Lagos is home to 22 million people. Already much larger than cities such as New York City and London, it’s adding 77 residents per hour as people move from less industrial parts of Nigeria.
By 2100 Lagos will be the world’s largest city, home to between 85 million and 100 million people, according to demographers.
Renting a tiny two-bedroom flat sets you back, on average, $2640 (R38 800) per year.
The minimum wage is about $80 (R1175) per month while average earnings are about $222 (R3261) a month.
Half its residents live on less than $2 (R30) a day.
There are many unoccupied apartments in wealthier neighbourhoods such as Ikoyi with rentals of around $20 000 (R293 870) per month.
Adding to the housing woes in Lagos; some building don’t allow women to rent if they live on their own.
A project called “Eko Atlantic” aims to provide homes for 250 000 people.
Eko Atlantic and it’s 8.5 kilometres of surrounding wall (dubbed “The Great Wall of Lagos”) has many detractors, however.
Climate change activists are slamming the project as “climate change apartheid” that takes up marine space.
The Money Show’s Bruce Whitfield interviewed Lee Kasumba, Host at Africa State of Mind.
Kasumba discussed what’s making business headlines on the Continent this week.
Written by: Kabous le Roux