The building industry
in Nigeria is currently facing uncertainties following the present economic situation in the country.
Players in the industry lamented that contrary to predictions that business will boom with the coming on board of a new administration, the property market is facing serious problems as the foreign exchange scarcity has dealt the industry a bad blow.
The Managing Director, Phil and Partners, a property consultant in Port Harcourt, Mrs. Philonena Iyaye, stated that, the building industry in Nigeria was dwindling which she explained had defiled all positive production that were made in the sector.
According to her, “we all had high hopes that investors would be able to acquire properties at considerably low prices, but look, no money even to purchase the properties at low prices”.
She added, “developers cannot access funds to develop anything and so the few available houses have even gone higher in prices though at very minimal profit, yet there are no buyers, why? Because there is no money”.
Iyaye, enjoined the Central Bank of Nigeria (CBN) to urgently see how to stabilise the naira in the exchange market to give investors time to put their own house in order as well.
“Things will not progress unless the CBN stabilises the exchange rate for the naira and then investors will begin to plan their investments. As it is now, everything is stagnated and this is bad for the country’s economy and the private sector too”, she added.