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NEWS

Developers Seek Reduction in Prices of Other Building Materials

October 9, 2023 • 2 min read

Sequel to the reduction in the cement price of BUA Cement Plc, stakeholders in the built industry have canvassed for a reduction in the prices of other building materials to bridge the affordability gap in the sector.

Other construction materials include iron, steel, and roofing sheets, amongst others.

The Chief Executive Officer, Land Republic Limited, Victor Adegbile, made this call during the allocation of Premier City in Ayelaagbe, Moniya-Iseyin, Ibadan.

He said: “While the reduction in the price of cement is a promising start, it’s essential to recognize that solving the housing deficit requires a multi-faceted approach. Infrastructure, land reforms, streamlined regulatory processes, and accessible financing options are all crucial components.

“Without reductions in the costs of other construction materials, we might witness a proliferation of abandoned, incomplete structures, negatively impacting the visual appeal of the environment and providing opportunities for squatters and troublemakers, thereby compromising security. Unless the government prioritises infrastructure development, the rush to build houses could ultimately result in the formation of slum areas.”

In the same vein, a real estate consultant, Jubril Omotara, said the critical need to investigate sustainable strategies for consistently reducing the expenses related to cement and diverse construction materials throughout the nation remained imperative in managing the continuous rise in home ownership rates.

He said: “The recent initiative from Abdulsamad Rabiu, Founder of BUA groups to reduce the price of cement significantly is a great and applaudable step towards increasing home ownership and construction. This is really commendable given the high inflation rate and cost of production that caused the hike in price.

“However, examining sustainable approaches to consistently lower the costs of cement and various construction materials nationwide is crucial in mitigating the ongoing surge in homeownership rates.