Business activities were grounded at the popular Trade Fair Market in Lagos on Monday as angry traders staged a mass protest over a sudden 300% increase in shop rents.
The demonstrators, who locked up their shops and took to the streets with placards and solidarity songs, described the hike as “exploitative and insensitive,” accusing shop agents of deliberately frustrating small businesses already struggling under tough economic conditions.
“This increase is unbearable. How can rent jump by 300% at a time like this? We can’t survive under such exploitation,” one trader lamented.
Another protester added: “We want the government to step in. These agents are enriching themselves at our expense. If nothing is done, many of us will lose our shops and our means of livelihood.”
The traders demanded the immediate reversal of the rent hike and urged the Lagos State Government to intervene urgently before the crisis spirals out of control.
The protest reflects growing public outcry over surging rent costs across Lagos, with both residents and business owners increasingly burdened by rising housing and rental fees.
On Monday, several shops at the market remained under lock and key, with traders posting notices to inform customers of their decision to suspend business until their grievances are addressed.
The protesters vowed to continue their demonstrations until authorities take decisive action.