Improved economic policies will encourage investment, say experts With continuous dependence on importation, inflation is hitting the building market as prices of construction material rose by over 50 per cent between January 2022 and January 2023, according to The Guardian survey. The unabated rise in cost of materials is impacting rentals and delivery of affordable…

The Managing Director and Chief Executive Officer (CEO) of Black Pelican Group, an interior solutions group, Michael Owolabi has decried the increment of exchange rate in the country,...

Amid escalating price of building materials and houses, indigenous producers in the housing industry have called on the Federal Government to ban importation of foreign building materials and associated products to ensure growth of local industries.

Worried by challenges in the industry, professionals under the aegis of the Nigerian Institute of Building (NIOB), Lagos State Chapter, have called on Federal and state governments

With the downturn in the financial sector creating vast scale of building materials shortage in the housing market, contributors of the National Housing Fund (NHF) are now caught in the web of rising construction costs.

The rise in prices of building materials has constituted a major threat to the construction sector, housing development by private developers and independent builders who desire to have a roof over their head.

With the phenomenal rise in population, experts have implored the Federal Government to regulate local building materials to ensure standard construction in the country.

Building materials traders are worried over high cost of building materials, including plywood, paints and nails. They said the situation has led to poor sales as most customers can no longer afford the items.

The Governor, Central Bank of Nigeria (CBN), Godwin Emefiele, yesterday, charged cement manufacturers to take urgent actions to reduce the price of cement and building materials in the country.

Notwithstanding heightened uncertainty and affordability challenges, experts are optimistic of improvement in the sector this year.

With the advent of high prices of iron rods in the construction industry, experts have endorsed the use of bamboo as an effective replacement for steel in reinforced concrete.

These are not the best of times for potential homeowners and developers as a sharp increase in prices of building materials across the country may further compound the existing housing deficit