Industry stakeholders have called on the Federal Government to provide subsidies for building materials to address the escalating costs within Nigeria’s construction sector.
The Managing Director of Rural Homes Limited, Sa’adetu Aliyu, highlighted the urgency of government intervention during a recent inspection of the newly developed Karimo Market in Abuja.
Aliyu emphasized the importance of regulating building material prices to stabilize the real estate industry. “The government should take decisive action to regulate prices in the real estate industry, particularly regarding building materials,” she stated.
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While acknowledging the broader economic factors contributing to price fluctuations, Aliyu urged the government to consider subsidizing the sector or directly controlling the costs of essential materials to make housing more affordable.
The N5 billion Karimo Market project, led by Rural Homes Limited, spans 10 hectares and features over 3,000 shops, warehouses, and modern infrastructure. Aliyu noted that although economic conditions had driven up project costs, the market would play a pivotal role in boosting local economic activity.
“With thousands of traders coming here, productivity will increase, and the local GDP will see a substantial boost. This project will not only provide trading opportunities but also significantly contribute to the Gross Domestic Product of the Abuja Municipal Area Council (AMAC),” Aliyu added.
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The new market is expected to become one of Abuja’s largest commercial hubs, attracting traders from across the region.
Chairman of AMAC, Christopher Zakka, expressed satisfaction with the project’s progress and praised the developers for their commitment. He assured that the council would continue to support the market’s development to ensure its full potential is realized.
Additionally, Sarki Danlami, District Head of Karimo, described the market as the largest in Abuja and highlighted the security measures being put in place to protect the facility from theft and vandalism. “This market will bring growth to the area, and we are committed to ensuring it is well-maintained,” he affirmed.
The market’s completion is expected to further stimulate economic growth and create opportunities for small and medium-scale enterprises within the region.