ACMV Urges Land Use Act Reforms to Boost Nigeria's Construction

The Association of Capital Market Valuers (ACMV), led by chairman Chudi Ubosi, has raised alarms about the severe challenges facing Nigeria's construction sector, citing soaring building material costs, land scarcity, and a weak mortgage system. Ubosi attributed these issues to imported inflation and foreign exchange (FX) volatility, emphasizing that Nigeria's reliance on imported materials exacerbates the impact of exchange rate fluctuations on construction costs.

He called for urgent reforms to the Land Use Act to make land more affordable and accessible, which he believes is essential for stimulating housing demand and construction activity. Ubosi also stressed the need for a functional mortgage industry and tailored financial products from banks to support both developers and prospective homeowners.

He acknowledged the efforts of the Nigeria Building and Road Research Institute (NBRRI) but questioned the visibility of its research. Ubosi advocated for collaboration among architects, manufacturers, and stakeholders to promote local materials and standardization in building components to enhance local manufacturing viability.