At a time when many Nigerians are complaining about the harsh economic conditions in the country, a new investigative report has revealed that landlords in the Federal Capital Territory, FCT, Abuja are now demanding for their house rentto be paid in US dollars.
According to a report published by Daily Trust newspaper, to get a decent accommodation for business in Abuja is now becoming increasingly hard as most of the landlords no longer want their rent in Naira but US$.
"Renting a small place, maybe 60 square feet room, nothing fantastic and you find yourself paying a lot of money in dollars. Most such places will take from you in this town, at least $300 per square meter [close to N60,000sqm]," Tope Fasua, an economist who does financial consulting and advisory services related his experience in the hands of property owners in Abuja.
He added: "We have places where they collect so much…they collect only dollars—they won't collect naira from you. Sometimes, a very small space, you'll be shocked at the kind of amount [of money] they'll ask for."
Prices for business spaces soared in Abuja following removal of what was called "corner shops" when Mallam Nasir el-Rufai was minister of the Federal Capital Territory (FCT).
As the corner shops gave way, shopping malls and plazas started enjoying good patronage from those who wanted decent places for their businesses. As many turned to plazas, landlords began to pull the string, they wrought heavy charges. Tenants who cannot cough up simply let their businesses collapse.
According to a report published by Daily Trust newspaper, to get a decent accommodation for business in Abuja is now becoming increasingly hard as most of the landlords no longer want their rent in Naira but US$.
"Renting a small place, maybe 60 square feet room, nothing fantastic and you find yourself paying a lot of money in dollars. Most such places will take from you in this town, at least $300 per square meter [close to N60,000sqm]," Tope Fasua, an economist who does financial consulting and advisory services related his experience in the hands of property owners in Abuja.
He added: "We have places where they collect so much…they collect only dollars—they won't collect naira from you. Sometimes, a very small space, you'll be shocked at the kind of amount [of money] they'll ask for."
Prices for business spaces soared in Abuja following removal of what was called "corner shops" when Mallam Nasir el-Rufai was minister of the Federal Capital Territory (FCT).
As the corner shops gave way, shopping malls and plazas started enjoying good patronage from those who wanted decent places for their businesses. As many turned to plazas, landlords began to pull the string, they wrought heavy charges. Tenants who cannot cough up simply let their businesses collapse.
