The Nigerian Institution of Estate Surveyors and Valuers, Lagos State branch have disclosed that 70 per cent of building materials were imported.
The institute disclosed this at the 2024 Estate Week’s press briefing held in Lagos recently.
The Chairman of the institute, Gbenga Ismail, noted that the reliance on imports for the country’s building materials had made housing very expensive.
According to Ismail, homeownership is a security problem, which can be solved by localising building materials.
He said, “70 per cent of building materials are imported and if 70 per cent are imported without fluctuating exchange rate, you know the consequence.
“Now, what is the 30 per cent? We have cement, cement is how much today? We have concrete block work, part of it is cement mixed with sand, among others, and then labour, which is another expensive part.”
He noted that iron rod were equally imported, adding that steel companies like Ajaokuta lying there without being put to use in the country.
Ismail asserted that first-time homebuyers should be a top priority, noting that the government should focus on creating opportunities and offering concessions to help individuals achieve their dreams of owning their first homes.
He stated, “This will enable them to secure a stable and prosperous future. Additionally, critical workers such as doctors, medical professionals, armed forces personnel, and police officers should be given priority in homeownership. By securing housing for these essential workers, we can create a stable foundation for our society, and everything else will fall into place.”
The Lagos NIESV chairman further emphasised the need for government policies that facilitate easier and more accessible land acquisition for citizens, promoting greater availability and affordability of land for all.
Last year, Vice President Kashim Shettima stated that the country needed N21tn to bridge its 28 million housing gap.
Also, the Minister of Housing and Urban Development, Mr. Ahmed Dangiwa, disclosed recently that the Federal Government had awarded contracts for the construction of 3, 500 housing units in 13 states.
