The Housing Development Advocacy Network (HDAN) has called for urgent action to address the soaring prices of iron rods and granite in the construction sector.
Festus Adebayo, the Executive Director of HDAN, who made the call in a press release signed on Tuesday in Abuja commended the Federal Government, the Minister of Works, and the Minister of Housing and Urban Development for their initiatives to lower cement prices, noting a significant reduction in many states.
Despite recent efforts to reduce cement prices across the country, Adebayo, however, expressed concerns over the continued high prices of granite, which he attributed to dominance by Chinese investors unwilling to decrease prices.
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“While we appreciate the government’s efforts to address the challenges in the construction sector, particularly with cement prices, we cannot ignore the exorbitant prices of granite,” Adebayo stated.
“The escalating costs of granite pose a significant barrier to affordable housing development, with prices increasing by 100 percent between February and March alone,” he added.
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Adebayo emphasized that the situation is not isolated to granite but also extends to iron rods, which are primarily imported. He urged the government to intervene to prevent these price increases from hindering housing development projects, including those initiated by the government.
“Over the past few years, we have witnessed numerous projects, including government initiatives, being abandoned due to the escalating prices of building materials,” Adebayo explained. “This trend threatens employment opportunities and exacerbates security challenges in the country. The government must address this issue urgently.”
HDAN called upon the government to investigate the reasons behind the continuous price hikes in the granite and iron rod sectors and to implement measures to mitigate these increases. Adebayo stressed the importance of sustaining the momentum in the housing sector to ensure economic stability and progress.
“We urge the government to collaborate with us in finding solutions to reduce granite prices and stabilize the cost of iron rods,” Adebayo emphasized. “Failure to address these challenges could have far-reaching consequences for employment and security in the country. It’s time to take decisive action to keep the housing sector thriving.”