In a recent statement, the Nigerian Institute of Architects (NIA) expressed grave concern over the skyrocketing costs of building materials, citing significant challenges for construction projects and business endeavors across the nation. NIA President, Mobolaji Adeniyi, highlighted the prevailing economic hardship faced by contractors amidst soaring inflation rates, which escalated from 28.92% in December 2023 to 29.90% in January 2024.
Adeniyi emphasized the acute impact of the relentless surge in building material prices, particularly cement, which has seen a staggering increase from ₦4,500 to ₦13,000 per bag within just three weeks in some regions. In certain areas, prices have soared even higher, reaching up to ₦15,000 per bag. This surge comes despite the local production of cement in Nigeria.
Furthermore, the cost of reinforcement has surpassed ₦1 million per tonne, leading to a projected slowdown in construction activities in the coming months. Adeniyi expressed apprehension that this situation could potentially foster malpractices among unscrupulous contractors and developers, raising concerns about an uptick in building collapses if adequate oversight measures are not implemented.
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Highlighting the absence of local manufacturing for basic construction accessories like nails, Adeniyi commended the government’s engagement with manufacturers to address the rising prices. The NIA urged for a review of outdated construction practices heavily reliant on cement, advocating for a shift towards sustainable architectural solutions supported by scientific principles.
The NIA called on the government to revisit Presidential Executive Order 5, signed into law in 2018, which aims to promote Nigerian content in contracts and prioritize science, engineering, and technology in project planning and execution.
The statement underscores the urgent need for concerted efforts to mitigate the adverse effects of escalating building material costs on the construction industry and national development initiatives.
