The persistent traffic gridlock along the Apapa – Oshodi Expressway has forced mass relocation of businesses and individuals out of Apapa, causing property rents to crash by 50 percent.

The Apapa-Oshodi Expressway links the nation’s biggest seaport, Apapa port, to other parts of the country. Hence most of the goods imported or exported are transported through this major road. The road in recent times has been rendered impassable due to traffic gridlock caused by several factors, chiefly tankers carrying petroleum products, which converge on the road in their hundreds to load products from the various petroleum tank farms located within and around Apapa city.

Vanguard gathered from visits to some residential areas in Apapa that a three bedroom flat along Warehouse Road now goes for N250, 000 per annum instead of N500, 000; a four unit of three bedroom flats along Liverpool Road goes for N2.5 million instead of  N5  million per annum; while a four bedroom flat with three toilets at Alhaji Kareem Street costs N400, 000 as annual rent. Also, a two bedroom flat at Apapa Ajegunle goes for N120, 000 as rent per annum.

Speaking on the sharp reduction in rent, a real estate agent who operates from Warehouse Road, Oni Seun told Vanguard that landlords in the area decided to reduce their rent as a way of attracting new residents to the area. He said: “Tenants are packing out, no one is ready to relocate to this area, and the traffic has thoroughly affected our business.

Prior to this time, we rent out a three bedroom flat for N500, 000 to N600,000, but right now, it goes for N250, 000 and yet people are not ready to settle here. Most houses in this area are vacant; we have a lot of office spaces to rent out. I am using this opportunity to call on the federal government to come to our aid because we are going through hell.”

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