EFFECT OF BUILDING MATERIAL COST ON HOUSING DEVELOPMENT IN NIGERIA

ABSTRACT: The present investigation was conducted to examine the impact of building material expenses on the advancement of residential structures in Nigeria. The study encompassed both public and private contractors, with the active participation of esteemed civil engineers and quantity surveyors in the region of Imo State, serving as a representative case study. The primary objective of this study was to investigate the impact of building materials expenditure on the progress of housing development in Nigeria. Additionally, it sought to identify the underlying factors contributing to the exorbitant prices of building materials within the country. Ultimately, the study aimed to propose viable solutions that would effectively mitigate the high costs of building materials, thereby facilitating the attainment of sufficient housing development in Nigeria. The investigation utilised a research design known as survey descriptive methodology. A grand total of 50 responses have been duly validated from the survey. Based on the acquired and scrutinised responses, the findings have unveiled that the impact of building materials expenditure on housing development in Nigeria encompasses various aspects. These include the oscillation in construction costs, the influence on the volume of construction output, the heightened risk of project abandonment, the hindrance of innovative construction methods, the compromised quality of workmanship, and the consequential effect on the rate of employment. Furthermore, it is imperative to consider the multitude of factors that contribute to the exorbitant expenses associated with the procurement of building materials within the Nigerian context. These factors encompass the fluctuating exchange rate of the national currency, the escalating costs of fuel and power supply, the influence of governmental policies and legislation, the scarcity of essential building raw materials, the financial burden imposed by the acquisition of raw materials, the insu The study thus proposes that the government ought to devise a policy that mitigates the fervent concerns surrounding the utilisation of imported construction materials, by fostering extensive research in the development of domestic construction materials. Furthermore, it is imperative for the government to implement decisive measures aimed at mitigating the expenses associated with the production and transportation of commodities. This can be achieved by ensuring a sufficient and reliable supply of electricity from the power sector, as well as prioritising the local refinement of petroleum products instead of relying heavily on imports.