Lagos; 5th Largest Economy... Lagosians Deserve An Increase in Salary

No doubt these are hard times in Nigeria and most especially for state and federal governments around the country. Salary reduction and the inability to meet up with civil obligations.
What is amusing however are the different capital projects embarked upon currently in Lagos.

Lagos is currently also the 5th largest economy in Africa as of now and we all know the implication.
1. Increase in tax to meet up with the demands of infrastructure.
2. Sprawling sky scrapers, homes for expatriates and high end buildings which may eventually make rent more expensive.

3. Likely ostentatious life of the rich folks which could make services and products more expensive.

The image showing Lagos governor receiving a delegation from the Nigerian - British chamber of commerce on courtesy visit.

While some state governments are trying to pay workers salaries, Lagos own challenge may eventually be the inability of people to pay rents from the constant meager salary they get. Should salaries be increased?.

One of the many capital projects in Lagos is the Berger road rehabilitation and reconstruction amongst many others.
Roads are being constructed, electricity improving, transportation redefined and peasants are being chased off the roads for a cleaner and richer city look.

The implication however,  when you consider Urban Development strategies is that good roads, population and a booming economy where any business is expected to thrive is in no distant time turned into a major property mine.

I envisage a Lagos where rents will generally be as high everywhere as it currently is in Ikoyi and where affordability may pose a problem thereby leading to the decline of Lagos; a discussion for another day. "Rise and fall of Lagos".

Property business is already a mine in Lagos but I see a potential problem if the government does not increase salaries or put in place regulations that would ensure people are not exploited and that the state remains a state where "ALL" have a place.

Just left Ilupeju and a decent 2 bedroom flat is around 1.2 million.
With the way development is far spreading across Lagos, we will in no time have a city where only the rich can afford accommodation.

For an average Lagosian who wants a decent accommodation, Iyana Ipaja and areas like Ikorodu will come to mind.

For Ikorodu, remember plan is ongoing to build a fourth mainland bridge from Ikoyi, VI area to Ikorodu.
Developers are already seeing the potentials and are equally investing.

Iyana Ipaja is also experiencing rehabilitation of roads and capital projects but still serves as an abode for an average Lagosian.

Now check the equation:

The  more the population = The higher the demand for property = The higher the price of property.
However, the more developed or useful infrastructures available = The higher the price also becomes.

Share your opinions.


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