong Kong or Dubai with earthquakes.

Raalsalghul:
Egbon, you sure say you no go join the japa train?

With the way you dey vex for these people, you fit carry AK47 enter streets.

Honestly, I had to laugh real hard!

Raalsalghul:
Rather than being vengeful, why don't you just ignore her?

Person wey plan to get baby-mama no fit reason that aspect.

ednut1:
Canada GDP is around 2 trillion usd, Saudi and UAE GDP combined is not up to 2 trillion usd. And you don’t need more than 500 people to build what is in that picture . Canada population is also among the top 3 most educated population in the world.

Na true you talk: education and wealth. Should smartkester go to Hong Kong, he would even be stunned, considering the tiny population and its concentration of the most skyscrapers in the world.

CHoccolaTE:
One last thing, the studies you mentioned, the ones that show that kids from single parent homes perform worse, post the links. I want to check something.

https://www.bbc.com/news/education-47057787

https://www.nytimes.com/2023/09/17/opinion/single-parent-families-income-inequality-college.html

https://www.npr.org/2023/10/22/1207322878/single-parent-married-good-for-children-inequality

https://mainichi.jp/english/articles/20230818/p2a/00m/0na/015000c

https://mainichi.jp/english/articles/20211225/p2g/00m/0bu/004000c

https://www.sciencedirect.com/science/article/abs/pii/S0049089X10000153?via%3Dihub

https://www.bertelsmann-stiftung.de/en/publications/publication/did/lone-parent-families-in-germany

https://time.com/6317692/u-s-economy-two-parent-families/

https://www.degruyter.com/document/doi/10.56687/9781447333654-011/html?lang=en

Studies and reports from the US, Germany, Japan, Korea, Singapore and the UK.

CHoccolaTE:
Abeg no be fight, if you want to post on it feel free.
Go ahead.

The typical response from Nigerians when confronted with facts after they went ahead to dispute them. When confronted with superior facts and information which renders theirs false, they become apprehensive because their I no fit lie give you, dem tell me say and trust me bro analogies don't work on the respondent.

CHoccolaTE:
Please I don't think we should be stigmatizing kids from single mothers as universally worse than kids from both parents.
There are exceptions, people like Barack Obama and Ben Carson were raised by single moms and made history in different fields

As you stated, there are exceptions. Exceptions don't make the norm. It is a universal fact across countries with different cultures, sizes of economies, populations and religions.

When we stigmatized kids raised by single moms as universally worse, we put pressure on women to stay in terrible marriages and with abusive men just to avoid divorce and avoid the stigma their kids would bear from being raised by a single mom.
There is also the pressure widows would face to remarry just to avoid being labeled single mom whose kids are universally worse.
Many widows or women whose husbands abandoned them for other women rush into bad marriages with toxic partners that harm them and abuse their kids just because those women are desperate to remarry and avoid label of single mom.

It is not stigmatization to state that children raised in single parent homes, especially those headed by single mothers, perform poorly than those raised in two-parent households. How is that stigmatization? Facts prove that the best environment to raise children is within a two-parent household.

Let's not propagate that idea, abeg. It's very harmful to women and kids from divorced parents.

We should propagate facts again? Why should facts care about your feelings?

When I talk say baby mama no good, e get why.

Impressive comments by Nairalanders. I am quite surprised at the unison behind the criticism of OP.

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Sha, it cannot be because I would have you buried alive. No jokes. I don't forgive nor do I forget. I will ensure you get dealt with ruthlessly, thoroughly and mercilessly.