Built environment professionals in Nigeria are advocating for a shift towards exploring local alternatives and investing in research to reduce the industry’s dependence on imported building materials.
This comes as the industry grapples with a surge in prices of essential materials, including cement, iron rods, and finishing products.
The price hikes have made it difficult for contractors and developers to provide accurate project quotations, with a 50-kilogram bag of cement now costing between N7,500 and N8,500. Sand, earthwork, and iron rods have also seen significant price increases, impacting the construction industry’s value chain.
Mr. Adekanmbi Adelaja, former Chairman of the Nigerian Institute of Building, Lagos chapter, attributes the price increases to a lack of innovation, government investment, and competition among major distributors. He emphasizes the need for collective action and policy changes to address these issues.
Jide Oke, past Chairman of the Nigerian Institute of Quantity Surveyors (Lagos Chapter), highlights the impact of the depreciation of the local currency on building material prices.
He calls for government intervention, particularly through the Central Bank of Nigeria (CBN), to stabilize the currency and control inflation.
Building materials retailers are also feeling the effects of fluctuating prices, with supply chain disruptions and import restrictions adding to their challenges.
However, there is optimism among retailers, such as Mrs. Mariam Abiodun, a cement retailer, who has seen a recent drop in cement prices from the factory.
The push for local alternatives and research underscores the need for strategic interventions to address the root causes of rising building material prices and ensure the sustainability of the construction sector in Nigeria.
