A former President of the Nigerian Institute of Building (NIOB), Mr Chucks Omeife, has appealed to the Federal Government to subsidise the cost of building materials, especially cement.
Omeife told newsmen in Lagos on Friday that the call became necessary because the effect of the recession was severe on the industry.
He said that the prices of building materials were generally high particularly cement, which had almost brought activities in the construction sector to a halt.
He reiterated that the price of cement had sky-rocketed such that majority of developers had suspended work and laid off workers.
He said the price of a bag of cement had increased from N2,300 to N2,800 between January and February.
“Presently a bag of cement sells for N2,800 compared to N1,400 it was sold in the second quarter of 2016.
“Cement is a major component of the materials used in construction and that is why any increment in its price affects construction activities.
“So if government could subsidise the price of building materials, particularly cement, it will go a long way in revamping activities in the construction industry,” Omeife said.
According to him, the cost of developing a site has become too high, discouraging investors from coming into construction.
“The government should intervene because the sector is a major employer of labour and many workers have been laid off due to little or no activity in the industry.
“Construction work is a chain of labour because a single construction work can engage the services of a large number of people.
“Before the completion of a single construction work, the services of the builders, surveyors, artisans, electricians, brick-layers and food sellers, among others, will be engaged.
“ So whenever there is economic crisis, the property industry is usually the most hit because it employs different kinds of people.
“So if anything happens that may obstruct activity in the industry, it will invariably lead to loss of jobs and thereby reducing the sector’s contribution to GDP,” he said.