Reps Investigate Rising Building Material Costs in Nigeria

On Thursday, the House of Representatives resolved to launch a comprehensive investigation into the persistent rise in the prices of building materials in Nigeria. They urged the Federal Government, specifically the Federal Ministry of Housing and Urban Development and the Federal Ministry of Industry, Trade and Investment, along with the Federal Competition and Consumer Protection Commission (FCCPC), to intervene.

An ad hoc committee was established by Speaker Abba Tajudeen to conduct this investigation, which is expected to identify possible anti-competitive practices and market distortions affecting the supply chain. Oboku Oforji, who raised the motion, noted that Nigeria possesses abundant raw materials such as limestone, sand, granite, and timber for construction.

Despite this, the price of a 50kg bag of cement has sharply increased from N7,500 in late 2025 to between N11,500 and N12,100 in 2026, reflecting an approximate increase of 50-60 percent in a short period. Additionally, the price of steel has risen by 20 percent.