Living in Lagos is turning out to be something else now that the lockdown is gradually phasing out. Lagos is a popular city in Africa known for a commercial and luxurious lifestyle. A place where the most affluent prefer to reside for many reasons.
But, things are beginning to change for its inhabitants.
A thing of note is the cost of a single person living in Lagos per month is about 20,000 naira on regular expenses alone. Considering the average salary for most cooperate jobs is between 40,000 to 60,000 naira. The recent hike in food and transportation cost has made life even harder for Lagosians.
I will be talking about what many should expect this period along side the present effects.
Let’s dive in.
An Increase in Transportation Cost
If social distancing remains a thing then don’t expect a reduction in transportation cost. Transport cost remains high as transport workers have no aid from the government the fill-in for the shortages that come with carrying less than usual.
The reduced price on fuel pump effects will remain dim. The play by the government is commendable but the reactions of such will not be felt in the short term.
More Increase in Food Prices
According to Nairametrics, many Lagosians woke up to meet a sudden increase in food prices because of the scarcity of some essential foods and an increase in transportation.
According to the latest report, the price of items such as beans, pepper, palm oil, onions, tomatoes, garri, and potatoes increased. For instance, a big bag of pepper is currently sold for an average of N15,000, which indicates an increase of 114.3% when compared to the pre-lockdown price of N7,000. (Nairametrics).
A miniature breakdown of food items in the market.
Foods that saw an increase are;
- Palm Oil
- White beans
- Bag of Garri
Essentials that saw a decrease in prices.
- Cooking gas
- A tuber of Yam
For all reports read on Nairametrics.
No increase in rent for now
Landlords will not force anyone to pay higher because it will not favor them, at least not anytime soon. The lockdown has affected most businesses, & salaries slashed in two. Retaining workers now may prove to be risky as the future is unclear as said by experts.
Forcing many medium-sized businesses to downsize many of their workforces. Many landlords will experience slight delays in payments. Patience coupled with prayers for tenants should be imployed this period.
One must use different strategies to survive this period of increasing cost. Real estate investors and landowners remain unaffected as assets remain secured.
Are you still doubting the value of real estate? This pandemic should serve as reminder why one should invest in timeless properties.
Expected Boom In Agro-Tech Businesses
Businesses with relative ties to the agricultural sector should expect huge financial traction.
The agriculture sector has once more gained the spotlight as the oil sector showed a major weakness that Africa’s largest economy and most populated country depends on.
With high potency for growth, agribusinesses, and agro-processing will energize that sector. Given the unreliable supply of electricity, Independent power projects are a good alternative source to boost economic recovery.
Food Delivery Success
Social distancing remains a theme song, yet, Lagosians disobey this on every occasion. With life returning to normal, we expect the old life of Lagos to return, yet not entirely.
Food delivery will become an essential service to many individuals after rush hours. This is an opportunity to seize especially for those who have lost their jobs this period.
Life will continue as usual, while many will cry for government intervention, some will adjust. We have survived many other things. Invest in valuable assets. Living in Lagos will be different, no thanks to the corona virus (covid-19).
This pandemic has opened our eyes to see how unprepared we were in securing our wealth. Real estate investors and landowners remained slightly unaffected. Invest in agrotech and real estate today.