Cross River State faces economic strain from rising rents and trade slowdown

Residents and lawmakers in Cross River State are facing significant economic challenges driven by rising living costs. The Cross River State House of Assembly has appealed to landlords and housing agents to moderate house rents, describing recent price increases as “unreasonable, unprovoked, and economically destabilising.” Lawmakers noted that rents for single rooms and apartments in areas like Calabar have surged significantly, with some landlords demanding up to two years of rent in advance.

Simultaneously, border communities in the state are reporting a sharp decline in cross-border trade with Cameroon. Traders in Ekok and Ikom indicate that rising fuel prices have doubled transportation costs since 2023, making Nigerian goods less affordable for Cameroonian buyers. This slowdown has reduced profit margins for local vendors and forced some traders to use illegal routes to avoid high costs, increasing their risk of financial loss and arrest.