Space & Scarcity
I was recently talking to an uncle of mine recently and he spoke about having business ideas but no space to actually set up the business.
Lagos state in Nigeria is of course majorly a commercialised center of e-commerce and business and the trend nowadays is that people don't sell their landed properties they lease or rent it they after the stipulated time, they would prefer to be rid of the old tenants to get new ones because the more renters come and go the more richer these property owners become.
Lagos is a place of exploitation this is because landed properties provide the platform for building one's business and of course a place of abode, people are getting plentier in Lagos and the number of properties available for rentage is still the same, what does this mean?
The highest bidder takes it all, places like alaba, trade fair and idumota are the most expensive compared to the island or some other comfortable place of abode. In a place like idumota you can rent a shop for as high as a million naira per annum
Area Of Specialisation
Renting a shop for a million Nigeria you would expect something really good, but the shop you're renting might just be half of kitchen size in a regular self contain apartment.
This is only logical, businesses built in a place like idumota will sell more than a business built on the island this is because there is a centralised industry of medicine, auto parts, the movie marketing industry and a whole lot of other markets that have built a base in idumota.
Wealth is used in creating wealth greed is one of the reason why the Nigerian economy at large cannot be balanced, privatisation and ownership in the hands of private individuals is massive exploitations it means that people without a lot of money are outbidded and the rich are the only ones that outbuys the opportunities to make wealth.
Irrespective of what everyone thinks Lagos in Nigeria is the most expensive place to live in, it's more of an commercialised center where you can virtually grow a business anywhere and this potential is the reason why people from other 36 states are coming in to build their businesses.
Urbanisation & Money
Lagos in itself is bigger than some western African countries like Ghana and places like computer village in Ikeja Lagos have at one time been recorded as one of the busiest places in West Africa.
Urbanisation is why mass migration takes place every minute. People are living in unfavourable conditions with greedy landlords, people pay huge tax (PAYU) on purchase on food and almost everything but yet the population keeps increasing irrespective of these conditions.
I went to a house I lived as a child about 18 years ago and I saw the same house in the same condition with the same terrible toilets and bathroom but the house rent is like 30 times more the way it used to be. so there's inflation on the rent rate but then the property is still as dilapidated, Why is this?
Landlords Are Becoming Feudal Lords
What changed? Exploitation is everything, the naira has of course gotten shittier over the years, people has gotten plentier and the competition to rent this house has increased. The landlords sees no need for renovation because there's no check on their excessive exploitation.
In the future space or an area for business or housing will be parabolic in a place like lagos and the government are currently not seeing this. The power in the hands of the landlords makes it feel like a feudal system where the lords controls the vassals with their lands.
Privatization is a competitive place like Lagos State creates massive exploitation and the government are currently working backwards by banning crypto trading.