Stakeholders in the building industry are urging for a reduction in the prices of building materials in order to bridge the affordability gap in the sector. This comes in response to the recent reduction in the cement price by BUA Cement Plc. Key construction materials such as iron, steel, and roofing sheets are included in these considerations.
Addressing the Housing Deficit
Victor Adegbile, the Chief Executive Officer of Land Republic Limited, voiced the need for comprehensive action during the allocation of Premier City in Ayelaagbe, Moniya-Iseyin, Ibadan. He emphasized that while the reduction in cement prices is a positive development, it is essential to acknowledge that solving the housing deficit requires a multi-faceted approach.
Adegbile highlighted the importance of infrastructure development, land reforms, streamlined regulatory processes, and accessible financing options as critical components in addressing the affordability challenge. He expressed concern that without reductions in the costs of other construction materials, there could be a rise in abandoned and incomplete structures, which would negatively impact the visual appeal of the environment and create avenues for squatters and troublemakers, ultimately compromising security.
Implementing Sustainable Strategies
Jubril Omotara, a real estate consultant, emphasized the urgent need to explore sustainable strategies for consistently reducing expenses related to cement and other construction materials nationwide. He emphasized that this is crucial in managing the continuous rise in home ownership rates.
Omotara praised the recent efforts of Abdulsamad Rabiu, the Founder of BUA Group, in significantly reducing the price of cement. He described it as a commendable step towards increasing home ownership and construction, considering the challenging backdrop of high inflation rates and production costs that led to the price hike.
However, he stressed that sustainable approaches must be thoroughly examined to consistently lower the costs of cement and various construction materials across the country. By doing so, it would be possible to mitigate the ongoing surge in home ownership rates.
In Conclusion
Reducing the prices of building materials is a crucial step in addressing the affordability gap in the construction sector. Stakeholders emphasize the need for a comprehensive approach that tackles not only cement prices but also the costs of other construction materials. By prioritizing infrastructure development and implementing sustainable strategies, the industry can work towards bridging the housing deficit and ensuring the creation of secure and visually appealing environments for all.
