A stakeholder in the built environment, Balogun Emmanuel has lamented at the high cost of building in Nigeria.
Emmanuel, in a chart with The Tide noted that inspite of the nation’s economy being out of the woods, the rising cost of building has not abated.
He stated that for those in the finished building material sub-sector, the depreciation of the Nigerian currency has in many ways impacted negatively on their businesses.
According to him, “take for instance, plywood, we used to buy one quarter (1/4) white plywood at N2,500 per unit late in 2016, but now the plywood is going for between N4,200 and N5,100 per unit; what do you think is the consequence of the rise? Of course, it would be added to the cost of job done”.
He also referred to the cost of cement which is not trending downward, saying that in 2015, a bag of cement was sold for between N1,350 and N1,500, but today, a bag of cement is sold for between N2,700 and N3,000 depending on the quality.
Emmanuel observed that the high cost of building materials was not restricted to just a few but cuts across all building materials, stressing that the devaluation of the naira was largely to blame for this.
He stated that “the implication of this is that housing will remain unaffordable to the average Nigerian, successive governments in Nigeria have lamented schemes and policies that encourage affordable homeownership, but with the rising cost of building materials this goal is farfetched”.