The House of Representatives has commenced moves to investigate the continuous increase in the prices of building materials across Nigeria, warning that the trend is deepening the nation’s housing crisis and making home ownership increasingly difficult for millions of citizens.
The resolution followed the adoption of a motion presented during plenary by Hon. Oboku Abonsizibe Oforji, who raised concerns over the sharp rise in the cost of essential construction materials despite Nigeria’s abundance of local raw materials used for building production.
Oforji noted that Nigeria is richly endowed with resources such as limestone, timber, sand, and granite, which are major components in the production of cement and other construction materials. However, he said Nigerians continue to grapple with soaring construction costs that are affecting both private and public projects nationwide.
According to the lawmaker, the construction industry remains one of the strongest contributors to Nigeria’s economy, with the sector valued at over N25.7 trillion in 2025 and projected to witness further growth in the coming years.
Despite this growth potential, he lamented that the cost of building materials has continued to rise at an alarming rate.
He disclosed that the price of a 50kg bag of cement, which sold for about N7,500 in late 2025, has increased to between N11,500 and N12,100 in 2026, representing a rise of about 50 to 60 percent within a short period.
The lawmaker further revealed that prices of steel materials have also risen by about 20 percent, while sharp sand recorded an increase of approximately 25 percent. Granite and timber products, according to him, have equally experienced significant price hikes across different parts of the country.
Oforji stressed that the situation has become more worrisome considering that cement prices have risen by more than 300 percent since 2019, when a bag sold between N2,400 and N3,000.
He warned that the persistent increase in construction costs is worsening Nigeria’s housing deficit, which is currently estimated at about 28 million housing units.
According to him, the rising costs are forcing many developers and individuals to abandon building projects while also contributing to the steady increase in rent and property prices nationwide.
He added that the development is negatively impacting government infrastructure projects and causing job losses across the construction sector and related industries.
The lawmaker questioned why construction costs remain excessively high despite the availability of local raw materials, suggesting that possible market manipulation, supply chain inefficiencies, anti-competitive practices, or exploitation within the value chain could be responsible for the trend.
Following deliberations, the House called on the Federal Government, through the Federal Ministry of Housing and Urban Development, the Federal Ministry of Industry, Trade and Investment, and the Federal Competition and Consumer Protection Commission (FCCPC), to investigate the persistent rise in building material prices.
Lawmakers said the investigation should uncover factors responsible for the continuous increase, including possible market distortions and anti-competitive activities within the sector.
The House also resolved to constitute an ad hoc committee to conduct a detailed investigation into the matter and provide recommendations aimed at addressing the growing housing and construction challenges in the country.
