🌍 Building fintech products in Lagos 📈 Breaking down markets & policy — rent, power, FX, survival economics 💡 Making complex systems easier to navigate
Lagos
Joined October 2009
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Five months ago, I joined a company thinking I knew what my job would be.
I was wrong.
I started by supervising stock counting.
A few weeks later, I transitioned into Product Management.
Then came one of the biggest projects of my career, helping businesses prepare for Nigeria's NRS e-Invoicing initiative.
Looking back, one lesson stands out.
You don't have to know everything before saying yes to an opportunity.
Sometimes, growth begins the moment you decide to learn.
I shared the full story on LinkedIn.
linkedin.com/posts/isaac-olu… – at Ogogoro Village, Nigeria
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Isaac Olusoga | Lagos Economics retweeted
This is what “boring football” looks like against Manchester City in the Community Shield.
23 seconds to take the lead. Complete dominance. Controlled the game and absolutely battered City 3-0.
Beautiful football. ❤️
LAGOS HOUSING: EVERYBODY HAS A REASON, BUT WHO IS THINKING ABOUT THE TENANT?
I want us to look at the housing problem in Lagos from a different angle.
Let's start with a simple example.
Imagine you own a private secondary school.
Thread 🧵 – at Victoria Island, Nigeria
I don't think the answer is to make landlords suffer, force developers to operate at a loss or demonise estate agents.
But neither should the tenant be left to carry every increase in the cost of doing business.
Lagos needs landlords, developers, agents, investors and tenants. One cannot survive sustainably without the others.
A city cannot grow sustainably if the people who keep its economy running can no longer afford to live in it.
Perhaps government should stop asking only, "How do we build more houses?"
The bigger question is:
How do we make a decent home affordable to an ordinary working Lagosian without forcing them to sacrifice almost everything else?
That is the real housing challenge.
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And please, let's not forget location.
What is the benefit of building a supposedly affordable house far away from where people work, if the tenant then spends thousands of naira and several hours commuting every day?
You may have reduced the rent, but increased the transport bill and taken away valuable family time.
An affordable house should not come with an unaffordable journey to work.
Housing, transportation and urban planning must work together.
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Government cannot solve this by simply telling landlords to reduce rent.
It needs to tackle the cost of delivering housing.
Can we make land documentation and building approvals faster, cheaper and more transparent?
Can government provide roads, drainage, water and infrastructure in areas where developers can build?
Can it partner with credible developers, banks and mortgage institutions to deliver homes for different income groups?
These are practical questions worth asking.
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Now look at the situation.
The landlord has a reason.
The developer has a reason.
The agent has a reason.
The tenant has a reason.
Government also has its challenges: population growth, land administration, infrastructure, planning and the cost of providing housing.
But having a reason why housing is expensive does not mean we should accept the situation as normal.
Something in the system needs to change.
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Now let's talk about the person looking for a house.
Imagine a man earning ₦250,000 monthly.
He has to feed his family, pay school fees, transport himself to work and settle other bills.
He finds a decent two-bedroom apartment. The rent is already difficult to afford.
Then come agency fees, legal fees, caution deposits and other charges.
He starts calculating.
He calls his wife. They calculate again.
At some point, he begins to wonder:
"Is Lagos still worth it? Should I just return to my village?"
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Then there is the estate agent.
With decent jobs difficult to find, many people have entered property brokerage.
Some build relationships with landlords, search for vacant houses, take pictures, advertise, dress well, package themselves and pray that a client calls.
For some, this is their business and how they put food on the table.
Of course, we also have agents who exploit people. That's another problem we must address.
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Now consider the developer.
Land is expensive. Building approvals cost money. Documentation, professional fees, cement, iron rods, labour, diesel and infrastructure all add to the bill.
By the time that building is completed, the developer has committed serious capital.
He wants to recover his investment and make a profit.
Can we honestly ignore these costs when discussing house prices?
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This is not very different from what is happening in Lagos housing.
Take the landlord.
He has a property to maintain. There are repairs, service charges, security, taxes and sometimes loans to repay.
He also has a family to feed.
From his perspective, increasing rent may simply be how he keeps his investment running.
But the tenant has a different reality.
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You pay rent, teachers' salaries, electricity, security, diesel and maintenance costs.
Suddenly, everything becomes more expensive.
What do you do? You increase school fees.
Then a parent tells you:
"Sir, my salary hasn't increased. How do you expect me to pay?"
The parent is right. But so are you. You also have bills to pay.
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Isaac Olusoga | Lagos Economics retweeted
The day Bruno Guimaraes decided it was time to join Arsenal 😂🤣🤣
Isaac Olusoga | Lagos Economics retweeted
The Lady asking the question is Abiola’s daughter, the response of Mallam Funtua held her neck when he used MKO Abiola as a perfect example of bridge builder, a good politician that forges alliances across the Nation before contesting to be President. Quite smart from Mallam or just a coincidence ??
Isaac Olusoga | Lagos Economics retweeted
16 YEARS! SIXTEEN SOLID YEARS OF BROKEN PROMISES:
TINUBU FINALLY DID WHAT SUCCESSIVE ADMINISTRATIONS COULDN’T DO — BROKE THE APO–KARSHI ROAD JINX.
1: A road project that became a symbol of years of delay is finally completed under President Bola Ahmed Tinubu @officialABAT
2: For the people of Apo, Karshi and surrounding communities, this is more than a road; it is relief after years of frustration.
3:Credit to President Tinubu and FCT Minister Nyesom Wike for seeing this project through. @GovWike
3: NOW, LET THE PUBLIC SPEAK! If you have waited 16 years to see this road completed, don’t keep quiet.
4: Share this achievement, tell your story, and let the world know what this means for your community.
5: To Nigerians everywhere: demand accountability, but when public infrastructure is delivered, acknowledge it too.
6: SIXTEEN YEARS OF WAITING. ONE COMPLETED ROAD.
7: FG not Tinubu is 4+4 oooo @PBATMediaCentre @easydigita @EASYBOI_IN_FUTA @garba_abuja @RodemiF @RenewedHope2_0 @seunadisa @olusegini @Olomu_Aperan @Faridatu001 @iamfutureprez @IamAhmadShooto @YeriTheSGF @iamAhmadOlolu @OlayinkaLere @citizenshangout @gbengasaka @Mario9jaa @Ohiremenn
