“Legends don’t disappear — but relevance decides the conversation.
If Fela is trending today because of Wizkid, it tells you one thing: influence now speaks louder than history.”
Nigeria’s high inflation rate (around 33%) helps explain why interest rates are also high. Lenders need to earn returns that at least keep up with inflation, after all, no one wants to lend ₦2 million and get back money that’s worth significantly less in real terms.
However, this doesn’t fully explain the outrageous house prices in Lagos. In Nigeria, most real estate transactions are not mortgage-based; they’re paid for outright. That means interest rates have limited direct impact on property prices, since the majority of buyers aren’t borrowing through the formal lending system. Interest rates mainly affect the mortgage market which is still very underdeveloped in Nigeria.
This person is just another dull Nigerian who thinks he’s smart.