A real estate developer, Yusuf Odumade, has called on the Federal Government to intervene in the rising costs of building materials to encourage the private sector to bridge the gap in the nationwide housing deficits, especially in Lagos State.

Odumade, who is the Chief Executive Officer (CEO) of Darryl Homes Nigeria Limited, said the intervention has become imperative as many developers have halted their projects in the hope of a rapid decrease in material prices.
Recently, the cost of iron rods, roofing sheets, and other materials got to an all-time high with a bag of 50 kilogramme of cement selling for as high as N15,000.
In a statement issued at the weekend, Odumade, whose Camden Court series 1-3 fully detached five-bedroom duplexes in the Lekki Palm City area was recently unveiled, noted that several real estate developers have had to halt their projects, adding that the construction industry was currently facing unprecedented challenges.

He said, “Many developers have halted their projects in the hopes of a rapid decrease in material prices. Prices have surged, with some materials seeing nearly a 100 per cent increase.
For instance, the cost of a ton of iron TMT jumped from N490 in November/December 2023 to N1400 in the Lekki corridor. Cement prices have also soared, reaching as high as N13,000 per bag or more in some areas.
“Market dynamics have become erratic, with fluctuating prices throughout the day and even from one day to the next. Urgent government intervention is needed to address this crisis and stabilise the economy, realising the aspirations of a better Nigeria for all.”
Speaking on bridging the gap on housing deficit in a mega city like Lagos, he said that in the private sector, the key to bridging the housing deficit lies in reducing material costs to enable developers to resume their projects.

“Currently, many developers are idle, unable to afford the high prices of materials. This situation highlights the struggle faced by businesses in Nigeria, where the “buy low, sell high” principle doesn’t always apply, and leaving many in a state of uncertainty,” he added.
He, however, commended the state government for making efforts to address the housing challenges.
“Recently, there have been reports of substantial funds allocated to the housing ministry, amounting to billions of naira,” he said.