About 80% of retail activity in Nigeria takes place in Lagos. That’s according to Knight Frank, one of the country’s leading Real Estate consultancies.
Read more about Real Estate
While it’s a huge fraction of the country’s commerce, the facts on the ground may mirror this claim. With its large population (anywhere between 13 million and 20 million individuals) and purchasing power that’s higher than the national average, the city presents itself as a fertile ground for a profitable trade.
But finding a shop in Lagos is a daunting task. There’s no shortage of these spaces, but they’re often either too expensive for most prospective store owners or not conducive for business.
If you’re looking to set up a shop somewhere in Lagos, you may find this article helpful. Here we’ll run through some of the least expensive places to rent a store in Lagos.
Least Expensive Places To Rent A Shop In Lagos
These locations in Lagos have some of the least expensive stores for rent in the state.
The Isolo district is part of the broader Oshodi-Isolo Local Government Area (LGA). As a neighbour to the vibrant commercial centre that is Oshodi, it also has thriving markets of its own.
Some of Lagos’s least expensive stores are located here as well. For instance, a few shops in the Ajao Estate area currently go for less than ₦200,000.
Ikorodu sits on the outskirts of Lagos. But like many other parts of the state, it has a growing population, and consequently, a rise in the demand for goods and services in the area. Some of its districts are urbanized enough to support thriving retail businesses.
Sign up to the Connect Nigeria daily newsletter
It’s still possible to find shops with annual rents hovering around the ₦100,000 mark in this region. A number of these are located in places like the Sabo Market, and around the Agric Bus Stop area.
Sitting North of Yaba and West of the Lagos lagoon, Shomolu is easily accessible from many parts of the state. So it’s a fairly good place to open a shop at.
Rents for commercial space here all fall within a broad range. But if you want something at the lower end of the price scale you can check out the stores with an annual rent of ₦200,000 or ₦250,000.
Also on the Northern end of Lagos, Abule Egba is part of a gateway stretch that terminates at Lagos’s boundary with Ogun State. A high population density and steady demand for products and services make it a good place to rent a shop for your trade.
At the lower end of the price ladder, you’ll find stores with rents within the ₦100,000 to ₦250,000 range. It’s probably a bargain, considering what a similar store would cost further south.
Egbeda is deep into the Mainland. But it’s also part of a densely populated axis. If you play your cards right, you could find a spot that’s great for business, for a relatively inexpensive price.
Sometimes, rent here may settle at the ₦200,000 mark. You can find a decent shop for under ₦300,000; at the Gowon Estate area, some stores go for between ₦250,000 and ₦300,000 per annum.
Sangotedo is in the Ibeju-Lekki area, so it’s within the range of the Real Estate boom happening in that region. While average rents in the Sangotedo are put at close to ₦400,000 per annum, you can find shops there with rents in the ₦200,000 to ₦300,000 range.
Regardless of where you choose to set up your business, be sure to do your due diligence before paying for it and moving in. Also, look out for concerns like power supply, accessibility, and security. These should figure prominently in your decision-making process, besides the available prices and your budget.
Got a suggestion? Contact us: firstname.lastname@example.org